Sri Lanka’s Gross Official Reserves stood at US$ 5.6 billion as of the end of June 2024, according to the Central Bank of Sri Lanka.

The CBSL states this is an increase from the US$ 5.41 billion reported in May this year.

The figures for June include proceeds from the swap with the People’s Bank of China equivalent to around US$ 1.4 billion, which is subject to conditionalities on usability.

The CBSL further said Sri Lanka’s Gross Official Reserves have also reported an increase, compared to the US$ 4.4 billion recorded at the end of June 2023. 

Meanwhile, the Sri Lanka rupee witnessed intermittent volatility against the US dollar in recent months. 

Overall, the Sri Lanka rupee appreciated by over 6.5 per cent against the US dollar thus far during 2024. (Newswire)

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Sri Lanka’s Gross official reserves (GOR) increased to US$ 5 billion by the end of March 2024, according to the Central Bank of Sri Lanka (CBSL). 

The CBSL said this included the swap facility from the People’s Bank of China equivalent to around US$ 1.5 billion, which is subject to conditionalities on usability. 

The increase in the GOR was mainly due to the substantial net purchases of foreign exchange from the domestic foreign exchange market by the Central Bank. 

Net intervention in March 2024 was US$ 715 million, (based on trade date) and during the first quarter of 2024, the net purchases amounted to US$ 1.2 billion. 

Import coverage of GOR (including the PBOC swap), remained above 3 months of imports since December 2023.

The CBSL announced the details via its report on Sri Lanka’s External Sector Performance for March 2024. 

Full report : https://shorturl.at/flY07 (Newswire)

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