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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka forex reserves reach US$6.8bn US dollars: CB Governor

Sri Lanka forex reserves reach US$6.8bn US dollars: CB Governor

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

ECONOMYNEXT - Sri Lanka's forex reserves had reached 6.8 billion US dollars by this week, up from 5.0 billion US dollars in April, Central Bank Governor Indrajit Coomaraswamy said.

The reserves were helped by a sovereign bond sale and central bank dollar purchases, he told a forum organized by Fitch, a rating agency.

Sri Lanka plans to end 2017 with 7.2 billion US dollars of forex reserves, he said.

The central bank had purchased 700 million US dollar from currency markets so far this year and intends to purchase 500 million dollars more, he said.

The central bank bought 257 million dollars from commercial bank in April, but did not sell any dollars to defend the currency, data showed.

The central bank is no longer printing money heavily and rate are also higher than when it precipitated the balance of payments crisis in the first quarter of 2015. 

The budget deficit is also narrowing.  (Colombo/June08/2017)

predictor


Senior Equity Analytic
Senior Equity Analytic

very good sign for the Market direction. Srilankan Shares were trading at very low prices mainly because of the economy and the stability of the govt.
Now it should move up.
GSP+ benefits too may have started with new orders.
Yesterdays market drop mainly because of CCS drop of 10 points. This was due to the 1,350,000 shares transfer. Thereafter it went up again by Rs. 50/-
Most shares should start going up from tomorrow to touch the next level. When our investors sell and bring the market down foreigners are there to buy and It was a inflow yesterday and day before.
Any idea about the the foreign inflow todate in 2017

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