FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» Expolanka to continue its winning streak
by samaritan Today at 10:22 am

» POSITIVES & TARGETS BY IMTIAZ BUHARDEEN
by Gowri123 Yesterday at 4:38 pm

» When will supply chain disruptions ease?
by Gowri123 Yesterday at 4:08 pm

» We’re seeing a shift toward international and value stocks, says Schwab’s Kleintop
by target1 Yesterday at 2:40 am

» Wall Street stumbles as consumer pessimism stokes growth fears
by target1 Yesterday at 2:34 am

» Free Market Capitalism vs. Crony Capitalism
by target1 Yesterday at 2:30 am

» Sri Lankan corporations reap large profits as workers and rural toilers face poverty and starvation
by CHRONICLE™ Tue Jun 28, 2022 6:37 pm

» අද රාත්‍රියෙන් පසු, යක්ෂයාගේ හෝරාව ඇරඹේ!
by God Father Tue Jun 28, 2022 6:13 pm

» Derana 360 with Minister Dhammika Perera
by samaritan Tue Jun 28, 2022 1:07 pm

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Tue Jun 28, 2022 9:24 am

» Breaking News- Kanchana to go to Qatar ; 2 more ministers off to Russia
by Beyondsenses Tue Jun 28, 2022 8:13 am

» PM thanks President Biden for assuring US support to Sri Lanka
by Beyondsenses Tue Jun 28, 2022 8:07 am

» Sri Lanka Stock Market heading toward ASPI 4500
by God Father Mon Jun 27, 2022 9:14 pm

» Why no power cuts in certain areas of Colombo?
by God Father Mon Jun 27, 2022 8:03 pm

» කොළඹ රාජකීය ගොල්ෆ් සමාජය විසින් රජයේ දේපළ අවභාවිත කිරීම
by ddindika Mon Jun 27, 2022 9:33 am

» LOLC to enter the giant Indian Market
by samaritan Mon Jun 27, 2022 9:17 am

» LOLC HOLDINGS PLC (LOLC.N0000)
by CHRONICLE™ Mon Jun 27, 2022 6:46 am

» SOEs within Minimum Programme for Economic Recovery
by CHRONICLE™ Mon Jun 27, 2022 6:44 am

» COVID WAVES: Can there be another Covid-19 wave in Sri Lanka?
by CHRONICLE™ Mon Jun 27, 2022 6:36 am

» Luminex Limited lists on the Diri Savi Board after a capital raise of Rs. 250 Million
by CHRONICLE™ Mon Jun 27, 2022 6:34 am

EXPERT CHRONICLE™

MARKET CHAT


CHRONICLE™ ANALYTICS


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ »  Sri Lanka Forex Reserves Rise First Time in Five Months

Sri Lanka Forex Reserves Rise First Time in Five Months

Go down  Message [Page 1 of 1]

Itzme


Senior Equity Analytic
Senior Equity Analytic

Anusha Ondaatjie
(Bloomberg) -- Sri Lanka’s foreign exchange pile rose for the first time in five months, likely due to deferment of payments to India under an Asian Clearing Union, even as the nation scrambles for credit lines to ease shortages.
The stockpile rose to $1.92 billion at the end of May, from $1.81 billion the previous month, according to data released by the central bank Tuesday. The figure includes a swap facility from the People’s Bank of China equivalent to about $1.5 billion, which remains largely unusable due to conditions. 
The island nation had requested China to lift conditions on the swap but is yet to hear back on its request. President Gotabaya Rajapaksa, in a Bloomberg interview on Monday, said China seems to have shifted its strategic focus to Southeast Asia and Africa and didn’t seem interested in giving as much attention to crisis-ridden South Asian countries. 
The country needs nearly $6 billion in the next six months to tackle shortages of essentials from food, fuel and medicines. Last month, Sri Lanka defaulted for the first time in its history after it missed grace period payments on bonds worth $78 million. Officials, last month, had warned that the country had just about $50 million in usable reserves. 
Negotiations are underway with the International Monetary Fund for a bailout package and an agreement is anticipated soon. Last week, the country reversed the 2019 tax cuts in a bid to mobilize revenues and meet conditions for the aid. It is also tapping neighboring countries, including India and Japan, apart from China for bridge financing. 
Sri Lanka’s currency has lost about 82% over the past year, according to data compiled by Bloomberg. Its headline inflation surged to a record 39% in May amid lingering shortages, a falling rupee and heightened global uncertainty.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum