Consequent to the signing of a special currency swap agreement for US$ 1.1 billion by Central Bank of Sri Lanka (CBSL) with the Reserve Bank of India (RBI) on 17 July 2015, the CBSL has received US$ 1.1 billion last week.
This is in addition to the US$ 400 million received in April 2015 by CBSL under the currency swap facility availed by the RBI to central banks of SAARC member countries.
With the enhanced level of official reserves, the CBSL expects that the exchange rate would stabilize in line with sound macroeconomic fundamentals and movements of other currencies of major trading partners.
