Sri Lanka purchases US$800mn from forex markets
Aug 03, 2017 11:46 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's central bank has purchased 800 million dollars from forex markets boosting forex reserves to 6.7 billion dollars by end July 2017, an official said.
There were net inflows to stock and government securities markets, additional director of economic research W Dilrukshini said.
Monetary growth is now driven by net foreign assets, the Central Bank said.
In the first six months tourist earnings were estimated at 1.7 billion US dollars.
Sri Lanka's exports are expected to go up with the GSP+ trade benefits to the European Union.
Sri Lanka rupee has weakened 2.5 percent against the US dollar with the rupee behaving like an, 1980s style 'crawling peg'. (Colombo/July03/2017)