Sri Lanka cabinet approves new central bank forex management system
Jun 07, 2019 10:52 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka's central bank will be procuring a new foreign reserves management system, the cabinet office said.
"The license of the existing Treasury Management System used for the management of foreign reserves by the Central Bank of Sri Lanka is due to expire by the year 2021," a cabinet statement said.
The cabinet had approved Finance Minister Mangala Samaraweera's proposal to procure a new system to replace the existing system.
The central bank has set aside 3 billion rupees for its Technical Advancement Reserve, which could be used to upgrade four IT systems, including its foreign reserves management system.
One billion was set aside in 2007, and a further 2 billion rupees were allocated in 2018, the central bank said. (Colombo/Jun07/2019)