Buying and selling seen in Sri Lanka rupee bonds held by foreign accounts

ECONOMYNEXT – A pattern of steady trading in Sri Lanka rupee bonds with foreign investors has emerged over the past three months, though underlying volumes have also moved up over the last week, official data shows.

Foreign investor holdings have fluctuated around 220 to 240 billion rupees since the last week of March, data from the central bank shows.

After plunging to 220 billion rupees on March 23, heavy foreign selling in rupee bonds ceased with the central bank announcing its intention to appoint managers for sovereign bond sales just after a controversial rupee bond sale on March 29.

A staff-level deal with the International Monetary Fund was also announced.

Since then the foreign holdings have moved up and down which can be indicative of a pattern of trading in rupee bonds between foreign and local accounts. It could also indicates sales by some foreign investors and purchases by others.

Foreign investor bill stock which fell to 221 billion rupees on May 04 rose to 241 billion rupees by May 25. It then fell back to 230 billion rupees.

Over the past two weeks rupee bond holdings have climbed back to 245 billion rupees from 230 billion rupees. (Colombo/June20/2015)

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