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Sri Lanka China RMB swap may come in weeks, India in the works: Central Bank

ECONOMYNEXT – A 10 billion Yuan swap (about 1.5 billion US dollars) with the People’s Bank of China could be concluded as early as two weeks while a billion dollar swap with the Reserve Bank of India is also awaiting approvals, Central Bank officials said.

Negotiations with the People’s Bank of China have come of the final stage and a definite decision could be expected as soon as two weeks, Deputy Governor Dhammika Nanayakkara said.

“They have indicated that their internal discussions are almost over and we will be informed shortly,” Nanayakkara said.

Deputy Governor K M K Siriwardene said negotiations with the Reserve Bank of India have also been progressing.

“To my knowledge they need to get some approvals from India’s Finance Ministry,” Siriwardene said.

India’s External Affairs Minister S Jaishankar visited Sri Lanka earlier in January and had discussions over expediting an investment by Adani group into a port terminal in Colombo.

President Gotabaya Rajapaksa said a 49 percent stake in the terminal company would be given to Adani and their partners.

India is also keen to invest in a liquefied natural gas combined cycle plant. A coal plant with India’s National Thermal Power Corporation was cancelled by during the tenure of President Maithripala Sirisena. (Colombo/Jan19/2021)

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