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Wednesday May 12th, 2021
Banking

Sri Lanka extends bar on banks buying sovereign bonds till April 23

ECONOMYNEXT – Sri Lanka has extended a ban on commercial banks and the National Savings Bank buying sovereign bonds till April 23.

Sri Lanka barred banks from buying international sovereign bonds as the rupee came under pressure from money printing and the yields on the bonds rose amid a sovereign downgrade to CCC.

The last extension expired on April 09.

In a billion US dollar bond maturing in July, up to 300 million dollars are held by domestic banks, according to central bank officials.

Sri Lanka has said maturing debt will be repaid and there will be no default.
(Colombo/Apr15/2021)

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