ECONOMYNEXT – Sri Lanka is planning to raise at least 500 million US dollar equivalent from a yen denominated bond, Prime Minister Ranil Wickremesinghe has said.
"From Japan bond markets we are trying to get at least 500 million from Samurai bonds," Wickremesinghe said at a forum in Colombo on August 01.
Sri Lanka wants to raise extra money in 2018 to repay debt since 2019 is an election year, Central Bank Governor Indrajit Coomaraswamy said.
Sri Lanka sold US dollar denominated sovereign bonds twice this year.
The Yen denominated bond is expected to coupled with a Yen to Dollar foreign exchange swap.
Sri Lanka does not have a floating exchange rate and is loosely pegged to the US dollar. (Colombo/Aug02/2019)