Sri Lanka rupee quoted stronger, gilt yields steady

ECONOMYNXT – Sri Lanka rupee was quoted stronger at 185.55/70 to the US dollar in the spot market on Thursday while gilt yields were steady in the overall market, dealers said.

The rupee closed at 185.65/85 to the US dollar on Wednesday.

In the policy review held today (November 26), Sri Lanka is keeping policy rates unchanged the central bank said amid unprecedented liquidity injections through outright monetization of debt that has kept excess liquidity at over 15 per cent of the monetary base over several months.

The monetary authority will also introduce directed credit for business and a ceiling 7 per cent interest rates for housing loans by salaries employees.

The central bank said it was keeping the rate at which money is injected overnight 5.5 per cent and the rate at which excess liquidity is withdrawn at 4.50 per cent.

In the secondary securities market, bond yields remained steady in active market trade, dealers said.

A 2-year bond maturing on 15.12.2022 was quoted at 5.80/85 per cent on Thursday, up from 5.75/79 per cent at Wednesday’s closing.

A bond maturing on 15.01.2023 was quoted at 5.85/95 per cent on Thursday, up from 5.83/88 per cent at the previous day’s end.

A bond maturing on 15.09.2024 was quoted at 6.45/55 per cent, steady from 6.40/45 per cent at Wednesday’s end.

A bond maturing on 01.05.2025 was quoted at 6.55/65 per cent on Thursday.

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A bond maturing on 01.02.2026 was quoted at 6.75/85 per cent, up from 6.65/80 per cent at the last closing.

A bond maturing on 15.08.2027 was quoted at 7.15/20 per cent, up from 7.10/18 per cent at the previous day’s end.

A bond maturing on 15.07.2028 was quoted at 7.20/30 per cent.
(Colombo/Nov26/2020)

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