COLOMBO (EconomyNext) – Sri Lanka’s Central Bank said it will get the first US 400 million dollar tranche in a currency swap with the Reserve Bank of India on Thursday, 30th April, 2015.
Another 1.1 billion US dollars has been approved by the Union Cabinet of the Indian government for augmenting the currency swap arrangement between the two Central Banks.
“This additional amount is expected to be made available in due course,” a central bank statement said.
The currency swap facility was agreed on during the visit of Indian prime Minister Narendra Modi to Sri Lanka on 14th March, 2015.
The funds are from Reserve Bank of India’s financing facility for South Asian Association for Regional
Cooperation (SAARC) member country Central Banks.