Colombo (LNW): As of September 2023, Sri Lanka’s official reserves amount to about US $3.5 billion, said the Central Bank of Sri Lanka (CBSL).
This amount includes a US $1.4 billion agreement with China’s People’s Bank, which comes with some conditions.
The CBSL shared in their recent report that from January to August 2023, the country spent less on imports, which reduced the trade deficit, and despite some decreases in merchandise exports, they were not as big as the reductions in imports.
In 2023, the money coming in from tourism and workers from other countries increased and is expected to grow further.
Although there were some significant outflows, the country saw a net gain in foreign investments in government securities this year.
So far this year, the Sri Lankan currency has grown stronger against the US dollar by about 12 per cent.
After some financial arrangements with Bangladesh Bank and efforts to restructure local foreign exchange, the country’s official reserves reached around US $3.5 billion by the end of September 2023.
