25 per cent of dollar reserves in commercial banks to be transferred to CBSL

Date:

25 per cent of dollar reserves possessed by commercial banks in Sri Lanka must be transferred to the Central Bank of Sri Lanka (CBSL), said CBSL Governor Ajith Nivard Cabraal.

The CBSL Governor’s order comes in effect from December 27, 2021 and all commercial banks in Sri Lanka will be able to possess only 75 per cent of their dollar reserves.

The commercial banks in Sri Lanka have restricted the issuance of dollars for imported goods leading to a serious problem suffered by the importers.

Last week it was reported that over 1,500 containers of imported items were stalled in Port warehouses. Following the latest directive by the CBSL, further restrictions will be imposed on the issuance of dollars, driving the importers deeper into the abyss, according to analysts.

MIAP

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