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Tuesday, March 11, 2008 - 5.14 GMT |
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Sri Lanka foreign reserves move to US$ 3.2b |
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Central Bank– Sri Lanka's foreign reserves had
increased to 3.4 billion dollars by March 06 with
the monetary authority collecting 366 million
dollars since the beginning of the year, the central
bank said.
The Central Bank had been heavily intervening in the
inter-bank foreign exchange market in a bid to keep
the Sri Lanka rupee down against the US dollar after
money printing was reduced and the rupee started to
appreciate.
"The Gross Official Reserve position has increased
substantially so far this year due to steady inflows
of export proceeds and worker remittances, a part of
which has been absorbed by the Central Bank," the
monetary authority said Monday.
"Therefore, the recent build-up of reserves and BOP
surplus indicate improved stability and resilience
of the external sector in 2008, which is reflected
in the appreciation of the Sri Lankan rupee."
Central Bank says the reserves are now enough to
cover 3.6 months worth of imports.
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