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Thursday, August 06, 2009 - 10.07 GMT |
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Significant
increase in SL Reserves |
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The
Gross
Official
Reserves
of Sri
Lanka
have
been
estimated
to reach
USD
2,180
million
as at
31.07.2009
showing
an
increase
of 71%
from the
foreign
reserve
levels
of USD
1,272
million
as
reported
on
31.03.2009,
states
the
Central
Bank of
Sri
Lanka.
The
increase
in the
reserves
to the
current
level
had been
mainly
due to
the
receipt
of the
first
tranche
of the
IMF
Standby
Facility
and the
significant
absorption
of
foreign
exchange
from the
domestic
market
during
the past
4 month
period.
On this
basis,
the
current
level of
estimated
reserve
is
well-above
the
level
expected
by end
September
2009
under
the
Standby
arrangement
with the
IMF.
The
Central
Bank
also
expects
foreign
reserves
to
increase
further
in the
coming
months
with
continued
receipts
of
foreign
exchange
from
foreign
investors
and the
Sri
Lanka
expatriates,
particularly
due to
enhanced
confidence
based on
improved
political
stability,
and the
widening
investment
opportunities
in the
country.
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