Sri Lanka’s Gross official reserves (GOR) improved to US dollars 4.5 billion by the end of February 2024, which includes the swap facility from the People’s Bank of China.
According to the Central Bank of Sri Lanka, the reserve buildup was supported by considerable net purchases by the Central Bank from the domestic foreign exchange market amidst increased foreign currency inflows compared to outflows.
The Sri Lanka rupee, which appreciated by 12.1 per cent against the US dollar in 2023, continued to show an appreciation of 6.7 per cent thus far in 2024, despite notable foreign exchange purchases by the Central Bank.
The authorities have also reached a Staff Level Agreement on economic policies with the International Monetary Fund (IMF) following the second review of Sri Lanka’s Extended Fund Facility (EFF) arrangement and the 2024 Article IV consultation. (NewsWire)