(MENAFN- Colombo Gazette) Sri Lanka's liquid reserves continued to remain significantly low by the end of September 2022, the Central Bank of Sri Lanka said today.
Total foreign assets, which consist of gross official reserves and gross foreign assets of the banking sector, amounted to US dollars 6.0 billion at end September 2022.
The Central Bank said that Sri Lanka's gross official reserves stood at US dollars 1.8 billion as at end September 2022.
This included the swap facility from the People's Bank of China, equivalent to around US dollars 1.4 billion, which is subject to conditionalities on usability.
The Central Bank continued to supply forex liquidity to finance essential imports by utilising inflows to gross official reserves.
Consequently, the level of liquid reserves continues to remain at significantly low level by end of September 2022.
The exchange rate continued to remain stable through September 2022, following the introduction of a daily permissible band in mid-May 2022.
Accordingly, from 13 May 2022 to date, the Sri Lanka rupee recorded a marginal depreciation against the US dollar, despite recording a depreciation of 44.9 per cent against the US dollar during the year up to 04 November 2022.
Meanwhile, reflecting crosscurrency movements, the Sri Lanka rupee depreciated against the euro, the pound sterling, the Japanese yen, the Australian dollar, and the Indian rupee during the year up to 04 November 2022. (Colombo Gazette)
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