The People's Bank of China has approved a $1.5 billion SWAP facility to boost the Sri Lanka’s official foreign reserves.

This was confirmed by the State Minister of Money & Capital Markets and State Enterprise Reforms, Ajith Nivard Cabraal in a Twitter message.

At the end of February 2021, Sri Lanka's official reserve assets stood at US $ 4.55 billion. Of this, foreign exchange reserves stood at $ 4.09 billion.

Happy to confirm that the People's Bank of China has approved a #SWAP facility of 10 billion #Yuan (USD 1.5 billion) to the Central Bank of Sri Lanka. @CBSL @ChinaEmbSL #lka #SriLanka #China #economicrecoveryplan #GOSL

— Ajith Nivard Cabraal (@an_cabraal) March 10, 2021