manusath-derana

Sri Lanka’s rupee appreciates further

July, 18, 2019

The Sri Lankan rupee appreciated by 4.1% against the US dollar during the year up to 17 July 2019, latest External Sector Performance report of the Central Bank of Sri Lanka outlines.

Reflecting cross-currency movements, the rupee also appreciated against other major currencies except for the Canadian dollar during this period.

According to Central Bank latest statistics, as at end May 2019, Sri Lanka’s gross official reserves were estimated at US dollars 6.7 billion, equivalent to 3.9 months of imports.

Meanwhile, total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US dollars 9.5 billion as at end May 2019, equivalent to 5.5 months of imports.

Foreign investments in the government securities market recorded a net outflow of US dollars 64 million in May 2019.

On a cumulative basis, net outflows in the government securities market amounted to US dollars 90 million during the first five months of the year.

Foreign investments in the CSE, including primary and secondary market transactions, recorded a net inflow of US dollars 3.7 million during the month of May 2019.

On a cumulative basis, the CSE recorded a net outflow of US dollars 20 million in the first five months of 2019.

Long term loans to the government recorded a net outflow of US dollars 345 million in May 2019 mainly due to the repayment of a syndicated loan of US dollars 333 million.