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Sri Lanka’s Central Bank to get US$400mn currency swap today
30 Apr, 2015 06:47:14
Apr 30, 2015 (LBO) – Sri Lanka’s Central bank said, that a 400 million US dollar currency swap by the Reserve Bank of India will be available to the Island today.
Accordingly, a currency swap agreement between the two Central Banks was signed on 25th March, this year whereby 400 million US dollars was made available to the Central Bank of Sri Lanka from the Reserve Bank of India’s financing facility for South Asian Association for Regional Cooperation (SAARC) member country Central Banks.

The currency swap was announced following the recent visit of Indian Prime Minister Narendra Modi, to Sri Lanka in early March.

He said that the Reserve Bank of India would extend a currency swap facility amounting to 1.5 billion US dollars to Sri Lanka.

Meanwhile, a further amount of 1.1 billion has been approved by the Union Cabinet of the Government of India for augmenting the currency swap arrangement between the two Central Banks.

This additional amount is expected to be made available in due course.
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READER COMMENT(S)
1. EconMgmt Apr 30
Hopefully this will be released to the market to mop up rupees, instead of keeping it in the Central Bank's reserves.