Finance

Sri Lanka Banking System Repays Debt and Builds FX Reserves of US$7.4 Billion Since Default

  • October 15, 2024

Since Sri Lanka’s selective default in April 2022, the country’s banking system, including the central bank and commercial banks, has repaid or built reserves amounting to 7.39 billion US dollars. This period marked a pivotal shift in policy as interest rates were hiked to end the inflationary policies that had previously kept rates artificially low.

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Economics

Sri Lanka’s Forex Inflows Exceed Imports by $757 Million in August 2024

  • October 4, 2024

Sri Lanka’s gross foreign exchange inflows exceeded imports by $757 million in August 2024, according to data released by the Central Bank of Sri Lanka. The total inflows for August stood at $2.411 billion, while imports were recorded at $1.654 billion. These inflows included $1.224 billion from merchandise exports, the highest since August 2022, $577.5

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