By the end of 2021, the official reserves will be above USD Bn 3

The measures being taken at present will ensure that by the end of 2021 official reserves will remain above US dollars 3 billion, the Central Bank of Sri Lanka said yesterday (December 22).

 

These efforts were accelerated since October 2021 with the announcement of the ‘Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’, which set out envisaged targets for build up of official reserves in the near term.

 

As articulated in the Six-Month Road Map, number of foreign exchange inflows is envisaged in the very near term, according to the CBSL’s statement.

 

Major foreign exchange inflows to the Central Bank include SWAP facilities with Middle Eastern and other regional central banks amounting to about US dollars 2.0 billion.

 

“The Government and the Central Bank remain confident that these expected inflows will materialise and the reserve position will remain at comfortable level throughout the year 2022.”