India, SL central banks sign $700 m currency swap deal

Wednesday, 30 March 2016 00:00 - - {{hitsCtrl.values.hits}}

Reuters: India’s central bank said on Tuesday it would allow its Sri Lankan counterpart to draw up to $700 million over a maximum period of three months under a new special currency swap agreement signed by the two central banks.

The Reserve Bank of India has previously provided currency swaps to the Central Bank of Sri Lanka, including plans to extend a $1.5 billion agreement by one year.

Sri Lanka is seeking a loan of $1.5 billion from the International Monetary Fund (IMF) to boost foreign exchange reserves and help avert a balance of payments crisis.

The country has seen its foreign exchange reserves depleted by the Central Bank’s defence of its rupee currency, as it struggles with heavy debt piled up under the previous government.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.