CBSL buys $ 1.6 b of net forex; gross reserves now at $ 5.5 b

Monday, 3 June 2024 02:27 - - {{hitsCtrl.values.hits}}

The Central Bank’s net intervention in the forex market in April has been $ 420 million thereby boosting the first four months’ purchases to $ 1.6 billion.

CBSL attributed high net purchases as a key reason for gross official reserves (GOR) to increase to $ 5.5 billion by end April 2024. This included the swap facility from the People’s Bank of China (PBOC) equivalent to around $ 1.5 billion, which is subject to conditionalities on usability.

“The increase in the GOR was mainly due to the substantial net purchases of foreign exchange from the domestic foreign exchange market by the Central Bank,” the monetary regulator said.

The import coverage of GOR (including the PBOC swap), which remained above three months of imports since December 2023, amounted to 3.8 months of imports as at end April 2024.

Mixed bag in April for external trade

Rupee appreciation against $ tops 7%

Inflows to services sector remain robust

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