• Monday, August 02, 2021
India Corona Update 
Total Fatalities 251,323
Total Cases 23,126,534
Today's Fatalities 3,879
Today's Cases 329,517
India corona update 
Total Fatalities 251,323
Total Cases 23,126,534
Today's Fatalities 3,879
Today's Cases 329,517

Business

Sri Lanka reverts to foreign currency swap with India

Representational image (iStock)

By: ChandrashekarRana

By Chandrashekar Bhat

SRI LANKA on Friday (11) said its central bank will return to a $400 million (£283m) foreign currency swap with the Reserve Bank of India (RBI) as part of measures to boost the country’s foreign reserves hit by the Covid-19 pandemic.

Central Bank governor WD Lakshman said the country can draw down on the foreign exchange swap with the RBI in August.

Sri Lanka originally signed the swap deal available to SAARC countries in 2020 and repaid it in February 2021 after rolling it over once.

On February 1, the Sri Lankan Central Bank settled the $400m (£283m) currency swap facility from the RBI.

The Sri Lanka-RBI swap deal came under the facilities available to SAARC countries in 2020.

Sri Lanka recently entered a $200m (£141m) currency swap with the Bangladesh central bank.

Lakshman said the signing of the agreement for the Bangladesh swap would take place soon.

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