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Message: <blockquote data-quote="monson" data-source="post: 28900442" data-attributes="member: 30005"><p><h3><strong>Usable USD foreign reserves 1.4 billion usd withara athi. Chinese Yuan walin thiyana 1.4 billion USD nathuwa. Anith banku wala danne naha.</strong></h3><h3></h3><h3>Sri Lanka foreign reserves rise 2.2-pct to US$2,755mn in April</h3><p></p><p>Thursday May 4, 2023 5:00 pm</p><p></p><p>ECOMYNEXT – Sri Lanka’s foreign reserves grew 2.2 percent to 2,755 million US dollar in April 2023 from 2,694 million US dollars in March, central bank data showed.</p><p>Sri Lanka’s rupee appreciated from around 360 to the US dollar to 320 and has since been at that level.</p><p>Sri Lanka has to increase net international reserves by 710 million US dollars by June 2023 under an International Monetary Fund deal.</p><p>By April gross reserves have risen by around 859 million dollars.</p><p></p><p>To buy reserves from inflows (central bank has to take in deposits in dollars against rupee) Sri Lanka has to keep interest rates high enough so that that the rupees are not invested or spent and can be mopped up (domestic investment has to be curtailed).</p><p>Sri Lanka in the first quarter had liquidity shortages to absorb the rupee and prevent their loaning by banks.</p><p>However the liquidity shortages are easing, through private credit demand is negative. (Colombo/May04/2023)</p></blockquote><p></p>

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