Foreign reserves expand reaching US$ 4.5bn in February
Sri Lanka, March 11 -- In February, official foreign currency reserves inched up as the Central Bank maintained its efforts to shore up reserves by accumulating foreign currency from banks. This accumulation comes at a time when demand for foreign currency remains subdued compared to the ample supply from remittances, tourism, and robust exports.
Latest figures reveal that by the end of February, the Central Bank held US$ 4,517 million in official reserve assets, a modest increase from US$ 4,496 million reported in January.
With the absence of large-scale demand for foreign currency from the importers, and also the absence of substantial foreign currency, debt repayments have provided more wiggle room for the Central Bank to collect dol...
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