{"id":43193,"date":"2015-04-15T15:35:28","date_gmt":"2015-04-15T22:35:28","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=43193"},"modified":"2015-04-15T15:35:28","modified_gmt":"2015-04-15T22:35:28","slug":"foreign-reserves-down-us-2-2b","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2015\/04\/15\/foreign-reserves-down-us-2-2b\/","title":{"rendered":"Foreign reserves down US$ 2.2B"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Paneetha Ameresekere Ceylontoday<\/em><\/span><\/h2>\n<p>Ceylon Finance Today: Sri Lanka&#8217;s foreign reserves in the 7\u00bd month period from end August 2014 up to Saturday (11 April) has fallen by US$ 2.2 billion (24%) to US$ seven billion, latest Central Bank of Sri Lanka (CBSL) statistics showed. The fall in reserves is due to Sri Lanka running a deficit in the current account in its balance of payments with no sizeable inflows in the form of commercial or concessional borrowings or foreign aid coming by, to boost the same. A further US$ 1.1 billion from its foreign reserves are expected to be expended from CBSL&#8217;s foreign reserves in the two month period from end April to end May 2015 for the purpose of meeting Government of Sri Lanka&#8217;s (GoSL&#8217;s) foreign debt servicing commitments,&#8230;<\/p>\n<p>which commitments too are met from CBSL&#8217;s foreign reserves.<br \/>\nAs a result, since end August 2014 to date, the exchange rate (ER) in interbank trading has had depreciated by between Rs 3.30 to Rs 3.35 (2.5%-2.6%) to be currently trading at Rs 133.50\/55 level to the US dollar in one week&#8217;s forwards in two way quotes, the most popular mode of trading in the market these days due to CBSL&#8217;s exercise of moral suasion on banks, revolving round its spot price. The ER as at end August 2014 had closed at around Rs 130.20 to the US dollar or thereabouts in interbank spot trading. At that time (August 2014), the most popular mode of trading in the foreign exchange (FX) market was on &#8216;spot.&#8217;<\/p>\n<p>But now, due to moral suasion, the market is trading on one week&#8217;s forwards. CBSL currently is administratively controlling the spot at Rs 132.90 to the US dollar. In a further setback to the ER, the rupee is currently under pressure to depreciate further, due to demand once more picking up, on account of post Avurudu commitments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paneetha Ameresekere Ceylontoday Ceylon Finance Today: Sri Lanka&#8217;s foreign reserves in the 7\u00bd month period from end August 2014 up to Saturday (11 April) has fallen by US$ 2.2 billion (24%) to US$ seven billion, latest Central Bank of Sri Lanka (CBSL) statistics showed. The fall in reserves is due to Sri Lanka running a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-43193","post","type-post","status-publish","format-standard","hentry","category-forum"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/43193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=43193"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/43193\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=43193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=43193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=43193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}