Official Reserve Assets Surge to USD 4.95 Billion in March 2024

Sri Lanka’s Official Reserve Assets have seen a significant uptick, reaching USD 4.95 billion in March 2024, marking a notable 9.5% increase from February’s USD 4.52 billion. This boost includes proceeds from a PBOC SWAP amounting to USD 1.4 billion, subject to conditionalities set by the Central Bank of Sri Lanka regarding its usability.

The Central Bank’s latest announcement reflects a positive trajectory in the country’s foreign reserves management, particularly considering the stark contrast observed in November 2022 when reserves plummeted to USD 1.58 billion.

The level of gross official reserves was around USD 3.5 billion as at end June 2023.

This recent surge in reserves underscores efforts to stabilize Sri Lanka’s financial position and bolster economic resilience amidst ongoing challenges. As the nation continues its endeavors to navigate economic uncertainties, the sustained growth in official reserve assets signals a promising outlook for the future. (LankaXpress.com )