CB to end year with US $ 7.8bn foreign reserves

Sri Lanka’s Central Bank hopes to complete this year with foreign reserves of US $ 7.8 billion, US $ 200 million below the rate that they would think as having a comfortable reserve positions.

Central Bank Governor Dr. Indrajit Coomaraswamy said as of November 14, the foreign reserves stood at US $ 7.2 billion, down from US $ 7.2 billion, partly due to a US $ 500 million payment under the Asian Clearing Unit.

The Central Bank said foreign reserves rose to US $ 7.9 billion by end-october, from US $ 7.164 billion in September, helped by the US $ 1 billion loan from China Development Bank.

Dr. Coomaraswamy said Sri Lanka has also spent over US $ 680 million in defending the rupee against the US dollar.

According to the Central Bank, the rupee has depreciated 13.2 percent up to November 14.