• About Us
  • Advertise
  • Privacy & Policy
  • Disclaimer
  • Contact
Saturday, 4 February 2023
28 °c
Colombo
27 ° Mon
27 ° Tue
27 ° Wed
26 ° Thu
Sri Lanka News - BusinessNews.lk
  • Home
  • Brief
  • News
    • Local
    • Covid-19
    • Developments
    • Sports
    • World
    • Weather
  • Business
    • Banking & Insurance
    • Corporate
    • CSR
    • Economy
    • Entrepreneur
    • Financial
    • Travel
    • Budget
  • Mag
  • News – Sinhala
    • Business – Sinhala
No Result
View All Result
Sri Lanka News - BusinessNews.lk
Home Business News

Sri Lanka receives Special Drawing Rights (SDR) Allocation of (IMF) and the Currency Swap Arrangement with the Bangladesh Bank

by Editor
1 September, 2021
in Business News, News
2 min read
359 11
IMF
326
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

In August 2021, Sri Lanka received its share of the global SDR allocation by the IMF and the initial disbursements under the bilateral currency swap arrangement between the Central Bank of Sri Lanka and the Bangladesh Bank.

The SDR allocation received by Sri Lanka was equivalent to US dollars 787 million while a sum of US dollars 150 million was received under the swap arrangement with the Bangladesh Bank.

The IMF distributed a total SDR allocation of equivalent to US dollars 650 billion among its member countries on 23 August 2021, in proportion to their existing quotas in the IMF. This provides additional liquidity to the global economy, at a time of an unprecedented crisis due to the COVID-19 pandemic, supplementing countries’ foreign exchange reserves and reducing their reliance on expensive domestic and/or external debt. Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the adverse effects caused by the pandemic. The IMF SDR allocation is not a loan from the IMF and no specific conditionalities are attached to the allocation. Previously, the IMF had allocated SDRs to member countries in 2009, 1979-81, and 1970-72.

The foreign currency swap facility from the Bangladesh Bank totaling US dollars 200 million was agreed upon in view of strengthening economic and financial cooperation between the two countries. This swap facility has been provided for a period of 3 months with the possibility of rolling over twice for similar periods, and it will be disbursed in three tranches, i.e., US dollars 50 million, US dollars 100 million, and US dollars 50 million. The first two tranches have already been received.

The Government of Sri Lanka expects to receive the remainder of the syndicated loan from China Development Bank shortly. This disbursement completes the total syndicated loan of US dollars 1.3 billion from China Development Bank.

These foreign exchange receipts help improve the country’s Gross Official Reserves while enabling the Central Bank to further facilitate the liquidity conditions in the domestic foreign exchange market. With the materialization of envisaged inflows, including non-debt creating foreign currency inflows to the Government, Sri Lanka’s foreign exchange reserves are expected to improve further in the period ahead.

More News:

New Kelani Bridge almost complete – Min. Johnston Fernando

The Quote:

“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

Tags: bnslBusiness News Sri LankaCentral Bank of Sri LankaLkaSri Lanka NewsSriLanka
Share130Tweet82

Related Posts

The Japanese Government Boosts Sri Lanka Police with Equipment Donation
Local News

The Japanese Government Boosts Sri Lanka Police with Equipment Donation

4 February, 2023
Sri Lanka Army
Local News

75th Independence Anniversary Brings Promotion Boost for Four-Digit Officers and Enlisted Personnel in Sri Lanka Army

4 February, 2023
Tourist in BIA
Business News

Sri Lanka Welcomes 100,000 Tourists in January 2023: A Boost for Tourism Industry

2 February, 2023
Improt and Export - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World
Business News

Sri Lanka Records USD 13 Billion in Export Earnings in 2022

2 February, 2023
Lives lost in war cannot be restored but income lost in economic war can be restored – President
Local News

Lives lost in war cannot be restored but income lost in economic war can be restored – President

2 February, 2023
Emirates ready to serve travellers and welcome tourists to Dubai
Business News

Fly Emirates to Dubai and enjoy a free night’s stay at Fairmont The Palm

2 February, 2023

RECENT

Emirates ready to serve travellers and welcome tourists to Dubai

Fly Emirates to Dubai and enjoy a free night’s stay at Fairmont The Palm

2 February, 2023
St. Anthony’s Hardware celebrates the children at Lama Sewana Detention Home

St. Anthony’s Hardware celebrates the children at Lama Sewana Detention Home

2 February, 2023
Singer Sri Lanka unveils the all-new SINGER RED Loyalty Program

Singer Sri Lanka unveils the all-new SINGER RED Loyalty Program

2 February, 2023
Sri Lanka Telecom and Mobitel

SLT-MOBITEL gifts customers amazing 75GB YouTube data to celebrate the 75th Independence Day

2 February, 2023
Ninewells Hospital hands over donation to the ‘Feed a Child’ initiative of the Sri Lanka College of Paediatricians

Ninewells Hospital hands over donation to the ‘Feed a Child’ initiative of the Sri Lanka College of Paediatricians

2 February, 2023
Allianz Insurance

Allianz Child Protector – Helping You Protect Life’s Most Precious Gift

2 February, 2023
HNB Assurance

HNB Assurance produces phenomenal MDRT Qualifiers

2 February, 2023
International Debit Card & ComBank Digital free for ComBank FC account holders

International Debit Card & ComBank Digital free for ComBank FC account holders

2 February, 2023
UB Finance Powers STC Basketball

UB Finance Powers STC Basketball

2 February, 2023
NDB hosts auction AI-Generated visuals as part of Corporate Sustainability Initiative

NDB hosts auction AI-Generated visuals as part of Corporate Sustainability Initiative

2 February, 2023
DFCC Bank and Citizens Development Business Finance PLC (CDB) Enter into Strategic Partnership to Expand Inward Remittance Services

DFCC Bank and CDB Enter into Strategic Partnership to Expand Inward Remittance Services

2 February, 2023
Sanasa Life Introduces “Pinsaru Vandana” – A Premium Insurance Policy for Buddhist Clergy

Sanasa Life Introduces “Pinsaru Vandana” – A Premium Insurance Policy for Buddhist Clergy

2 February, 2023
Crocodile unveils 7th outlet in Colombo 7

Crocodile unveils 7th outlet in Colombo 7

2 February, 2023
DIMO expands its annual book distribution to the communities in the fisheries sector

DIMO expands its annual book distribution to the communities in the fisheries sector

2 February, 2023
CIPM Sri Lanka

CIPM Research Reveals the Way Forward to Attract Youth to Tertiary Vocational Education & Training (TVET) Education

2 February, 2023
Brandix Manusathkara Thilina 2022 offers hope to over 16,000 students with the gift of school essentials

Brandix Manusathkara Thilina 2022 offers hope to over 16,000 students with the gift of school essentials

2 February, 2023
E-commerce: An Islandwide Phenomenon and a Youth-oriented Futuristic Industry of Sri Lanka – Report

E-commerce: An Islandwide Phenomenon and a Youth-oriented Futuristic Industry of Sri Lanka – Report

2 February, 2023
JKH Chairman Krishan Balendra

John Keells Holdings records EBITDA growth of  9% to Rs.10.41 billion in Q3

2 February, 2023
Hatch Enters Partnership with Draper Startup House to Strengthen Sri Lanka’s Position as a Startup Nation

Hatch Enters Partnership with Draper Startup House to Strengthen Sri Lanka’s Position as a Startup Nation

1 February, 2023
Asian Paints Causeway Adds Color to ‘Kedella – Art of Living’ as the Official Paint Partner\

Asian Paints Causeway Adds Color to ‘Kedella – Art of Living’ as the Official Paint Partner

1 February, 2023
Nursing Jobs

Pilot Project to Provide Nursing Courses for Foreign Employment

1 February, 2023
A/L, O/L Students siting for Exam

Now You can apply for the 2022 O/L exam online – Commissioner General of Examinations

1 February, 2023
Election Commission Sri Lanka

A gazette announcing the date of the local government election has been published

1 February, 2023
Prime Minister to present Rs 130 billion supplementary bill to pay back ex-govt’s arrears - Sri Lanka News – BusinessNews.lk |Local|Business|Sports|World

The Cabinet has approved amendments to the Social Security Tax Act – Bandula Gunawardena

1 February, 2023
Karu Jayasuriya

Karu Jayasuriya to conferred with honorary title ‘Sri Lankabhimanya’

1 February, 2023
Prime Minister suggests that the tourism industry could provide the strongest help to Sri Lankan economy and appoints honorary consuls to promote it

Prime Minister suggests that the tourism industry could provide the strongest help to Sri Lankan economy and appoints honorary consuls to promote it

1 February, 2023
US Under-Secretary for Political Affairs Victoria Nuland visits Sri Lanka, pledges continued support

US Under-Secretary for Political Affairs Victoria Nuland visits Sri Lanka, pledges continued support

1 February, 2023
Sagala Ratnayake

World Bank’s Economic Reform Assistance Program Discussed at Presidential Secretariat Meeting chaired by Sagala Ratnayake

1 February, 2023
president secretary office colombo

President Ranil Wickremesinghe issues orders to further curtail government expenditure

1 February, 2023
Board of Investment of Sri Lanka (BOI)

Select Committee of Parliament directs attention regarding the future plans of Board of Investment of Sri Lanka (BOI)

30 January, 2023
Sri Lanka News - BusinessNews.lk

Copyright © 2020
Business Studio
Powered by Rani CS

Navigate Site

  • About Us
  • Advertise
  • Privacy & Policy
  • Disclaimer
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
  • Local
  • Business
  • Covid-19
  • Sports
  • World
  • Magazine
  • Business – Sinhala

Copyright © 2020
Business Studio
Powered by Rani CS

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist