World Economy

Sri Lanka Forex Reserves Rise

Sri Lanka Forex Reserves RiseSri Lanka Forex Reserves Rise

Sri Lanka’s forex reserves rose to $6.4 billion by the last week of July up from $5.3 billion at the end of June 2016, an official said, EconomyNext reported. Sri Lanka sold a $1.5 billion sovereign bond and the proceeds are being kept in a fiscal reserve to repay debt. Sri Lanka’s foreign reserves are made up of both monetary reserves in the Central Bank and also the treasury. Central bank’s director of economic research K. M. Siriwardene said foreign investors have also resumed purchases of rupee bonds. In the stock market, portfolio outflows were continuing.