Sri Lanka reserves at USD7.3Bn, Rupee depreciates 3.3-pct: CB

Jun 01, 2018 (LBO) - Sri Lanka's Central Bank says the level of gross official reserves of the country was estimated at US 7.3 billion dollars, equivalent to 4.1 months of imports, at end March 2018. "The level of gross official reserves of the country remained at a healthy level recent past," it said. Total foreign assets, including foreign assets of the banking sector, was estimated at US 9.6 billion dollars as at end March 2018 which was sufficient to cover 5.3 months of imports. Meanwhile CB data also show that the Sri Lankan rupee depreciated by 3.3 percent against the dollar in the year to 31 May 2018. "Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against other major currencies except for the Indian rupee during this period," that Bank says. "The weakening of the Sri Lankan rupee against the US dollar partly reflects a broad-based strengthening of the US dollar globally."