Mar 23, 2016 (LBO) – Sri Lanka is currently looking at one billion US dollars worth currency swap agreement with China, Prime Minister Ranil Wickremesinghe told Parliament Wednesday.
“We have several issues with regard to the foreign exchange reserves. We already have a swap with India and now we are going to have another one billion swap with Chinese Central Bank,” Wickremesinghe said.
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Sri Lanka received a 700 million US dollars currency swap from the Indian Central Bank earlier this month.
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Sri Lanka seeks USD1bn currency swap with China: Prime Minister
Why would China need to currency swap with Sri Lanka, of all countries?
To export more goods to Sri Lanka
We need currency swap with US ,EU ,Russia, Australia, New Zealand, UAE, Saudi Arabia and UK. It is imperative to stop falling Rupee against other currencies. FTA agreement should also include currency swap.
Makes sense if they wish to break their USD dependency and settle trade directly with China instead.
We must focus on long term planning and encourage export sector. I do not think that significant contribution is given by EDB.