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Composition of Sri Lanka's Gross Official Reserves
The reported gross official reserves as of February 2022 stood at USD 2,311 MN, out of which 98% (USD 2,242 MN) consisted of short-term swaps maturing within 12 months. Whilst the quantity of reserves is important it is equally necessary to consider the quality of reserves. Short term swaps and foreign investment in government securities are essentially short-term in nature, and portfolio investments in government securities are also volatile. In an ideal scenario, reserves should comprise largely of non debt creating inflows such as FDI and current account surpluses. Sri Lanka however has consistently run current account deficits in its balance of payments. The second best option would be long-term stable borrowings (such as ISBs) that have a significantly longer repayment duration than short term swaps or volatile portfolio investments. Such instruments provide a greater degree of stability and longevity for a country’s reserves.
Featured Insight
Composition of Sri Lanka's Gross Official Reserves
The reported gross official reserves as of February 2022 stood at USD 2,311 MN, out of which 98% (USD 2,242 MN) consisted of short-term swaps maturing within 12 months. Whilst the quantity of reserves is important it is equally necessary to consider the quality of reserves. Short term swaps and foreign investment in government securities are essentially short-term in nature, and portfolio investments in government securities are also volatile. In an ideal scenario, reserves should comprise largely of non debt creating inflows such as FDI and current account surpluses. Sri Lanka however has consistently run current account deficits in its balance of payments. The second best option would be long-term stable borrowings (such as ISBs) that have a significantly longer repayment duration than short term swaps or volatile portfolio investments. Such instruments provide a greater degree of stability and longevity for a country’s reserves.
Featured Insight
Composition of Sri Lanka's Gross Official Reserves
The reported gross official reserves as of February 2022 stood at USD 2,311 MN, out of which 98% (USD 2,242 MN) consisted of short-term swaps maturing within 12 months. Whilst the quantity of reserves is important it is equally necessary to consider the quality of reserves. Short term swaps and foreign investment in government securities are essentially short-term in nature, and portfolio investments in government securities are also volatile. In an ideal scenario, reserves should comprise largely of non debt creating inflows such as FDI and current account surpluses. Sri Lanka however has consistently run current account deficits in its balance of payments. The second best option would be long-term stable borrowings (such as ISBs) that have a significantly longer repayment duration than short term swaps or volatile portfolio investments. Such instruments provide a greater degree of stability and longevity for a country’s reserves.
Featured Insight
Composition of Sri Lanka's Gross Official Reserves
The reported gross official reserves as of February 2022 stood at USD 2,311 MN, out of which 98% (USD 2,242 MN) consisted of short-term swaps maturing within 12 months. Whilst the quantity of reserves is important it is equally necessary to consider the quality of reserves. Short term swaps and foreign investment in government securities are essentially short-term in nature, and portfolio investments in government securities are also volatile. In an ideal scenario, reserves should comprise largely of non debt creating inflows such as FDI and current account surpluses. Sri Lanka however has consistently run current account deficits in its balance of payments. The second best option would be long-term stable borrowings (such as ISBs) that have a significantly longer repayment duration than short term swaps or volatile portfolio investments. Such instruments provide a greater degree of stability and longevity for a country’s reserves.
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Sri Lanka annual GDP growth projected to be around 4.5% – 5 % in 2024
Sri Lanka's 2024 economic outlook shows 4.5%-5% GDP growth, rising inflation, stabilized interest rates boosting private sector credit, and strengthened external resilience through tourism earnings, remittances, and...
2024-11-28
Daily News
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Excise Department grapples with billions of rupees in lost tax revenue
The continued prohibition on liquor sales due to existing travel restrictions in the country has dealt a crippling blow to the Excise Department with the loss of tax revenue exceeding a whopping Rs. 10 billion (Rs. 10,000 million) so far.
2021-06-13
The Island
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Fuel prices up
“Despite the huge increase in fuel prices in the world market, the government has managed to hold the current fuel prices without revising them for 21 months. Unfortunately, the government can no longer keep prices stable. There has never been a time in history wh...
2021-06-12
Daily Mirror
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Rs.76 b spent so far on COVID vaccine imports
The Government has spent Rs. 76 billion this year alone to import COVID-19 vaccines, says State Pharmaceuticals Corporation Chairman Dr. Prasanna Gunasena.
2021-06-12
Daily News
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$400M allocated for local fertiliser production
The Government decided to use the sum of USD 400 million allocated to import chemical fertilisers to produce organic fertilisers locally. Accordingly, funds will be allotted to build equipment needed for manufacturing fertiliser and tasked t...
2021-06-06
Ceylon Today
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