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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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Expenditure
Insights and analysis of government expenditure.
The Cost of Inflation: Sustaining 2015 Consumption in 2023
Sri Lanka's is set to experience a 160% increase in nominal GDP from the 2015 levels of LKR 11.6 trillion as projected nominal GDP for 2023 estimated at LKR 30.3 trillion. However, while the real GDP in 2023 remains relatively unchanged from the 2015 levels, the doubling of nominal GDP h...
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Economy Next
Sri Lanka central bank officials to be summoned to...
A Sri Lankan parliamentary committee has called central bank officials to a meeting with party leaders due to controversy over significant salary increases they awarded themselves. This action follows criticism from legislators who are concerned about the central bank's financial management s...
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Source:
Daily Mirror
Local Government Polls will cost Rs. 10 billion: E...
The conduct of elections to the local authorities will cost at least Rs.10 billion, an official said. https://www.dailymirror.lk/breaking_news/LG-Polls-will-cost-Rs-10-bil...
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Source:
Ceylon Today
No Vehicle Imports in 2022 – Basil
Minister of Finance Basil Rajapaksa said the importation of vehicles and new staff recruitments to the public sector will not be permitted in 2022. While noting that efforts should be made to stop the importation of milk powder, Rajapaksa ad...
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Insight on Expenditure
Poor transparency in large scale infrast...
Section 9 of the RTI Act No. 12 of 2016 m...
Economic Transformation Act's 2.3% Prima...
The Economic Transformation Act (ETA), en...
2023 Budget’s expenditure limit overshot...
The Ministry of Finance Annual Report, re...
2023 government expenditure surge matche...
Government spending increased by 20% in 2...
How did the government finance its expen...
The 2023 fiscal numbers, recently release...
Large Scale Infrastructure Small Scale D...
Sect...
Defence Sector Claims Nearly Half of Sta...
According to the 2023 Budget Estimates, 1...
The Cost of Inflation: Sustaining 2015 C...
Sri Lanka's is set to experience a 160% increase in nominal GDP from the 2015 levels of LKR 1...
Total SOE Losses in the first four month...
During the first four months of 2022 the cumulative loss of State-Ow...
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Featured
The EPF is the Single Largest Holder of Government...
On June 28, 2023, the Sri Lankan government unveiled its Domestic Debt Restructuring plan. A key component of this plan is the restructuring of bond holdings associated with superannuation funds, which are funds set up for retirement benefit...
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Is Maldives going down Sri Lanka's path?: Concern...
The graphs below depict the Primary Balances and budget balances as a percentage of GDP for Maldives and Sri Lanka. Besides 2017 and 2018, Sri Lanka’s annual Primary Balance has consistently been a deficit with 2021 reporting the large...
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Revenue Foregone by Government Due to Tax Concessi...
For the fiscal year 2022/23 (April to March), tax concessions resulted in a total of LKR 978 billion in foregone revenue, the government reported on 31 March. The...
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