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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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Financing
Insights and analysis on the financing of the budget deficit.
Reallocation of Funds Can Help Finance an Election
The infographic depicts the cost of an election in comparison to selected spending decisions undertaken by the government in 2022. In 2022 the government allocated LKR...
From The PF Wire
Source:
The Sunday Times
World Bank-funded urea to support small-scale padd...
Sri Lanka took delivery this week of the first stock of urea fertiliser purchased with World Bank funding provided under an emergency facility.
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Source:
EconomyNext
Sri Lanka usable reserves below Rs50mn, IMF deal s...
Sri Lanka’s usable foreign reserves were down to 50 million US dollars and it may take six months to wrap up a deal with the International Monetary Fund, Finance Minister Ali Sabry said
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Source:
EconomyNext
Sri Lanka foreign reserves US$3,137mn in Dec, gold...
Sri Lanka’s foreign reserves rose to 3,137.6 million US dollars at the end of December 2021, up from 1,588.4 million US dollars, while a part of the the gold reserves have been sold, data shows.
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Insight on Financing
Fiscal Performance From January to April...
Latest figures...
How Do Macro-fiscal Indicators Compare B...
Recently, Sri Lanka agreed to a currency...
Sri Lanka’s Bilateral Swap Agreements
A foreign currency swap is an agreement t...
2020 Records the Highest Budget Deficit...
The budget balance for 2020 is -LKR 2,090 billion (-14.0% of GDP) whil...
Where did Sri Lanka borrow from in 2020?
In 2020, China was the largest lender to Sri Lanka. But has this alway...
සහන විදේශ ණය - ඇත්තටම අපිට සහනයක් ද?
ශී්ර ලංකාවේ ව්යාපෘති බොහෝම...
Government Budget Balances, 2000 to 2021
The bar chart illustrates the primary balance and overall balance as...
Financing Infrastructure: The (non) conc...
Recently Verite Research held a seminar on the potential (non) concess...
Foreign Financial Assistance in the Time...
USD 873.5 Million worth foreign financial assistance has been approved so far for Sri Lanka to fi...
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Featured
Reallocation of Funds Can Help Finance an Election
The infographic depicts the cost of an election in comparison to selected spending decisions undertaken by the government in 2022. In 2022 the government allocated LKR...
Read More
The Cost of a Kevili Table in 2023
This Avurudu, the cost of preparing a Kevili table has risen by 2.4 times since 2019. The basket of items one would usually find at Kevili table vary between households. Public Finance.lk used the following: Kokis...
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Calculating the Loss to the EPF from Proposed DDR
This article was compiled by Dr. Nishan de Mel. Dr. Nishan de Mel is the Executive Director of Verité Research and an economist with extensive acade...
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