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Sri Lanka's gross official reserves reached US$ 4,500 million as of January, with US$ 1.4 billion being a Chinese yuan-denominated swap, as reported by the Central Bank. President Ranil Wickremesinghe announced in Parliament that the country's usable foreign exchange reserves have surged from less than US$ 20 million in mid-April 2022 to over US$ 3 billion. This significant increase in reserves is attributed to the Central Bank's successful efforts in purchasing approximately US$ 245 million in foreign exchange from domestic and international markets on a net basis in January.
