The pressure on Sri Lanka’s currency is expected to abate with the anticipated receipt of US$ 1 billion through a syndicated loan from the China Development Bank (CDB) this week followed by projected inflows of another US$ 1.5 billion in the coming months boosting reserves, a top Central Bank official told the Sunday Observer yesterday. The Chinese were on holiday last week and the US$ 1 billion should come within the course of this week,” the Governor said, referring to the week-long break in China from October 1 on account of the Chinese National Day celebrations. “Given the fact that interest rates have gone up a lot, it is an excellent deal we have got,” the head of the country’s monetary authority said. The Central Bank said Sri Lanka’s average rate against the USD during the past week stood at Rs. The Panda Bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People’s Republic of China.
Source: Sunday Observer October 06, 2018 19:07 UTC