The People’s Bank of China has approved a swap facility of USD 1.5 billion to the Central Bank of Sri Lanka (CBSL), State Minister of Money & Capital Market and State Enterprise Reforms Ajith Nivard Cabraal said today. “Happy to confirm that the People’s Bank of China has approved a swap facility of 10 billion Yuan (USD 1.5 billion) to the Central Bank of Sri Lanka,” the State Minister said. The State Minister earlier said the swap of USD 1.5 billion was initially raised in 2014. “We had USD 2 billion with China in 2014, which unfortunately lapsed under the previous Government,” he said. He said the government wants to hold the swap as a buffer, to draw on it at any time, or as a fallback position.

Source: The Nation March 10, 2021 15:07 UTC