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Last Updated : 2024-05-19 20:50:00
21 February 2022 06:15 am - 16 - {{hitsCtrl.values.hits}}
By Shabiya Ali Ahlam
The national economy is increasingly feeling the brunt from the shortage of foreign currency to fuel economic activities. However, the Central Bank expressed confidence in securing enough funds to bolster reserves in the coming months.
Central Bank Governor Ajith Nivard Cabraal said that as a steady inflow of forex is expected in the near future, pressures on the economy will witness some level of easing, and Sri Lanka will avoid a debt default by all means.
Speaking to Bloomberg in an interview on Friday (18), Cabraal pointed out that Sri Lanka’s overall reserves are being buttressed by several swaps, particularly from China, India, and Bangladesh.
“These have been helpful and useful for us to be able to deal with the current situation. But at the same time, we would prefer to have more,” he stressed.
While several discussions are being held to secure more funds, the Central Bank is hopeful of getting inflows that are non-debt creating.
“That’s the key here, where we would like to have new non-debt inflows, particularly through securitisation of our remittances, the sale of certain underutilised assets. Those are now on track,” said Cabraal.
With careful management of the current situation until inflows from tourism kick in, the Governor expressed confidence in “successfully” braving through the ongoing economic challenges.
Sri Lanka is in need of about US$ 2.8 billion in additional funding for the year to repay foreign debt, and the Governor once again said he is “very confident” in raising the required.
Meanwhile, when questioned about the exchange rate of the Sri Lankan rupee against the US dollar, Cabraal said the trading rate at present is a “fair one”.
He pointed out that the current trading rate provides opportunities for all stakeholders.
“People look at it from certain angles and they believe that the interest rate or the exchange rate should be different.
We from CBSL take a holistic view and then as a result, we are able to see that they are reasonably good so that people will be able to do all their transactions in a fair and a really good balance so that they can go forward with greater confidence,” he said.
joshua Monday, 21 February 2022 09:12 AM
Cbaraal will steer in it in to the bottom of the sea
Middle class Monday, 21 February 2022 09:25 AM
What a JOKE this is. No fuel at stations, food prices are 10,000 a week and more! people are starving. Gotabhya is either blind, heartless or brainless to keep this guy and these policies. People are close to rioting, this guy is asleep!
Sunil Monday, 21 February 2022 09:27 AM
No forex even to release containers with milk foods. No cement, no flour, no fuel and no electricity. You name it, we do not have it. Yet, the governor is optimistic. That's prosperity.
Jude Monday, 21 February 2022 09:30 AM
Loans loans more loans!!! Yeah keep borrowing !!
Rohan Monday, 21 February 2022 09:52 AM
Steady income of foreign remittances? Then how come you don't have money to import petroleum and consequently we are in the dark?
Lion Monday, 21 February 2022 10:27 AM
Blind leaders leading the equally blind nation to a bottomless abyss.
Raj Monday, 21 February 2022 10:52 AM
another loan from another country is not an income, u stupid idiot
Punchi Banda Monday, 21 February 2022 11:00 AM
We have to be optimistic. Allah who is no longer manufacturing virgins since not many jihadis are arriving in paradise with Buddha and our gods will start manufacturing oil, food etc and ship it down from paradise to us.
Premalal Perera Monday, 21 February 2022 11:00 AM
The clown has spoken. Tighten your belt.
Asanga Monday, 21 February 2022 11:04 AM
This guy is a curse to the country
Econ-Mutt Monday, 21 February 2022 11:32 AM
this man is deaf and blind. Unfortunately for us he is not dumb!!
johan Monday, 21 February 2022 11:52 AM
He is only a book worm not practical that is the reason SL economy collapsed up to this extent
Dee Monday, 21 February 2022 01:10 PM
It is the people's putting the garbage into the beach. The then maluwas go and eating the garbage. Then they go into the storm and hitting the dollars. Then how to do the brave in the storm? We have to stop the malu eating the garbage.
ECON101 Monday, 21 February 2022 02:34 PM
Surely a monkey will do a better job managing the economy than these.
sam Monday, 21 February 2022 07:59 PM
Your problems will be sorted out after the UN HRC meeting
Buddhist Tuesday, 22 February 2022 01:41 AM
It's time for the President to remove the Governor of the Central Bank.
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