Written by Bella Dalima
25 Jul, 2014 | 4:59 pm
The Central Bank of Sri Lanka entered into an investment agreement with the Reserve Bank of India on Thursday.Issuing a communique the Central Bank of Sri Lanka says that the CBSL and the Reserve Bank of India entered into a bilateral agreement which enables CBSL to further diversify its reserves management activities into Indian rupee denominated assets.
The communique also noted that the agreement will also enable the Reserve Bank of India to have access to the Sri Lankan securities market. Both banks will be able to invest up to a maximum value equivalent of 500 million US Dollars each way.
The communique further notes that the agreement will enable the CBSL to access one of the growing security markets in the world – realising a considerably higher return for the funds invested.
It also notes that the RBI investment in the Sri Lankan Government securities market would lead to greater stability in the Sri Lankan Government bond market.
Governor of the Central Bank Ajith Nivard Cabraal exchanged the bilateral Investment agreement with the Governor of the Reserve Bank of India, Dr. Raghuram Rajan.
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