CBSL in talks for USD 1 bn currency swap

COLOMBO (News1st): The central bank on Monday said further discussions are ongoing to secure an additional USD 1 billion, under a Special Bilateral Swap Agreement with the Reserve Bank of India. This was after the Central Bank of Sri Lanka (CBSL) and the Reserve Bank of India entered into a USD 400 million currency swap agreement on July 24. The currency swap was made under the Framework on Currency Swap Arrangement for South Asian Association for Regional Cooperation (SAARC) countries for 2019 - 2022. The move would provide short-term financing to the CBSL to meet the country’s balance of payment requirements.