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Sri Lanka central bank allowed to delay billion dollars to Reserve Bank of India

ECONOMYNEXT – Sri Lanka’s central bank will be allowed to delay about one billion US dollars due to the Reserve Bank of India until March 2022, the Indian High Commission in Colombo said.

“Deferment of dues of about USD 1 billion till March 2022, to be paid by the Central Bank of Sri Lanka to the Reserve Bank of India, under the Asian Clearing Union, will assist in strengthening the forex reserves of Sri Lanka,” the Indian High Commission said in a statement.

The Reserve Bank of India gave a 400 million US dollars to the central bank. On April 18, the the swap was extended by another three months.

India has also given a 500 million US dollar credit to buy fuel. Up to now 400,000 metric tonnes of fuel has been imported to the country.

India has given another billion US dollars to Sri Lanka for food and medicine a part of which will also be used to import fuel and LP Gas.

Sri Lanka is facing the worst currency crises triggered by the country’s intermediate regime central bank. (Colombo/May04/2022)

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