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Sri Lanka may need private creditor deal to finalize official MOUs: ex-Governor

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ECONOMYNEXT – Sri Lanka rupee opened stronger at 307.50/90 levels from yesterdays close of 307.90/95 and moved down to 307.90/308.10 levels amid official purchases, market participants said.

Sri Lanka’s rupee is stable amid largely deflationary policy from the central bank helped by slow private credit and improving government borrowings, which is triggering a balance of payments surplus.

Banks also tend to sell dollars and run negative net open positions when the central bank allows the currency to strengthen.

The rupee has in the recent past been volatile when small changes in import demand comes from changes in credit as the central bank does sell dollars and banks also buy dollars to square their open positions, analysts say.

Bond markets yields were largely unchanged.

A bond maturing on 01.02.2026 was quoted at 10.65/75 marginally up from Monday’s 10.60/75 percent.

A bond maturing on 15.09.2027 was quoted 11.90/12.00 percent unchanged from 11.90/12.05 percent.

A bond maturing on 01.07.2028 was quoted 12.15/20 from 12.15/25 percent.

A bond maturing on 15.07.2029 was quoted 12.25/40 from 12.25/35 percent.

A bond maturing on 15.05.2030 was quoted indicative at 12.25/50 from 12.25/55 percent.

A bond maturing on 01.07.2032 was quoted indicative at 12.60/90 from 12.50/13.00 percent. (Colombo/Mar05/2024)

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