Reserves up $ 8.40M

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The country’s foreign reserves uplifted by US$ 8.40 million (Rs 3,032 million) on Thursday (18 August) led by the settlement of receipts in respect of exports proceeds. Conversions are based on the administered value of the benchmark ‘spot’ which was Rs 360.97 to the US dollar on Tuesday (16 August).

 Government of Sri Lanka’s (GoSL’s) at least theoretical money printing borrowing costs (MPBCs) sharply decreased for the fourth consecutive market day to Thursday, with Thursday’s fall being by 1.24 per cent (Rs 1,516.78 million) to Rs 120,327.03 million; led by continuous investor buying pressure of high yielding Treasury (T) Bills and T Bonds in secondary market trading, rather than lend to the private sector, the engine of growth.  

  GoSL’s face value (FV) MP debt decreased by 0.04 per cent (Rs 1,342 million) to Rs 3,142,070 million (Rs 3.1421 trillion) yesterday, thereby marginally defraying demand pull inflationary pressure.   GoSL’s FVMP debt has been over Rs three trillion for a record consecutive 30 market days to yesterday due to a perennial lack of revenue. Also, GoSL’s highest to the 235th highest FVMP debt has been registered for a record 235 market days to yesterday.

Market was short for a record 232 market days to yesterday,   though this shortfall decreased by 0.29 per cent (Rs 1,690 million) to 591,213 million, nonetheless virtually causing perpetual rate pressure.

By Paneetha Ameresekere