The concurrence of the Monetary Board of the central bank will also be sought. The President will also make regulations for offshore banking in consultation with the Minister of Finance and Monetary Board.
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In bonds maturing on 15 November 2023, 14.1 billion rupees worth were sold at 6.30 percent, after offering 25 billion.
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Sri Lanka had leased Hambantota Port built with Chinese loans to a Chinese firm. Sri Lanka has suffered several currency crises over the past 7 years is in the midst of a another balance of payments crisis with its credit downgraded to ‘CCC’.
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According to the press release the third-placed bidder had paid USD147 per MT while the highest bidder had offered USD165 per ton. The sale had also been approved by a Cabinet sub-committee.
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Sri Lanka’s trade minister Bandula Gunewardene told parliament this week that the rupee exchange rate is controlled at 200 levels with great difficulty and if allowed it could hit 300-350 levels given past trends. However, he did not give a timeline of 350 rupees.
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Fourteen members of the council, including India, Nepal and Japan abstained while China, Pakistan and Bangladesh supported Sri Lanka. The Resolution was introduced by the United Kingdom and among the proponents were Canada and the European Union states.
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From near 30% gain in indices end-January, the year to date-increase has tumbled raising serious concerns among investors and capital market promoters. The year to date gain of All Share Price Index was just 1.18% as of Friday and S&PSL20’s was 4.52%.
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In February the central bank asked banks to surrender 10 percent of inward remittances converted to rupees by recipients to the central bank and 12.5 percent of exporter proceeds.
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Sri Lanka has placed surrender requirements for exporters and remittances. A dollar surrender is a intervention by the central bank against the exchange rate peg which already weak adding new liquidity and taking dollars away from the market.
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Fed’s Latin America unit chief Robert Triffin set up similar central banks in a number countries with unrestrained money printing powers during and after the Great Depression, that led to massive currency collapses as soon as private credit picked up or the Fed tightened policy.
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