Sri Lanka’s interbank forex markets are not allowed to deal above 200 to the US dollar and import customers are not allowed to be given dollars above 203 to the US dollar in curbs announced after money printing triggered forex shortages.
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Sri Lanka had about 4.0 billion dollars of gross official reserves of which a billion US dollars flowed out for bond payment on July 26. However about 200 is expected to be recouped with swaps from the domestic holders of bonds who hold about 310 million US dollars, Minister Cabraal said. It is the practice for analysts to measure reserves in months of imports.
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They offer fixed rates determined through competitive bidding. The issue opens today with 30 July as the date of settlement. The previous SLDB issue was in June aimed at raising $ 100 million. However, it drew bids amounting to 35% of the issue.
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Apparel grew 3.0 percent to 414 million US dollars, tea grew 7.8 percent to 123 million dollars, rubber products were up 38 percent to 123.9 million, coconut products were up 8.6 percent to 70.6 million US dollars.
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Colombo Consumer Price Index, whose food component had been reduced from the 1980s rose to 5.2 percent in June while a nation-wide index has risen more. The central bank said official reserves were estimated at 4.0 billion US dollars in June or about 2.7 months of imports.
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SriLankan, along with Qatar kept the country connected in the worst months of the Coronavirus crisis when airports shut down and airlines were grounded in many countries.
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Sri Lanka has been printing money after cutting taxes in December 2019 and earning a downgrade. Sri Lanka also expanded the state worker cadre and had given them new allowances, pushing up the salary bill.
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The widely watched Colombo Consumer Price Index rose 1.5 percent to 142.4 points in June. The food sub-index which is has traded commodities rose 3.9 percent during the month after rising 2.2 percent in April.
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“Today the IMF Executive Board discussed a proposal for a new US$650 billion SDR allocation – the largest issuance in the IMF’s history aimed at helping its membership, especially the most vulnerable, overcome the COVID-19 crisis,” IMF spokesman Gerry Rice said after the June 25 meeting.
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The elected ruling class also get tax free SUVs and state workers get tax slashed cars while ordinary people pay taxes of close to 300 percent for some vehicles in a modern day feudal-overload-to-serf style taxation system.
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