Sri Lanka is hopeful of US$ 1.5 swap facility with China

February 26, 2021

Sri Lanka is seeking $2.2 billion from Chinese banks, in a bid to overcome the prevailing economic difficulties. the Money and capital markets Minister Nivard Cabraalhas told the media that the government was hopeful of finalising a $1.5-billion swap facility with China's Central Bank. "Within the next two weeks we should be able to finalise it," Cabraal told reporters while maintaining that the funds would be used as a "buffer" to meet the government's foreign currency needs. Official figures show Sri Lanka's foreign reserves plummeted to $4.8 billion at the end of January, the lowest since September 2009 when they fell to $4.2 billion.

Sri Lanka is hopeful of US$ 1.5 swap facility with China

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