Sri Lanka’s gross official reserves rise to $5.6 billion

As of the end of June 2024, Sri Lanka’s Gross Official Reserves have reached $5.6 billion, according to the Central Bank of Sri Lanka (CBSL). 

This marks an increase from the $5.41 billion reported in May 2024.

The June figures include proceeds from a currency swap with the People’s Bank of China, equivalent to approximately $1.4 billion. However, the CBSL notes that these funds are subject to conditionalities on their usability.

Comparatively, Sri Lanka’s Gross Official Reserves have shown significant growth from the $4.4 billion recorded at the end of June 2023.

The Sri Lankan rupee has experienced intermittent volatility against the US dollar in recent months. Despite this, the rupee has appreciated by over 6.5% against the US dollar so far in 2024.