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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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    Sri Lanka to miss IMF forex reserve target; seek waiver

    The Invisible
    The Invisible


    Posts : 3116
    Join date : 2016-11-28
    Age : 45

    Sri Lanka to miss IMF forex reserve target; seek waiver Empty Sri Lanka to miss IMF forex reserve target; seek waiver

    Post by The Invisible Mon Aug 06, 2018 10:45 am

    ECONOMYNEXT - Sri Lanka has missed a June forex reserve target in an International Monetary Fund program, and the island will seek a waiver of the performance criteria, Central Bank Governor Indrajit Coomaraswamy said.

    Sri Lanka has already met the fiscal deficit target, he said.

    The forex reserve target is a performance criteria, which has to be met to pass an IMF review.

    Coomaraswamy said the target was set last year, when the central bank was collecting forex reserves easily, but external conditions had since changed, and there have been outflows from emerging markets.

    Analysts have also warned the central bank against injecting cash into the banking system through term reverse repo and outright Treasury bill purchases. When the central bank's domestic assets grows expanding demand, it is not possible to collect reserves.

    In additional a pick-up in credit also makes it more difficult to collect forex reserves.

    Collecting forex reserves, especially from current flows tends to squeeze credit and economic activity, dampening growth.

    Slower reserve collection may help boost growth. (Colombo/Aug03/2018)

      Current date/time is Sun Dec 15, 2024 1:49 am