Sri Lankan central bank takes emergency measures as FX crisis deepens

Central Bank of Sri Lanka
The Central Bank of Sri Lanka
Photo: Amithasundar/Wikimedia Commons

Sri Lanka’s central bank said it would securitise remittance payments from abroad to fund its reserves, as the country’s foreign exchange crisis grows.

In May, the Central Bank of Sri Lanka ordered lenders to convert 10% of the foreign remittances they received into domestic currency. On November 12, the CBSL announced it would securitise those foreign currency receipts “to raise medium-term foreign currency financing”.

The central bank announced it had foreign reserves of $3.55 billion at the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.