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* Sri Lanka’s FX Reserves Dwindle to $1.82 Billion in July
Fri, Aug 5, 2022, 10:58 pm SL Time, ColomboPage News Desk, Sri Lanka.

Aug 05 (Bloomberg) -- Sri Lanka’s foreign exchange reserves further dried up in July as the nation kept on drawing from its dollar pile to buy fuel and other essentials.

Official reserves dropped to $1.82 billion at end July from $1.86 billion reported for the previous month, according to data released by the central bank.

The amount includes a $1.5 billion swap arrangement with China that Sri Lanka can only access if overall reserves rise to a certain level.

The decline in the stockpile comes amid fears of a delay in an International Monetary Fund bailout due to lingering political uncertainties even as the new President Ranil Wickremesinghe vowed to revive the economy and pursue a debt restructuring with the IMF.

Sri Lanka has about $12.6 billion in outstanding bonds owed to global funds; it owes roughly an equivalent amount to bilateral creditors and multilateral lenders.

Read More:: Bloomberg (Source)