Reserves set to hit post-crisis high in December: CBSL Governor

CENTRAL Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe yesterday said Sri Lanka's gross official reserves are expected to climb to the highest level recorded since the height of the economic crisis by the end of December, whilst expressing confidence that the country will comfortably meet its reserves target under the International Monetary Fund (IMF) program.

- CHARUMINI DE SILVA

Addressing the media following the latest Monetary Policy Review meeting, Dr.

Weerasinghe said the final month of the year traditionally brings stronger foreign exchange inflows through export conversions, workers' remittances, and tourism receipts.

"These seasonal gains will be boosted further by the anticipated disbursement of the fifth tranche of the IMF Extended Fund Facility (EFF) amounting to $ 340 million, alongside $ 370 million in Budgetary support from the Asian Development Bank (ADB). Collectively, the Government will see fresh inflows of over $ 700 million, pushing reserves to their highest point since the crisis," he explained.