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SLanka foreign reserves record high: central bank

[AFP, Tuesday, 15 September 2009 08:13 No Comment]

Sri Lanka’s foreign reserves have hit a historic high of four billion dollars, sufficient to cover over four months of imports, the Central Bank of Sri Lanka said Tuesday.

"With the renewed investor confidence and the continuation of the steady increase in foreign exchange inflows, the country’s external reserve position is expected to strengthen further in the coming months," the bank said.

Sri Lanka’s reserves had fallen to dangerously low levels earlier this year as security forces pushed there final offensive against separatist Tamil Tiger rebels.

The reserves have since been boosted by the first tranche worth 322.2 million dollars of an IMF loan in July, higher remittances, donor funds and foreign investors buying rupee-denominated treasury bills and bonds.

The bank has also raised cash by selling dollar debt.

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