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Mar 30, 2012 (LBO) - Sri Lanka's central bank said there had been a "considerable improvement" in foreign exchange inflows in March 2012 with the rupee recovering slightly against the US dollar after falling sharply following its free float.
More than 500 million US dollars in foreign investment is expected in the next few weeks, it said in a statement.
Total net inflows to the Colombo Stock Exchange had amounted to 164.2 US dollars million by March 30 and another 400 million dollars had come in through sale of Treasury bills and bonds so far in 2012.
This was in addition to funds already raised by commercial banks to strengthen their capital base.
"Reflecting this trend, the exchange rate appreciated to around 128 rupee per US dollar by March 30 from around 130 rupees a week ago," the statement said.
"The Central Bank also absorbed a substantial part of such foreign exchange inflows, resulting in the gross official reserves increasing considerably during March 2012."
The central bank also said spending on imports decelerated to 20 percent in January 2012 from 34 percent in December 2011.
"A further deceleration in import growth is expected in response to various policy measures introduced by the Central Bank and the government in February and March 2012."
The central bank has stopped intervening to prop up the rupee against the dollar, imposed lending curbs on banks and allowed interest rates to rise.
The government also sharply raised fuel prices recently.
http://lbo.lk/fullstory.php?nid=2140663990
More than 500 million US dollars in foreign investment is expected in the next few weeks, it said in a statement.
Total net inflows to the Colombo Stock Exchange had amounted to 164.2 US dollars million by March 30 and another 400 million dollars had come in through sale of Treasury bills and bonds so far in 2012.
This was in addition to funds already raised by commercial banks to strengthen their capital base.
"Reflecting this trend, the exchange rate appreciated to around 128 rupee per US dollar by March 30 from around 130 rupees a week ago," the statement said.
"The Central Bank also absorbed a substantial part of such foreign exchange inflows, resulting in the gross official reserves increasing considerably during March 2012."
The central bank also said spending on imports decelerated to 20 percent in January 2012 from 34 percent in December 2011.
"A further deceleration in import growth is expected in response to various policy measures introduced by the Central Bank and the government in February and March 2012."
The central bank has stopped intervening to prop up the rupee against the dollar, imposed lending curbs on banks and allowed interest rates to rise.
The government also sharply raised fuel prices recently.
http://lbo.lk/fullstory.php?nid=2140663990
