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The present government will take up its total foreign commercial borrowings in the calendar year to date to US$ 4,319 million; due to its plan to sell US$ 100 million worth of Sri Lanka Development Bonds (SLDB) this week, Central Bank of Sri Lanka (CBSL) in a statement said. Settlement of this borrowing will be on 18 August, the day after the 17 August General Election. These borrowings also include a $ 1,500 million swap arrangement between the CBSL and the Reserve Bank of India.
In the similar period last year the previous regime borrowed only a mere $ 1,926.50 million from overseas commercial markets. Therefore, a borrowing of $ 4,319 million is a $ 2,392.50 million or a 124.19% increase over similar borrowings made by the previous regime in the corresponding period last year.
Such increased borrowings are due to a combination of high imports because of reduced import taxes, foreigners exiting from the government securities market and the stock market due to the prevailing political uncertainty and expectations that the Federal Reserve System will raise its near zero rates this year, thereby exacerbating such exists and CBSL's continuous protection of the rupee, which is depreciating its foreign reserves.
Courtesy: Ceylon Financial Today 4 August 2015
