Gross Official Reserves at $ 3.4 b and rising says CB

Central Bank said on Monday during the first few weeks of 2008, the Gross Official Reserves continued to improve and stood at US dollars 3,434 million by 6 March 2008.

Accordingly, BOP has recorded a surplus of US dollars 366 million by that date. As per the projected level of imports for 2008, the Official Reserves were adequate to cover approximately 3.6 months of imports. The Gross Official Reserves and Balance of Payment (BOP) surplus by end 2007 were reported to be US dollars 3,063 million and US dollars 531 million, respectively.

The Gross Official Reserve position has increased substantially so far this year due to steady inflows of export proceeds and worker remittances, a part of which has been absorbed by the Central Bank.

“Therefore, the recent build-up of reserves and BOP surplus indicate improved stability and resilience of the external sector in 2008, which is reflected in the appreciation of the Sri Lankan Rupee,” the Bank said.