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Saturday, 12 March 2016 - 9:03
India to offer 700 Million US Dollars to Sri Lanka
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India has approved a 700 million currency swap of dollars for Sri Lankan rupees until the island nation receives an International Monetary Fund loan.

Sri Lanka is facing a balance-of-payments crisis after a third of its foreign exchange reserves has been depleted within the 15 months to January as the central bank heavily defended to the rupee.

The Indian cabinet approved the swap for three months or till the time Sri Lanka avails the IMF facility, whichever is earlier.

India said approval of this proposal will provide a temporary relief to Sri Lanka till an alternative arrangement is in place.

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