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Sri+Lanka%27s+foreign+reserves+at+US%248.9bn+in+April+2014
Monday, 23 June 2014 - 14:32
Sri Lanka's foreign reserves at US$8.9bn in April 2014
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Sri Lanka's foreign reserves rose to 8.9 billion US dollars in June 2014 from 8.05 billion in March, boosted by foreign borrowings and weak credit that reduced outflows.

The Central Bank said foreign reserves were now equal to 5.9 months of imports.

The central bank has been buying dollars heavily in the forex market as weak credit curtailed imports and the trade gap narrowed, amid a pick-up in exports.

In April, the government the government also sold a 500 million US dollars sovereign bond, the proceeds of which will generate imports in the future.
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