Gross official reserves remain below USD 2 billion

Tuesday, 06 September 2022 - 17:24

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Gross official reserves of the country stood at US dollars 1.8 billion as at end July 2022. This includes the swap facility from the People’s Bank of China, equivalent to around US dollars 1.5 billion, which is subject to conditionalities on usability.

The Central Bank says that it continued to supply forex liquidity to finance essential imports by utilising inflows to gross official reserves.

Consequently, the level of usable reserves continues to remain at significantly low level by end of July 2022. Total foreign assets, which consist of gross official reserves and gross foreign assets of the banking sector, amounted to US dollars 5.9 billion at the end July 2022.

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