India & SL enter into a Currency Swap Agreement

Saturday, 14 March 2015 - 22:31

The Central Bank of Sri Lanka and the Reserve Bank of India have entered into a 1.5 billion dollar Currency Swap Agreement.

Indian Prime Minister Narendra Modi, who is visiting Sri Lanka, announced the agreement yesterday after meeting President Maithripala Sirisena.

Sri Lankan rupee has been under pressure since January and fallen in value despite the Central Bank's intervention to keep it stable.