The Central Bank of Sri Lanka (CBSL) has received $ 1.1 billion from the Reserve Bank of India (RBI) under a special currency swap agreement.

“With the enhanced level of official reserves, the CBSL expects that the exchange rate would stabilise in line with sound macroeconomic fundamentals and movements of other currencies of major trading partners,” according to a release issued by the CBSL.

The amount is in addition to the $400 million received in April. The agreement was signed by the two institutions in July.

(The Hindu)