Colombo: The world economy is being affected due to Corona epidemic. It has also impacted India's neighbouring country, Sri Lanka. The Sri Lankan government is making all efforts to deal with this situation. Under this, the emphasis is now on strengthening the foreign exchange reserves. This is the reason that the Sri Lankan government is going to sign an exchange of $ 400 million currency with the Reserve Bank of India (RBI).
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Giving information in this regard, Sri Lankan Information and Communications Minister Bandula have said that the Union Cabinet has cleared the proposal for financial facility agreement with the Reserve Bank put forward by PM Mahindra Rajapaksa. This will help the country to meet short-term international cash requirements. He said that Sri Lanka will enter into a $ 400 million currency swap agreement with the Reserve Bank of India.
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He said that the objective of this step is to strengthen the foreign exchange reserves of the country. While making trade-related payments, two countries decide to enter into currency swap contracts. According to the Reserve Bank, in the week ended April 17, foreign exchange reserves have increased by $ 3.09 billion to reach $ 479.57 billion.