Sri Lankan, Indian central banks enter $1.5 bn currency swaps

Reuters Updated - January 24, 2018 at 08:57 PM.

The Prime Minister, Shri Narendra Modi with the President of the Democratic Socialist Republic of Sri Lanka, Mr. Maithripala Sirisena, at the ceremonial reception, in Colombo, Sri Lanka on March 13, 2015.

The Reserve bank of India has entered a $1.5 billion currency swap agreement with the central bank of Sri Lanka, Prime Minister Narendra Modi said on Friday after meeting Sri Lankan leader Maithripala Sirisena.

"This will help keep the Sri Lankan rupee stable," Modi told reporters.

Sri Lanka rupee has been under pressure since early January and fallen around 1.5 per cent so far this year despite the central bank defended it with selling dollars.

Published on March 13, 2015 06:53