CB builds up exchange reserves

The Central Bank of Sri Lanka (CBSL) has taken several measures to build up of foreign exchange reserves to a higher level, said a press release issued by it yesterday (19) evening.

Among the measures already initiated are arrangements of currency swaps with foreign Central Banks (as reported exclusively in the Daily News yesterday, promotion of investments in Treasury Bills and Bonds among the Sri Lankan diaspora, payment of a 20 per cent bonus interest on NRFC and RFC deposits from February 1, 2009 and consideration of introducing a once-and-for-all concessional final income tax for new foreign exchange inflows, if such inflows are subject to income tax.