The Sundaytimes Sri Lanka

IMF meets on July 20 to decide final tranche


The dollar fluctuated between Rs 133-134 in the Colombo markets this week, raising few issues and concerns ahead of IMF approval of the final tranche on July 20, brokers said.

They said the Central Bank was also cautious not to intervene or urge state banks to sell dollars to lift the rupee to the Rs 130-level. Analysts said the IMF board was due to meet on July 20 to approve the final installment ($420 million) of the Stand-by Arrangement loan. Sri Lanka is also in discussions for a further $500 million credit-line.

“The Central Bank says they have met all IMF targets for June and I believe don’t want to upset the market before the next IMF meeting on the final tranche,” one analyst said.

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