Sri Lanka to get US$ 25.4 bln as foreign inflows (pics:topnews.in)

Sri Lanka says, it will receive an estimated total of US$ 25.4 billion as foreign inflows during the year 2012, as opposed to a likely outflow of US$ 22.8 billion.

Central Bank of Sri Lanka which has revised the earlier set annual targets for both foreign inflows and outflows says, the country will earn US$ 11.7 billion via exports during the year 2012.

It estimates that the earnings from tourism  will bring in US$ 1.2 billion.

The Central Bank also expects the worker remittances to reach a record figure US$ 6.5 billion during this year and FDI inflows are projected to reach US$ 2 billion.

Sri Lanka’s struggling stock market, according to the Central Bank, will see a net foreign inflow of half a billion dollars during the ongoing year.

The Bank says, US$ 1 billion will come into finance the Tier 11 capital of the Commercial Banks with US$ 800 of it has already come in, which also includes the recently raised US$ 500 million dollar bond of the BOC.

According to the CBSL, major local corporate firms are expected to source overseas funding for a tune of US$ 0.5 billion.

The Monetary Authority expects long term currency swaps to add another US$ 0.5 billion, while Net Treasury bills and bond sales is estimated to bring in another half a billion dollars.

Sri Lanka is planning to raise a US$ 1 billion by issuing an international dollar bond during the year 2012.

Outflows

Meanwhile, the Central Bank says the country is likely to incur an import bill of US$ 20.9 billion during 2012, while the government is also expected to allocate US$ 1.4 billion to repay loans.

Sri Lankan investments outside the country are slated to be around US$ 0.5 billion, during the year.

Advertisement