{"id":40889,"date":"2022-05-09T13:41:18","date_gmt":"2022-05-09T08:11:18","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=40889"},"modified":"2022-05-09T13:54:41","modified_gmt":"2022-05-09T08:24:41","slug":"lanka-bangla-currency-swap","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/lanka-bangla-currency-swap\/","title":{"rendered":"Bangladesh extends currency swap facility to boost Sri Lanka\u2019s depleting foreign reserves"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-672662934\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>In a friendly gesture, Bangladesh has extended the term of the USD 200 million loans given to cash-strapped Sri Lanka under a currency swap deal by one more year to boost the island-nation&#8217;s depleting foreign reserves.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-6552706\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>In May 2021, Bangladesh cleared a USD 200 million currency swap facility for Sri Lanka, to help boost its economy, becoming the first South Asian country to extend crucial financial assistance to Colombo this year.<\/p>\n<p>Bangladesh Bank directors took the decision on Sunday, keeping the conditions for the loan unchanged, said the central bank\u2019s spokesman Serajul Islam, Hiru News reported.<\/p>\n<p>Sri Lanka was supposed to repay within three months, but the term was extended several times at Sri Lanka\u2019s request as the country\u2019s economic crisis began to deepen.<\/p><div class=\"trade-content_5\" id=\"trade-2274767404\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>With Sri Lanka\u2019s main foreign exchange earning sector, tourism, badly hit due to the pandemic, the country has been struggling to maintain its reserves.<\/p>\n<p>The economic crisis in Sri Lanka is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.<\/p>\n<p>Sri Lanka\u2019s foreign reserves dropped sharply from a healthy level of USD 8,864 million in June 2019 to USD 2,361 million in January 2022, according to official estimates.<\/p>\n<p>Thousands of demonstrators have hit the streets across Sri Lanka since April 9, as the government ran out of money for vital imports; prices of essential commodities have skyrocketed and there are acute shortages in fuel, medicines and electricity supplies.<\/p>\n<p>The island nation\u2019s economy is in crisis now, with usable foreign reserves down to USD 50 million.<\/p>\n<p>A currency swap is a transaction in which two parties exchange an equivalent amount of money with each other but in different currencies. It helps in reducing the cost of borrowing in a foreign currency at favourable rates.<\/p><div class=\"trade-content-10\" id=\"trade-3328268485\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>India has committed more than USD 3 billion to debt-ridden Sri Lanka in loans, credit lines and credit swaps since January this year. PTI AMS AMS<\/p>\n<div class=\"trade-after-content\" id=\"trade-2519118700\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>In a friendly gesture, Bangladesh has extended the term of the USD 200 million loans given to cash-strapped Sri Lanka under a currency swap deal by one more year to boost the island-nation&#8217;s depleting foreign reserves. In May 2021, Bangladesh cleared a USD 200 million currency swap facility for Sri Lanka, to help boost its [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":39429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-40889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bangladesh extends currency swap facility to boost Sri Lanka\u2019s depleting foreign reserves - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/lanka-bangla-currency-swap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bangladesh extends currency swap facility to boost Sri Lanka\u2019s depleting foreign reserves\" \/>\n<meta property=\"og:description\" content=\"In a friendly gesture, Bangladesh has extended the term of the USD 200 million loans given to cash-strapped Sri Lanka under a currency swap deal by one more year to boost the island-nation&#8217;s depleting foreign reserves. 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