In its report on the External Sector Performance in the month of March, the Central Bank of Sri Lanka (CBSL) attributed the surge in GOR to its substantial net purchases of foreign exchange from the domestic foreign exchange market.

Net intervention in March was USD 715 million (based on trade date) and during the first quarter of 2024, the net purchases have amounted to USD 1.2 billion.

Import coverage of GOR – including the swap facility from the People’s Bank of China equivalent to around USD 1.5 billion – remained above 3 months of imports since December 2023.