China further extends US $ 1.4bn currency swap
- 5opn1
- January 18, 2025
- Political
- China further extends US $ 1.4bn currency swap
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China has extended its US $ 1.4 billion currency swap arrangement to Sri Lanka, the Central Bank of Sri Lanka affirmed yesterday.
“The Central Bank of Sri Lanka and People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three years, under the terms and conditions stipulated in the original agreement,” the Central Bank of Sri Lanka said in a statement to the media yesterday.
The monetary watchdog added that the CNY 10 billion currency swap facility reflects the financial cooperation between China and Sri Lanka.
Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe signed the agreement on behalf of the Central Bank of Sri Lanka, while Governor Pan Gongsheng signed on behalf of the People’s Bank of China.
In 2021, the Central Bank of Sri Lanka and People’s Bank of China inked a three-year bilateral currency swap agreement worth US $ 1.5 billion. The Central Bank of Sri Lanka then said the move was to promote bilateral trade and direct investment for economic development between the two countries.
