June 13, 2024

Sri Lanka’s Central Bank Prints Rs.100 billion to Import Fuel

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The Central Bank of Sri Lanka (CBSL) on Friday printed as per a request from the Treasury to secure urgent domestic financing to import fuel.

With a book value of Rs 100 billion, this amounts to Rs.107 billion in face value of 91-day T Bills at a yield of 28.08 percent.

The CBSL this week said that State-Owned Ceylon Petroleum Corporation (CPC) has sought Rs.217 billion from Treasury to fund fuel imports.

Last week, the CBSL provided the CPC with over Rs.18 billion via money printing for fuel imports.

Even after increasing retail fuel prices based on the fuel pricing formula, the CPC continues to struggle to find the required Rupees to import fuel.

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