23 Jan '25
(Fibre2Fashion News Desk (SG): The People's Bank of China (PBOC) and the Central Bank of Sri Lanka have extended the bilateral currency swap agreement, with a total value of 10 billion yuan (~$1.39 billion), or 410 billion Sri Lankan rupees. The agreement is valid for three years and can be renewed upon mutual consent, PBOC said in a press statement.
Insights
The People's Bank of China (PBOC) has extended its 10 billion yuan (~$1.39 billion) bilateral currency swap agreement with Sri Lanka's central bank (410 billion Sri Lankan rupees).
Valid for three years, it may be renewed by mutual consent.
The agreement was signed by Dr P Nandalal Weerasinghe and Pan Gongsheng, enhancing financial cooperation and trade.
The currency swap arrangement will strengthen financial cooperation between China and Sri Lanka, expand the use of these two currencies, and promote and facilitate bilateral trade and investment, the statement added.
Dr P Nandalal Weerasinghe, governor of the Central Bank of Sri Lanka, signed the agreement with Pan Gongsheng, governor of the People’s Bank of China, representing their respective organisations. The bilateral currency swap agreement was last signed in 2021 for a period of three years, adhering to the terms and conditions outlined in the original contract.
(Source: Fibre2Fashion.com)