Though Sri Lanka’s gross official reserves position is at $ 6.8 billion (b) as at the end of April, its $ 2.35 b in dollar obligations owed to domestic banks are not deducted from gross official reserves when calculating Net International Reserves, Deputy Minister of Finance Anil Jayantha Fernando said yesterday (19) in Parliament.
“The latest published Government official reserve (GOR) position at the end of April 2026, is provisionally estimated at $ 6.8 b. There is no standard definition of usable reserves, however, the net international reserves [NIR] position is the difference between gross official reserves and the liabilities of the Central Bank,” Fernando said.
He said that as per the Central Bank definition, outstanding international currency swaps, and the outstanding IMF [International Monetary Fund] EFF [Extended Fund Facility] liability of the 2016 programme are considered the Central Bank’s liabilities. “Net international reserve data in 2023 was -$ 404 million (m), in 2024 it was $ 2,487 m, in 2025 it increased up to $ 4,285, an increase of $ 1,798 m, a 73% increase.”
He said that by end-April 2026, Sri Lanka’s gross official reserves position of $ 6.8 b includes Foreign currency reserves of $ 6,505 m, a reserve position with the IMF of SDR 4 m, and real gold reserves of $ 219 m.
However, in Sri Lanka’s forex maturity profile as at the end of April, it is liable to pay $ 2,347 m in the next three years. “In the forex maturity profile as of 30 April 2026, with the domestic licensed bank, in 2026 the amount is $ 1,840 m, in 2027 it is $ 501 m, in 2028 it is $ 25 m and in 2029 it is $ 3 m, and all together it comes to $ 2,347 m.”
Further, he stated that though Sri Lanka had unlocked access to $ 1.4 b through a currency swap with the People’s Bank of China (PBOC), those funds are not immediately deployable including the forex balance earned from the Sri Lanka deposit insurance fund.
“At the end of April 2026, the bilateral currency swap with the People’s Bank of China (PBOC) principal amount was roughly around $ 1.4 b, with a tenure valid until December 2027. It will mature in December 2027, with the annual roll over in December 2026. At present the cost is 0, and the drawn down figure from the swap is 0.”
“Gross official reserves are immediately deployable, except for the proceedings from the PBOC swap facility, and the forex balance of the Sri Lanka deposit insurance fund.”
Fernando further added that the swap agreement with the Reserve Bank of India (RBI), with a principal amount of $ 2.6 b in October 2023, has a tenure until December 2026. However, the swap is to be fully paid off by September 2026.