CBSL became net purchaser of FX in Feb 2021

CBSL spent USD 95Mn defending the massive volatility of USD/LKR during the last two months. After LKR hit 4.28% depreciation against USD in Jan, CBSL ordered the banks to surrender 10% of remittances converted to rupees and exporters to covert 25% of foreign exchange earnings. CBSL became nat buyer of FX in February.