Inflation ( CCPI)1.7% (June 2024)
GDP5.3% (1Q 2024)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.91%
12M T-Bill Rate10.21%
2Y T-Bond Rate10.65%/ 10.75%
4Y T-Bond Rate11.80% / 11.85%
USD/LKR303/304
Reserves $5.6Bn (June 2024)
Cum. Trade Deficit $1,229 Mn (March 2024 cumulative)
Cum. Fiscal DeficitLKR 361Bn (April 2024)

US court orders a joint status letter by 12 May - Hamilton Reserve Bank litigation

InternationalApr 24, 2023
US court orders a joint status letter by 12 May - Hamilton Reserve Bank litigation

It was reported that the US District Court ordered the Sri Lankan Government and Hamilton Reserve Bank (HRB) to submit a joint status letter by 12 May 2023. The US court rejected the SL government’s request for the dismission of the case in March.

The plaintiff recycles arguments that have been rejected by New York courts in many of those past cases, by claiming that Sri Lanka’s proposal to restructure some of its external debt while continuing to make payments on other debt—held largely by domestic entities—would violate the equal treatment required by the pari passu clause. 

So-called pari passu clauses referred to as “equal treatment” provisions, pari passu clauses in sovereign debt contracts have been the subject of a great deal of past sovereign debt litigation.

Disclaimer

Charts represents an assessment of the market environment as of the date indicated and it is subject to change; and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any issuer or security in particular. The strategies discussed are strictly for illustrative and educational purposes and should not be construed as a recommendation to purchase or sell, or an offer to sell or a solicitation of an offer to buy any security. There is no guarantee that any strategies discussed will be effective.

The information presented does not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy or investment decision. This document contains general information only and does not take into account an individual’s financial circumstances. An assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decisions.