Flash Fixed Income Report /
Sri Lanka

Sri Lanka is nearly broke as reserve crash continues

  • Official reserves fell from US$2.3bn to US$1.6bn in November, of which US$1bn is liquid FX

  • Equal to just one month of imports and barely over two months of external debt service

  • We retain our Sell on Sri Lanka's eurobond curve beyond July 22s, and downgrade Jan 22s from Hold to Sell

Sri Lanka is nearly broke as reserve crash continues
Patrick Curran
Tellimer Research
8 December 2021
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