Sri Lanka

Sri Lanka reserve crash in one chart

  • October reserves, released today, show continued drop from US$2.7bn to US$2.27bn (c6 weeks of import)

  • Rare that any country allows reserves to drop this low without defaulting, notwithstanding attempted bridge financing

  • We retain Hold on January 22s (but with less confidence). No rating on July 22s. Sell on the rest of the eurobond curve
November 5th, 2021
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