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Two-Track Infrastructure Strategy Still Rattling Along for Democrats - Republicans Wield Debt Ceiling as Weapon
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Sri Lanka s Rs213bn money printing to repay foreign debt: Treasury Secretary explains
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Sri Lanka liquidity down amid reserve outflows, overnight rates edge up
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Monday July 19, 2021 8:13 am
Monday July 19, 2021 8:13 am
ECONOMYNEXT – Sri Lanka’s central bank has sold down 5.6 billion rupees from its Treasury bill portfolio potentially saving 27.6 million US dollars at a peg (convertibility undertaking) of 203 to the US dollar, official data shows.
On July 16, 2021, the central bank sold down its Treasury bill stock to 911.44 billion rupees from 917.05 billion a week earlier following a successful Treasury bill auction.
The central bank offered 56 billion rupees in bills at last week’s bill auction and sold all of it, though most came from the 3-month end.
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A week earlier also there was a 4 billion rupee sell-down of bills.
Monday July 12, 2021 8:38 am
Monday July 12, 2021 8:38 am
ECONOMYNEXT – Sri Lanka has raised ceiling rate for 12-month Treasuries by 02 basis points to 5.25 percent, for this week’s Treasuries auction where 56 billion rupees of bills will be offered.
The ceiling policy rate has operated as a de facto policy rate through which large volumes of debt is monetized when the central bank purchases bills with printed money to defend a pattern of Treasuries yields leading to a failure of the auction, despite there being demand at a higher rate.
In recent months demand has concentrated around 3-month bills with market participants expecting rates to move up and a gap developing between the one year price control and the two year bond.