Rupee Depreciation Increases Foreign Debt by 91%

Government’s total debt, 2022 over 2021, year on year (YoY) increased by 56.08 per cent (Rs 9.877.8 billion) to Rs 27,492 billion (Rs 27.5 trillion), Central Bank of Sri Lanka’s (CBSL’s) Friday’s (28 April) data showed.

This value of Rs 27,492 billion comprised domestic debt, Rs 15,033.9 billion, a YoY increase of 35.47 per cent (Rs 3,936.7 billion) to Rs 15,033.9 billion and foreign debt Rs 12,458.2 billion, an increase of 91.16 per cent (Rs 5,941.2 billion) to Rs 12,458.2 billion, driven by a sharply depreciated rupee.

Meanwhile, the total domestic debt value of Rs 15,033.9 billion in 2022 (last year) included Treasury (T) Bond debt of Rs 8,709.1 billion, a YoY increase of 25.02 per cent (Rs 1,742.9 billion) and T Bill debt of Rs 4,113.9 billion, a YoY increase of 81.19 per cent (Rs 1.843.4 billion) to Rs 4, 113.9 billion). In related developments, Government’s rupee debt, 2022 over 2021 remained unchanged at Rs 24.1 billion.

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