China has approved a 10 billion Yuan currency swap to Sri Lanka.
The announcement was made by State Minister of Money and Capital Market, and State Enterprise Reforms Ajith Nivard Cabraal today.
He said the currency swap will help Sri Lanka address the many challenges faced at present.
A currency swap is a transaction in which two parties exchange an equivalent amount of money with each other but in different currencies. The parties are essentially loaning each other money and will repay the amounts at a specified date and exchange rate. (NewsWire)
(NewsWire)