The agreement is valid for three years and can be renewed upon mutual consent, PBOC said in a press statement.
The currency swap arrangement will strengthen financial cooperation between China and Sri Lanka, expand the use of these two currencies, and promote and facilitate bilateral trade and investment, the statement added.
Dr P Nandalal Weerasinghe, governor of the Central Bank of Sri Lanka, signed the agreement with Pan Gongsheng, governor of the People’s Bank of China, representing their respective organisations.
The bilateral currency swap agreement was last signed in 2021 for a period of three years, adhering to the terms and conditions outlined in the original contract.
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