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Monday, July 26, 2021

Fitch Ratings: Sri Lanka’s largest banks most susceptible to heightened sovereign risk, warns Fitch Ratings


Fitch Ratings has warned that Sri Lanka’s large banks are most exposed to sovereign risk.

Sri Lanka’s largest banks are the most susceptible to heightened sovereign risk due to their higher exposure to foreign-currency denominated government securities, Fitch said in a note.

Domestic banks have significant direct exposure to the sovereign, largely via government-security holdings, as well as to the wider domestic economy and local financial markets, Fitch said.

Sri Lanka reported 259,089 total confirmed coronavirus cases as of Thursday, and 3,077 deaths, according to the health ministry’s data.

The island nation has fully vaccinated only 4.57% of its total population so far, Johns Hopkins data showed on Thursday.



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