It was not “unreasonable” for the monetary board members of the Central Bank of Sri Lanka to invest in Greek government bonds in 2011, according to the country’s Supreme Court, which dismissed a legal complaint against the board earlier this month.
The central bank chose to invest 0.6% of its reserve portfolio in Greek government bonds in 2011, just weeks before the eurozone sovereign debt crisis hit. It responded by selling off part of its investment, at a loss of $6.6 million.
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