Sri Lanka foreign reserves up after Brexit, USD6.1bn now: Ravi K

Ravi K

July 07, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Thursday that the country has seen an upward movement in foreign reserves after Brexit.

Finance Minister pointed out that the country now has reserves sufficient for 4 months of imports.

“We can see that there is an advantage in Brexit to Sri Lanka,” Karunanayake said without giving details.

“Foreign reserves have gone up by about 250 million US dollars during these two weeks. Now the reserve position is at 6.1 billion US dollars.”

Sri Lanka’s official reserves were 5.62 billion dollars at the end of May, down from 6.07 billion dollars end of April, Central Bank data showed.

Official reserves were at 8.2 billion dollars at the end of 2014 and the IMF expects reserves to climb to 7.8 billion dollars by end of 2016.