An investor to park USD1 bln in dollar deposits, says Finance Minister
Jan 12, 2016 (LBO) – An investor has promised to park 1 billion dollars in dollar deposits in Sri Lanka to help the island nation defend its currency, according to a media report quoting the finance minister.
The investor was Belgian and was working with a Sri Lankan partner, Finance Minister Ravi Karunanayake told Reuters.
The investor has promised to transfer the money in two equal tranches from banks in Brussels and Luxembourg, he said.
“Instead of going for bonds and other borrowing, we are permitting it to take place,” Karunanayake said.
“This is better than negative returns in Europe.”
This is part of an effort to increase foreign reserves and defend the rupee, which has hovered around record lows since the central bank floated it on Sept. 4.
Folks
Have you ever heard of ”parking” money?
What’s the connection between this billion and the billion needed for 65,000 houses by ArcelarMittal please? ArcelorMittal Headquarters are in Luxembourg!
Sounds like state sponsored money laundering, as a signatory to UNODC and policy frameworks of IMoLIN that determine such illicit activities may kicked in to investigate this. Unprecedented financial macabre move by the government, Fate of entire financial system is relying on single individual and his wealth. Bravo..
This must be from NewsCurry
So now Ravi try manage our economy by others black money…wow what a brain…
So now Ravi try manage our economy by others black money…wow what a brain…
what kind of foreign reserve strategy is this? If he is an true investor he will invest $1 billion take back $1.2 billion. Ofcourse that is if this is not diaspora money coming in through Belgium.
what kind of foreign reserve strategy is this? If he is an true investor he will invest $1 billion take back $1.2 billion. Ofcourse that is if this is not diaspora money coming in through Belgium.