Sri Lanka’s foreign reserves are expected to fall further in the coming months- Mahinda Rajapaksa

Finance Minister Mahinda Rajapaksa has informed the Cabinet that there is no guarantee of a significant inflow of foreign exchange into the country’s foreign exchange reserves.

According to the country’s foreign exchange debt repayment schedule, Sri Lanka’s foreign reserves are expected to fall further in the coming months.

The Prime Minister has issued this warning in a Cabinet Memorandum seeking the Cabinet approval of the Central Bank of Sri Lanka to obtain the US $ 400 million in a bilateral money transfer agreement with the Reserve Bank of India in July.

The Monetary Board has recently approved the withdrawal of this amount from the Reserve Bank of India.

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