Samagi Jana Balawegaya MP Harsha De Silva today stated that according to the latest reports by the Central Bank of Sri Lanka, the foreign currency reserves of the country will only be sufficient for a period of less than three months given the cost of imports. In the weekly report published by the Central Bank of Sri Lanka, it was revealed that the monetary reserves in the state had gone down to $ 4.557 billion, while the foreign currency reserves only amounted to $ 4.097 billion. He said that the country requires approximately $ 1.5 billion in imports every month, and therefore, the country’s reserves will only last for less than three months. He also said that a crisis might arise with the the country’s inability to pay back the currency swaps taken from other countries. “There are about $1,320 million taken from various countries as currency swaps by the present government.

Source: The Nation March 08, 2021 08:26 UTC