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Sri+Lanka%E2%80%99s+Foreign+Reserves+Increase
Friday, 08 July 2016 - 8:41
Sri Lanka’s Foreign Reserves Increase
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Minister of Finance Ravi Karunanayake says despite the negative impact of UK's departure from the European Union, on the world, Sri Lanka has seen a benefit from it with an upward movement in foreign reserves.

Speaking in parliament yesterday Finance Minister said following the Brexit last month, foreign reserves have increased by 250 million dollars and now stand at 6.1 billion dollars.

According to Central Bank data Sri Lanka's foreign currency reserves at end of May stood at 5.645 billion dollars.

Minister Karunanayake said the government has been handed over a "knelt-down economy" from the previous government and the country's revenue was insufficient to pay off these debts.

One of the solutions to reduce the debt burden is to convert the short term loans, which were taken by the previous government at high interest rates, and transform into long term debt with low interest rates.

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