Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake has questioned the Government and the Central Bank of Sri Lanka over the actual availability and use of the country’s reported foreign exchange reserves.
Speaking in Parliament, Karunanayake accused the authorities of creating an inflated picture of the country’s reserve position through short-term domestic currency swap arrangements.
His remarks came as Sri Lanka’s current International Monetary Fund (IMF) programme approaches its scheduled conclusion in December 2026.
Karunanayake called on the Finance Minister to provide a clear explanation of the composition of the country’s foreign exchange reserves, including liabilities arising from advance payment agreements.
He also sought details on how much of the reported reserves consist of liquid foreign exchange that is genuinely available for financing the country’s import requirements.
The Parliamentarian questioned whether the headline reserve figures accurately reflect the funds that can be immediately utilized by the country.
