Former UNP Deputy Leader and Parliamentarian Ravi Karunanayake has raised concerns over the Central Bank of Sri Lanka’s handling of the country’s foreign exchange reserves.
Karunanayake said the data surrounding Sri Lanka’s reserves remains uncertain and claimed that foreign currency is being used to support the rupee, including from reserves accumulated by the country.
He warned that continued use of foreign exchange reserves to defend the currency could create difficulties if the country faces another external shock or a shortage of usable reserves in the future.
The MP said the Government could ultimately be held responsible if problems emerge over the country’s reserve position, despite the Central Bank operating with statutory independence.
Karunanayake stressed that protecting Sri Lanka’s foreign reserves should be treated as a national priority rather than a matter of political divisions.
He said all parties and stakeholders have a responsibility to safeguard the country’s foreign exchange reserves and ensure that they remain strong enough to meet future economic challenges.
