Former United National Party Deputy Leader and Parliamentarian Ravi Karunanayake has called on both the Government and the Central Bank to explain the recent decline in Sri Lanka’s foreign reserves.
Speaking at a media briefing, Karunanayake stressed that maintaining strong foreign exchange reserves is essential for Sri Lanka to meet its international financial obligations and strengthen economic stability.
Referring to recent reserve figures, he claimed that the country’s gross official reserves had fallen from approximately US$6.8 billion in May to around US$6.4 billion in June.
Karunanayake alleged that the decline may be linked to the use of foreign currency reserves to support the value of the Sri Lankan rupee, and questioned whether such interventions were sustainable.
He also asked whether responsibility for building and maintaining the country’s foreign reserves lies primarily with the Central Bank or the Government, arguing that both institutions should provide clear explanations to the public.
Karunanayake further claimed that the Central Bank has yet to adequately address the concerns raised regarding the management of Sri Lanka’s foreign reserves.
