‘Unidentified’ foreign investor to help Sri Lanka defend currency

‘Unidentified’ foreign investor to help Sri Lanka defend currency

Written by Lahiru Fernando

12 Jan, 2016 | 9:24 pm

An unidentified investor has promised to park $1 billion in dollar deposits in Sri Lanka to help the island nation defend its currency, Minister of Finance Ravi Karunanayake told international news wire Reuters.

Though the the Finance Minister had declined to reveal the identity of the investor, he told Reuters that the investor is Belgian and working with a Sri Lankan partner. The investor has promised to transfer the money in two equal tranches from banks in Brussels and Luxembourg.

According to Reuters, the deposits that pay an interest rate of 2 percent, are part of the ministry’s plans to raise $3 to $4 billion to shore up reserves and defend the rupee.

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