Cabraal's promise of US$3.5b reserves by year-end “highly doubtful”

COLOMBO (News 1st); Speaking a few weeks ago, Central Bank Governor Ajith Nivard Cabraal affirmed that Sri Lanka would boost its foreign reserves to US$3.5 Billion by the end of the year. With a few weeks to go for that, the Governors statement is falling apart, with reserves now down to US$1.6Bn, in November.

That’s a fall from US$2.2Bn in October.

Currently, experts point out that with Forex reserves at its lowest in over a decade.

The Sri Lankan Central Bank, in its 6-month Policy Framework presented in October ’21 predicted a mammoth US$10.85Bn inflow in the three months to the end of the year, according to press reports.

Cabraal keeps insisting that debt repayments in 2022 will not be a problem, but a careful analysis of plans executed so far, has left many Economists bemused.

“Numbers don’t lie- the scorecard so far is unambiguous..”, said one Sn. Analyst speaking to News 1st.