Brexit has positive side effects on SL

11 July 2016 08:48 am - 8     - {{hitsCtrl.values.hits}}


Brexit or Britain leaving European Union has a positive side effect on Sri Lanka with the increase of the country’s foreign reserves by US $ 250 million, a Minister said yesterday.

During the question time in Parliament last week, Finance Minister Ravi Karunanayake said the foreign reserves rose by this amount after Brexit.

Later, in a brief comment to Daily Mirror, the Minister said things were moving positively ever before Brexit. However, he said it precipitated developments in Sri Lanka’s favour after it happened.

“It is hot money going in for destinations. Our rates are good. People were speaking of us. Even before Brexit, things were coming in. When money is halted from going there, it has to go to safe destinations. When Sterling Pound is losing value, nobody wants to go after it. Then, the option is look for safe destination,” he said.

The Minister said the foreign reserves stood at over US $ 5 billion at the moment. However, it is still a drop against over US $ 8 billion the country had over a couple of years back.

Meanwhile, the government said earlier that Brexit would likely to have negative effects in the long run with Sri Lanka losing market access under concessionary traffic rates. Britain accounts for 40 per cent of Sri Lanka’s exports to Europe. (KB)

  Comments - 8

  • Harry Monday, 11 July 2016 09:03 AM

    Comments from RK - [Rata Kanna]

    kk Monday, 11 July 2016 09:52 AM

    the medicine is your resignation via DM Android App

    Anja Monday, 11 July 2016 10:05 AM

    Will it help reduce the price of foods and rice umbaaaaaaa via DM Android App

    Daham Monday, 11 July 2016 11:35 AM

    But the new Central Bank Governor says Brexit has negligible effect on Sri Lanka.

    CitizenPerera Monday, 11 July 2016 02:03 PM

    Now you can afford to buy luxury Cadillacs ministers, their their concubines and pets.

    Sincere Monday, 11 July 2016 02:35 PM

    Like brand new vehicles for Parliamentarians?

    lokka Monday, 11 July 2016 01:01 AM

    still the US dollar is 150rs what are you talking about via DM Android App

    melda Monday, 11 July 2016 02:54 AM

    with the habit of justifying anything as a politician he also justifies the Brexit also. dont panic SL govt is not responsible for Brexit. via DM Android App

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