Sri Lanka looks for foreign investors to stabilise rupee

Author: Agencies

Sri Lanka is looking for investors that can bring in more than 2 billion U.S. dollars into the central bank, Finance Minister Ali Sabry said on Friday in an address to the press from Washington via video link. Sabry said that the next few months will be difficult for Sri Lankans. “There is a need to attract investments in U.S. dollars into Sri Lanka’s central bank.” The minister said that the government is talking with several countries to get funds as soon as possible. “If that effort is successful and money comes to the central bank, it will help stop the depreciation and stabilise the rupee,” he said. The Sri Lankan government decided last week to suspend repayment for all debts for an interim period till it has an orderly and consensual debt restructuring program supported by the International Monetary Fund.

Share
Leave a Comment

Recent Posts

  • Pakistan

PIA Issues Travel Advisories for UAE-bound Passengers Amidst Stormy Weather

  In light of the severe weather conditions in the United Arab Emirates (UAE), Pakistan…

41 mins ago
  • Business

Investors scour the globe for shelter as Wall Street shakes

Global investors are eyeing European and emerging market assets to protect themselves from further turbulence…

5 hours ago
  • Business

Fed to hold rates steady as inflation dims hopes for policy easing

U.S. central bank officials will conclude their latest two-day policy meeting on Wednesday with a…

5 hours ago
  • Business

Asian markets track Wall St down as Fed looms

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after…

5 hours ago
  • Business

Bank of Japan’s hawkish whispers drowned out by rowdy yen selloff

The Bank of Japan's decision to keep policy unchanged last week gave yen bears plenty…

5 hours ago
  • Business

Mega Cotton Seminar held in Bahawalpur

Under the auspices of the Agriculture Department (Extension), Government of Punjab, the mega cotton seminar…

5 hours ago