Foreign reserves top US$ 7,150 million

Charumini DE SILVA

Sri Lanka's foreign reserves recorded its all time high exceeding US$ 7,150 million, yesterday.

This is a result of the favourable response from foreign investors, increased remittances, increased export proceeds and tranches of the International Monetary Fund (IMF) stand-by-agreement, Central Bank Deputy Governor, Dharma Dheerasinghe told Daily News Business.

He said having a good amount of foreign reserves assures and provides confidence to the public that the banking regulator has the ability of repaying the loans and imports and on due time too.

"The position of the foreign reserves is very strong. This will support investors and business with more space for economic activities. The positive trends and factors will soon set the environment of the country to ensure the impetus and the momentum for economy to grow and stabilize," Dheerasinghe said.