FactChecked

“Sri Lanka’s Foreign Reserves increased to US $ 5 Bn from January 2015 – April 2016” – Rating: ‘False and Incorrect’

20th April 2017, FactCheck Sri Lanka

CLAIM

Sri Lanka’s Foreign Reserves increased to US $ 5 Bn from January 2015  to April 2016.

RATING

FactCheck False

ORGIN

Central Bank of Sri Lanka (CBSL) data within just two years Sri Lanka’s foreign reserves had come down to US $ 5.1 billion from US $ 8 billion level, which has reached 8 years lowest level in history.

In 2009, the year that Sri Lanka eradicated Terrorism and Won the War against Terrorism the Foreign Reserves of the country stood at US $ 5.3 billion. As of 2014 December the Foreign Reserves stood at over US $ 8 billion and recorded to be at over US $ 7 billion as of January 2015 according to the data of CBSL.

Further CBSL data shows that Foreign Reserves toppled to US $ 6 billion levels by January 2016 and has further come down to US $ 5.1 billion level by March 2017. Thus Sri Lanka’s Gross Official Reserves are at lowest level. The Reserves fell to US $ 5,119 million (US $ 5.1 billion) in March 2017 from US $ 5,634 million (US $ 5.6 billion) in February 2017.

Thus it is incorrect and False if someone claims that the Foreign Reserves of Sri Lanka improved and increased to US $ 5 billion in two years from January 2015 to April 2017.

sirareserves

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