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12 January, 2016 09:00 AM Source: Financial Times - Sri Lanka
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Reuters: An unidentified investor has promised to park $1 billion in dollar deposits in Sri Lanka to help the island nation defend its currency, the Finance Minister told Reuters, in an unusual move that highlights the country’s precarious finances.

Finance Minister Ravi Karunanayake declined to reveal the identity of the investor. But he said the investor was Belgian and was working with a Sri Lankan partner.

The investor has promised to transfer the money in two equal tranches from banks in Brussels and Luxembourg, the Minister said.

“Instead of going for bonds and other borrowing, we are permitting it to take place,” Karunanayake said.

“This is better than negative returns in Europe”, for investors, he said.

- See more at: http://www.ft.lk/article/518680/--1-billion-mystery-investor-boosts-rupee#sthash.yy9wpy3B.dpuf

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