Sri Lanka’s official foreign reserves which stood at USD 8,208 million by December 2014 has dropped to USD 7,261 million by January 2015, reveals latest government data.

In August 2014 Sri Lanka’s official foreign reserves was even as high as USD 9,200 million.

Analysts had pointed out by end last year that if the foreign reserves are to be safeguarded then the Central Bank should allow the interest rates to rise.

However, while the Central Bank of Sri Lanka decided not to revise its policy interest rates which decide the interest rates of commercial banks for the month of February as well, Finance Minister Ravi Karunanayake said that there is no pressure on the Rupee at the moment.