SRI LANKA’S ECONOMY SEEN AS A ‘TICKING TIME BOMB’

Sri Lanka’s COVID-stricken economy isbeing likened to a ticking time bomb that could go off at any moment as foreign reserves plummet, the cost of living rises and the central bank carries on printing money.

The Central Bank of Sri Lanka printed over 130 billion rupees ($640 million) in October alone, but that is just the iceberg’s tip. From December 2019 to August 2021, Sri Lanka’s money supply increased by 2.8 trillion rupees – a massive 42%.