{"id":13672,"date":"2022-03-04T08:32:25","date_gmt":"2022-03-04T08:32:25","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=13672"},"modified":"2022-03-04T08:32:27","modified_gmt":"2022-03-04T08:32:27","slug":"sri-lanka-hikes-rates-as-economy-risks-collapse","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/03\/04\/sri-lanka-hikes-rates-as-economy-risks-collapse\/","title":{"rendered":"Sri Lanka hikes rates as economy risks collapse"},"content":{"rendered":"\n

COLOMBO \u2013 <\/strong>Sri Lanka\u2019s central bank hiked interest rates by one percentage point on Friday and urged the government to increase taxes as the country skirts economic collapse.<\/p>\n\n\n\n

The troubled South Asian island nation is in the grip of a severe foreign exchange crisis that has led to acute shortages of food, fuel, medicines and industrial raw materials, sending inflation soaring.<\/p>\n\n\n\n

Food inflation hit a record 25 percent in January while overall price increases reached 16.8 percent, a fourth consecutive monthly record.<\/p>\n\n\n\n

Public transport has been crippled since Wednesday with no diesel for buses and large parts of the country of 21 million people hit by lengthy power cuts.<\/p>\n\n\n\n

On Thursday, President Gotabaya Rajapaksa sacked the energy and industry ministers after they both criticised the government\u2019s efforts to deal with the crisis.<\/p>\n\n\n\n

Another senior minister Vasudeva Nanayakkara expressed solidarity Friday with the sacked ministers and said he would not attend cabinet meetings.<\/p>\n\n\n\n

The Central Bank of Sri Lanka hiked the benchmark deposit and lending rates by 100 basis points each to 6.5 percent and 7.5 percent respectively.<\/p>\n\n\n\n

The move follows a January decision to lift borrowing costs by 50 basis points.<\/p>\n\n\n\n

The increases \u201cwill dampen the possible build-up of underlying demand pressures on the economy, which would, in turn, help ease pressures in the external sector\u201d, the bank said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

COLOMBO \u2013 Sri Lanka\u2019s central bank hiked interest rates by one percentage point on Friday and<\/p>\n","protected":false},"author":1,"featured_media":13673,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-13672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"yoast_head":"\nSri Lanka hikes rates as economy risks collapse - Rapid News<\/title>\n<meta name=\"description\" content=\"Public transport has been crippled since Wednesday with no diesel for buses and large parts of the country of 21 million people hit by lengthy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2022\/03\/04\/sri-lanka-hikes-rates-as-economy-risks-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lanka hikes rates as economy risks collapse - 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