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Sri Lanka importers are seeing freight costs deflating, as inflated demand coming down as the US Federal Reserve and other major central banks pull back on money printing.

Sri Lanka has awarded a deal to supply coal to Ceylon Electricity Board on a 6-month credit facility Energy Minister Kanchana Wijesekera said amid opposition queries.

Sri Lanka’s private bus operators need an overall fare hike to account for currency depreciation and the rise in a consumer price index, Lanka Private Bus Owner’s Association (LPBOA) President Gemunu Wijeratne said after the latest <a href=

The Federal Reserve has hiked interest rates and also promised to reverse quantity easing at its next meeting in a bid to bring inflation down to 2.0 percent from the current runaway levels it had created by a policy error.

Sri Lankas Indian Oil Corporation unit has raised petrol by 20 rupees a litre to 204 rupees and diesel by 15 rupees to139 rupees, reports said amid a rise in global prices.

Sri Lankas inflation in the capital Colombo accelerated to 12.1 percent in December 2021 more than double the central banks target after extraordinary money printing under Modern Monetary Theory.

The US Federal Reserve said it will continue to print money, though at a lower rate, despite inflating having rating at 40 year highs and more than triple its target rate in by November 2021, as warned by classical economists earlier in the year.

Sri Lankas state-run Ceylon Petroleum Corporation is losing money as global energy prices go up, despite an earlier increase in prices, officials said as the rupee also fell amid money printing.

Sri Lankas Consumer Affairs Authority which creates shortages with price controls as the central bank prints money and triggers forex shortages, is likely to raise the controlled prices of several goods which have disappeared from shelves, report said.

Sri Lanka has rejected a request by Oman to grant them an area to look for oil in lieu of interest payments on 3.6 billion US dollar credit line, Co-Cabinet spokesman Ramesh Pathirana said.