Stay updated with breaking news from Powell Bubble. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Sri Lanka's inflation in the capital Colombo accelerated to 12.1 percent in December 2021 more than double the central bank's 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 Lanka's 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 Lanka's 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.