Friday 1st of March 2024

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The Government has printed 1,499,050 million in the last 25 months


2022-01-30 7689

 

Printed 20 times of what Central Bank has printed in its history during 25 months

 

157,040 million has been printed in January 2022 alone

 

 

Since the current Government has printed Rs. 1,499,050 million after coming to power, the prices of all essential goods and services are skyrocketing unbelievably. Due to this the people are extremely helpless and the Government has printed Rs. 157,040 million during the last 25 days alone.

From January to December 2021 alone, the Government had printed Rs. 678.33 billion which included Rs. 6,650 million on December 31, 2021. After the appointment of Ajith Nivard Cabraal as the Governor of the Central Bank,   Rs. 289,420 million has been printed.

When Ajith Nivardka Brawl became the Governor of the Central Bank of Sri Lanka, the face value of the Government’s securities in the Central Bank was Rs. 1284.37 billion. By today that figure is Rs. 1574.79 billion. Since the current Government came to power, Rs. 1,499.05 billion has been printed and the face value of Central Bank securities has risen to Rs. 1,573.79 billion.

At the request of the Secretary to the Treasury, the Governor of the Central Bank carries out the printing of money. Only Rs. 74,740 million had been printed by the Central Bank of Sri Lanka from its establishment up to the time the present Government came to power. If I make it simple, 20 times of what the Central Bank had printed in its history has been printed during the last 25 months.  

It is very clear that printing money is out of control. It should be mentioned that Twenty times as much money was printed under fourteen Central Bank Governors from 1950 to the present. Has been printed under Governors Professor W D. Lakshman and Ajith Nivard Cabraal. It has been 20 times of what had been printed under the controls .of Sir John Kotelawala, SWRBD Bandaranaike, Dudley Senanayake, Sirima Bandaranaike, JR Jayewardene, R. Premadasa, DB Wijetunga, Chandrika Kumaratunga, Mahinda Rajapaksa and Maithripala Sirisena.

Money printing has made Sri Lanka one of the most inflation-prone countries in the world, and it must be said that the Secretary to the Treasury and the Governor of the Central Bank are arbitrarily printing money like dictators, disregarding the advice of Senior Economists at the Central Bank.

 
 
-Rajith Kirthi Tennakoon-
- Former Governor of Southern and Central Provinces-
(Translated by Rumi Speelberg)
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