Tuesday 26th of October 2021

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The controlling thread of the economy is broken by the printing of money


2021-10-08 5676

 

1,368 billion have been printed from 2020

 

158. 42 billion have printed from the day Ajith Cabral got appointed

 

 

 
(Rajith Keerthi Tennakoon– Translated by Rumi Speelberg)
 

During the first four days of October 2021, the Central Bank of Sri Lanka has printed Rs. 110.58.   The new Governor of the Central Bank, Ajith Nivard Cabraal has so far printed Rs. 158.42 billion.   

The amount, printed by the Central Bank of Sri Lanka from January 2020 up to now is 1,368 billion.  Due to the relentless printing of money Sri Lankan economy has become a kite which has departed from the rope.   

Still the Economists, the opposition or civil activists have not paid much attention over the financial activities or printing of money by the government yet.  Most of the time is just a superficial criticism that is being made over the Sri Lankan economy. The government is increasing its wasteful spending daily. The country's resources are being arbitrarily sold without any financial transparency to cover those expenses. The country's economy is rapidly falling into a pit. . The reports submitted by the Central Bank are becoming fairy tales due to the printing of money without any accountability.

Commodity prices are skyrocketing. A severe famine is being created due to the lack of chemical fertilizers and agro chemicals for agricultural production. Queues are visible in every city to buy essential items..

According to the statistics of the Central Bank of Sri Lanka, the face value of government Treasury Bills and Treasury Bonds held by the Central Bank of Sri Lanka as at January 1, 2020 was Rs. 74.74 billion. That figure was 1,442.79 billion rupees in the first week of October 2021. The money printed by the Central Bank so far is Rs. 1,368.05 billion. 

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