The Sri Lankan rupee has depreciated by 26% against the US dollar since January 1, says the world-renowned economist Steve Hank of the University of Johns Hopkins in his official Twitter account.
It said Sri Lanka was mired in an economic crisis due to rising fuel prices and unbalanced debt repayments.
The message further stated that a Currency Board should be established in Sri Lanka as was the case in 1884-1950 to alleviate this situation.
Meanwhile, it is reported that Sri Lanka is seeking World Bank’s assistance for Sri Lanka’s rural development, renewable energy, and digitization projects, and also Sri Lanka is seeking around $ 1 billion in financial assistance from the World Bank for those projects.
