Economics expert Steve H. Hanke from the Johns Hopkins University in Baltimore, Maryland has made suggestions for Sri Lanka to address the current economic crisis.
Steve Hanke said today Sri Lanka’s inflation has been measured at a roaring 49%/yr.
Since 1st January 2022, the Sri Lankan rupee has depreciated 26% against the US Dollar, he said.
The economics expert further said Sri Lanka’s severe balance of payments crisis and recent fuel price hikes are sinking the Rupee.
Hanke suggested that the only way to save Sri Lanka’s economy is to dump the rupee and install a Currency Board.
Steve Hanke stressed that to ease the crisis, Sri Lanka needs to install a Currency Board, like the one it had from 1884 until 1950. (NewsWire)
What is a currency Board ? Read 👇
https://www.investopedia.com/terms/c/currency_board.asp
