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Sri lanka News – Sri Lanka’s President Ranil Wickremesinghe has allowed the import of electric bikes from August 2022 as forex shortages from money printing triggered fuel rationing and queues, in the worst currency crisis triggered by the island’s intermediate regime central bank.

Electrical bikes were among items banned in 2021 as money printing intensified reserve losses.

In a gazette notice issued on August 23, President Wickremesinghe has allowed the import of electrical bikes subject to import licenses.

Wickremesinghe earlier allowed open account imports of a number of foods, helping avert food shortages as banks were unable to allocated foreign exchange on a priority basis for foods.

Sri Lanka is currently undergoing the worst currency crisis in the history of the island’s intermediate regime (soft-pegged) central bank.

The central bank in April raised policy rates and allowed market rates to rise, helping crush economic activity, reduce credit and outflows.

Sri Lanka goes through repeated cycles of soft-pegged crises, International Monetary Fund bailouts, ‘painful’ reforms, never ending energy price rises and inflation, and yet another crisis after the next Fed cycle or the one after more ‘painful’ reforms, more unrest and out migration.

From late 2014 currency troubles ratcheted up under aggressive open market operations from flexible inflation targeting (peddled to third world soft-peggers as ‘monetary policy modernisation’ by Western Mercantilists).

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