Colombo: Sri Lanka is experiencing its worst economic crisis, as its currency devalued by 46% against the US Dollar in just the last month.
The dollar exchange rate, in just the last month, has gone from 201 Srilankan rupees to 295 Sri Lankan rupees.
A major reason for the crisis is a critical lack of foreign currency, which has left the island nation unable to pay for important imports, resulting in shortages of everyday supplies such as medicine and food items.
According to details, prices of basic commodities like bread and tea have skyrocketed amid the economic crisis. The inflation rate in the country has crossed 17% rendering basic commodities out of the common people’s range.
According to the International media, the price for one cup of tea on the Island has crossed 100 Srilankan rupees while the price of one packet of bread has gone over 150 Sri Lankan rupees.
The financial crisis has had a devastating effect on the country’s education system too, as the Government announced to postpone examinations throughout the country.
Over 4.5 million students would suffer educational losses after the examinations were suspended due to the ongoing financial crisis in the country.
Sri Lanka, amid the deteriorating financial conditions, is now seeking help from the International Monetary Fund (IMF), but negotiations could stretch until the end of the year.
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