Sri Lanka’s inflation rate has risen to 106% in 2022, according to the latest report issued by Johns Hopkins University, last Thursday (12).
Accordingly, Sri Lanka currently has the fifth-highest inflation rate in the world.
Meanwhile, Zimbabwe has been ranked to have the highest inflation in the world, recording an inflation rate of 391%, while Venezuela, Lebanon, and Cuba, respectively, were ranked at second, third, and fourth places in the list.
At the same time, Johns Hopkins University Professor of Applied Economics Steve Hanke, taking to his official Twitter account last Thursday (12), stated that the Sri Lankan rupee (LKR) has depreciated by 46.44% against the US dollar (USD) since January 2022, which has resulted in Sri Lanka ranking fifth in last week’s Currency Watch List computed by Professor Hanke himself.
Prof. Hanke added: “The only way to save Sri Lanka’s economy is to install a currency board. Ceylon (Sri Lanka) had one from 1884 to 1950 and it worked like a charm.”