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Economy

Sri Lanka's economy seen as a 'ticking time bomb'

Central Bank has been printing money as tax take falls and prices soar

Under President Gotabaya Rajapaksa, Sri Lanka has been printing money at a high rate partly to offset a fall in the tax take following cuts he pledged to gain election. (Nikkei montage/Reuters/Getty Images)
MUNZA MUSHTAQ, Contributing Writer | Sri Lanka

COLOMBO -- Sri Lanka's COVID-stricken economy is being likened to a ticking time bomb that could go off at any moment as foreign reserves plummet, the cost of living rises and the central bank carries on printing money.

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