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Sri Lanka crisis: Oppn plans no-trust vote against govt; Interest rates hiked

Published on Apr 09, 2022 10:10 pm IST

Newly-appointed Finance Minister Ali Sabry, who quit barely 24 hours after taking charge, is back. A no-confidence motion against the Sri Lankan President is in the works. Sri Lanka's Central Bank has doubled the key interest rates to tame inflation. Ballooning import bills, Sri Lanka lacks funds to repay debt. Sri Lanka's foreign exchange reserves declined 70% in 2 years; down to $2.31 billion (as of February).

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