The Central Bank of Sri Lanka (CBSL) printed Rs. 1,400 billion (1.4 trillion) last year, the bank’s Economic Research Department Director Anil Perera told the media on Friday (15).
Speaking at the same forum, CBSL Governor Ajith Nivard Cabraal admitted that Sri Lanka had not printed such a large amount of rupees before.
However, he argued that if Sri Lanka had not printed the amount, the country may have faced more pressure due to the economic climate.
This was as island-wide inflation calculated by the National Consumer Price Index (NCPI) shot up to 11.1% in November 2021. The NCPI also hit double digits for the first time since it was introduced in 2014.
Opposition politicians and economists have criticised the State for excessive money printing over the last two years.