• Latest
  • Trending
Protest in Colombo

When Sri Lanka’s crisis exploded, some were ready with generators and cryptocurrencies

May 6, 2022
Electricity

Power cut schedule for today in Sri Lanka: February 9th

February 9, 2023
Lankan PM asks Indian companies to invest in Sri Lanka

Lankan PM asks Indian companies to invest in Sri Lanka

February 8, 2023
Between the devil and deep sea: Lankan government’s dilemma on taxation

Between the devil and deep sea: Lankan government’s dilemma on taxation

February 8, 2023
Income tax: Circular issued announcing several exemptions

Income tax: Circular issued announcing several exemptions

February 8, 2023
Microsoft has announced a new version of Bing

Microsoft unveils new Bing with ChatGPT powers

February 8, 2023
Dollars

Sri Lanka’s reserves cross USD 2bn

February 7, 2023
India hasn’t travelled to Pakistan since 2008

Pakistan refuse to travel to India for World Cup if Asia Cup 2023 moves out of Pakistan

February 7, 2023
Modi gets emotional over Turkiye quake, sends relief team with equipment

Modi gets emotional over Turkiye quake, sends relief team with equipment

February 7, 2023
Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

February 7, 2023
ChatGPT. Image credits - Getty

Google unveils its ChatGPT rival

February 8, 2023
Doing justice to Slave Island

Doing justice to Slave Island

February 7, 2023
The hardest choice Gen. Musharraf had to make

The hardest choice Gen. Musharraf had to make

February 7, 2023
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Thursday, February 9, 2023
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Electricity

    Power cut schedule for today in Sri Lanka: February 9th

    Lankan PM asks Indian companies to invest in Sri Lanka

    Lankan PM asks Indian companies to invest in Sri Lanka

    Between the devil and deep sea: Lankan government’s dilemma on taxation

    Between the devil and deep sea: Lankan government’s dilemma on taxation

    Income tax: Circular issued announcing several exemptions

    Income tax: Circular issued announcing several exemptions

    Dollars

    Sri Lanka’s reserves cross USD 2bn

    India hasn’t travelled to Pakistan since 2008

    Pakistan refuse to travel to India for World Cup if Asia Cup 2023 moves out of Pakistan

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

    Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

    Doing justice to Slave Island

    Doing justice to Slave Island

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Microsoft has announced a new version of Bing

    Microsoft unveils new Bing with ChatGPT powers

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    ChatGPT. Image credits - Getty

    Google unveils its ChatGPT rival

    Doing justice to Slave Island

    Doing justice to Slave Island

    Earthquake

    Death toll in Turkey, Syria earthquake soars past 3,700

    Sri Lanka offers rescue services to Turkey

    Sri Lanka offers rescue services to Turkey

    7.8 magnitude earthquake shakes central Turkey

    Second powerful earthquake hits Turkey and Syria; international aid efforts underway

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Chief pilot Ian Porter with wife Michelle, daughters Samantha and Sydney, who act as his co-pilots, and son Christopher.. Image credits - Samantha Porter

    The family of five flying around the world in a tiny plane

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Microsoft has announced a new version of Bing

    Microsoft unveils new Bing with ChatGPT powers

    ChatGPT. Image credits - Getty

    Google unveils its ChatGPT rival

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp working on Calling shortcut feature for Android

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Electricity

    Power cut schedule for today in Sri Lanka: February 9th

    Lankan PM asks Indian companies to invest in Sri Lanka

    Lankan PM asks Indian companies to invest in Sri Lanka

    Between the devil and deep sea: Lankan government’s dilemma on taxation

    Between the devil and deep sea: Lankan government’s dilemma on taxation

    Income tax: Circular issued announcing several exemptions

    Income tax: Circular issued announcing several exemptions

    Dollars

    Sri Lanka’s reserves cross USD 2bn

    India hasn’t travelled to Pakistan since 2008

    Pakistan refuse to travel to India for World Cup if Asia Cup 2023 moves out of Pakistan

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

    Paris Club gives financing assurances to support IMF’s approval of EFF to Lanka

    Doing justice to Slave Island

    Doing justice to Slave Island

  • World
    • All
    • Japan
    • Russia
    • United Kingdom
    • United States
    Microsoft has announced a new version of Bing

    Microsoft unveils new Bing with ChatGPT powers

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    Modi gets emotional over Turkiye quake, sends relief team with equipment

    ChatGPT. Image credits - Getty

    Google unveils its ChatGPT rival

    Doing justice to Slave Island

    Doing justice to Slave Island

    Earthquake

    Death toll in Turkey, Syria earthquake soars past 3,700

    Sri Lanka offers rescue services to Turkey

    Sri Lanka offers rescue services to Turkey

    7.8 magnitude earthquake shakes central Turkey

    Second powerful earthquake hits Turkey and Syria; international aid efforts underway

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Books
    • Gaming
    • Movie
    • Music
    • Series
    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    Beyoncé Wins Her 32nd Grammy, Making History at the Awards

    "Avatar: The Way of Water" has soared into the $2 billion club of top grossing movies worldwide.

    ‘Avatar: The Way of Water’ crosses $2 billion mark in worldwide box office

    Pathaan

    Posters of Shah Rukh Khan’s Pathaan torn down and burnt outside cinemas in India

    Oscars 2023

    Oscars 2023: ‘Everything Everywhere All At Once’ leads nominations

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Much-awaited Sri Lankan 3D animation movie “Gajaman” coming to theatres

    Prince William and Prince Harry arrive at the Canadian National Vimy Memorial in Vimy, France on April 9, 2017.. Image credits - Jack Taylor/Getty Images/File

    Prince Harry’s ‘Spare’ creates world record, becomes fastest selling non-fiction book

    Cocaine Bear (Credit: Universal Pictures)

    20 of the best films to watch in 2023

    Avatar

    Avatar: The Way Of Water passes USD 1B at the global box office

    (Image credit: Alamy)

    The 20 best films of 2022

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Vaping

    Researchers uncover new negative effects of vaping

    Clashes in the educational field over Darwin’s theory of evolution

    Clashes in the educational field over Darwin’s theory of evolution

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Chief pilot Ian Porter with wife Michelle, daughters Samantha and Sydney, who act as his co-pilots, and son Christopher.. Image credits - Samantha Porter

    The family of five flying around the world in a tiny plane

    Paris. Image credits - Alexander Kagan allewollenalex / Unsplash

    World’s ‘most powerful’ tourism city revealed

    Image credits - NASA nasa / Unsplash

    Earth’s inner core may have started spinning other way

    Global citizenship and residence advisory firm Henley & Partners has released its quarterly report on the world's most desirable passports. Click on to find out which passport offers the most access in 2023. Justin Sullivan/Getty Images

    The world’s most powerful passport for 2023 revealed

    Image credits - Tetiana Bykovets tetiana_bykovets / Unsplash

    New research reveals reason why chocolate tastes so good

    NASA’s Webb telescope

    Extraterrestrial wonders: Webb Telescope detects its 1st exoplanet

    Asafoetida plant. Photo via Adobe Stock.

    The most controversial ingredient in Indian food

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Microsoft has announced a new version of Bing

    Microsoft unveils new Bing with ChatGPT powers

    ChatGPT. Image credits - Getty

    Google unveils its ChatGPT rival

    ChatGPT. Image credits - Getty

    7 ways to use ChatGPT at work to boost your productivity

    Whatsapp. Image credits - AARN GIRI / Unsplash

    WhatsApp working on Calling shortcut feature for Android

    Child. Image credits - Filip Mroz @mroz / Unsplash

    Your child’s academic success may start with their screen time as infants

    Donald Trump

    Meta says it will restore Donald Trump’s Facebook and Instagram accounts

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Videos
NewsIn.Asia
No Result
View All Result
Home Around South Asia

When Sri Lanka’s crisis exploded, some were ready with generators and cryptocurrencies

Editor by Editor
May 6, 2022
in Around South Asia, Sri Lanka, World
Reading Time: 4 mins read
6 0
A A
Protest in Colombo

Protest in Colombo

Share on WhatsApp


By Raknish WiIjewardene & Yolani Fernando

May 6 (QuartzIndia) – The most striking thing about Sri Lanka’s economic crisis is how predictable it was.

More than a year ago, many citizens began to realise that reckoning was inevitable. They began to fortify themselves—some to profiteer, others to simply stay afloat.

ADVERTISEMENT

For similar articles, join our Telegram channel for the latest updates. – click here

“That there would be a crisis was obvious since at least November 2020,” said Dhananath Fernando, COO of Advocata, an economics-focussed think-tank based in capital Colombo. “Economists have been raising red flags on the debt crisis since 2020.”

The Sri Lankans who got the crisis right

“I began taking large rupee-denominated loans in 2021,” said Saliya Gunasinghe. “I work for a foreign firm and earn dollars. I was able to borrow in rupees at a reasonable interest rate. I took loans and bought real estate, anticipating a crash in the value of the rupee.”

When he bought his property, the dollar stood at 200 Lankan rupees; now it is nearing 370.

“My repayments, in dollar terms, have almost halved and I anticipate they will fall further. I might end up getting my apartment for virtually nothing,” Gunasinghe said.

By late 2020, many like Gunasinghe were preparing for the worst. For instance, the cryptocurrency space attracted a lot of interest.

“People saw the central bank struggling to maintain an artificial currency peg. Many knew it would crash and started converting their cash savings to stable coins like USD-T,” according to Prashan Loganathan, an active cryptocurrency trader based in Negombo, a city on the western coast of the island nation.

“Those who managed to convert at the rate offered a year ago are comfortable. Those who didn’t regret it.”

Commodities were another arena. In 2021, merchants began to hoard stuff like sugar, flour, and cooking gas cylinders. “We bought these cylinders for 2,500 (Lankan rupees), but we are selling for a 4x-5x profit,” says Saman, a black-market operative who declined to give his surname.

For others, though, it was more a matter of survival.

Take Rosie Wijesinghe, for instance. A homemaker residing in Colombo’s affluent Colpetty neighbourhood where power supply is “usually very reliable,” she let her son persuade her into buying a power generator in 2021. She also got some solar cells installed.

By this March, many parts of the country were experiencing power outages, some reportedly up to 13 hours long every day.

Nevertheless, for every household relatively prepared for the crisis, there were several that weren’t. The worst of this lot seems to have been the Sri Lankan government itself.

A totally unprepared Sri Lankan government

Sri Lanka has run sizeable trade deficits for decades. As the debts matured, the years after 2020 were expected to see high levels of debt-servicing. In 2022, the government was scheduled to repay an amount equivalent to 90% of its entire budget spending.

“The government refused to accept the reality of a default. Then went on to make a series of policy decisions that further exacerbated matters,” said Umesh Moramudali, an economist and a lecturer at the University of Colombo.

The result has been that state reserves of commodities like fuel, flour, and coal have been entirely insufficient to tackle the crisis. Talks with the IMF to restructure the country’s clearly unsustainable debt began very late stage.

With no means to import further goods, once upper middle-income Sri Lanka is, by now, dependent on handouts from neighbours.

Subscribe to our Telegram channel for the latest updates from around the world

Tags: CrisisSri Lanka

Related Posts

Electricity
Around South Asia

Power cut schedule for today in Sri Lanka: February 9th

February 9, 2023
Lankan PM asks Indian companies to invest in Sri Lanka
Business

Lankan PM asks Indian companies to invest in Sri Lanka

February 8, 2023
Between the devil and deep sea: Lankan government’s dilemma on taxation
Economy

Between the devil and deep sea: Lankan government’s dilemma on taxation

February 8, 2023
Income tax: Circular issued announcing several exemptions
Around South Asia

Income tax: Circular issued announcing several exemptions

February 8, 2023
Microsoft has announced a new version of Bing
Around The World

Microsoft unveils new Bing with ChatGPT powers

February 8, 2023
Dollars
Around South Asia

Sri Lanka’s reserves cross USD 2bn

February 7, 2023
  • Electricity

    Power cut schedule for today in Sri Lanka: February 9th

    59292 shares
    Share 23739 Tweet 14814
  • Registration open for National Fuel Pass

    6628 shares
    Share 2688 Tweet 1642
  • Foreign Currency Official Exchange Rates from Central Bank of Sri Lanka

    1690 shares
    Share 683 Tweet 420
  • WATCH : Yohani’s first live performance in India

    789 shares
    Share 328 Tweet 192
  • Power interruption schedule released: Check your area power cut time

    742 shares
    Share 320 Tweet 176
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2022 All rights reserved.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States
  • Videos

© 2022 All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

eskisehir escort -

https://www.vudols.com/

- Sağlık Personeli - mersin escort - Antalya korsan taksi