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Sri Lanka’s Shattered Economy Awaits New Finance Head, Rate Hike

  • CBSL seen hiking rates 75 bps to stem Asia’s fastest inflation
  • Default looms, fuel stocks depleted on meager forex reserves
Newly appointed Prime Minister Ranil Wickremesinghe

Newly appointed Prime Minister Ranil Wickremesinghe

Photographer: Ishara Kodikara/AFP/Getty Images

Authorities in Sri Lanka this week are expected to name a new finance minister and raise interest rates as they struggle to stabilize an economy spiraling into chaos by a lack of dollars and surging inflation. 

Prime Minister Ranil Wickremesinghe, appointed last week, is expected to soon choose a finance minister, who will help lead talks with the International Monetary Fund over badly needed aid.