Used cars cost more than a luxury flat as economic crisis and inflation hit Sri Lanka
SCMP, 31 Jan 2022
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Covid-19 has sent Sri Lanka into an economic tailspin, drying up earnings from tourism and foreign remittances. The island nation of 22 million is now on the brink of bankruptcy. Inflation is red hot and supermarket shelves are bare of supplies while restaurants are unable to serve meals. The government has brought in a wide-ranging import ban to stop foreign currency from leaving the country. The import ban, which includes new cars, has pushed up prices for used cars that now cost more than some homes. But the crisis has been a bonanza for second-hand car dealers.
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Covid-19 has sent Sri Lanka into an economic tailspin, drying up earnings from tourism and foreign remittances. The island nation of 22 million is now on the brink of bankruptcy. Inflation is red hot and supermarket shelves are bare of supplies while restaurants are unable to serve meals. The government has brought in a wide-ranging import ban to stop foreign currency from leaving the country. The import ban, which includes new cars, has pushed up prices for used cars that now cost more than some homes. But the crisis has been a bonanza for second-hand car dealers.
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#scmp #Economy #SriLanka
