2,600 mFitch warns of big banks’ heightened sovereign risk, weaker capital positionsBy Yoshitha PereraDenying claims made by various parties against the Government regarding excessive money printing, Money and Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal said the Government had printed money to settle the provisional advance taken by the annual budget. At a media briefing held at the Government Information Department, he explained the money printing that took place on 28 June amounted to Rs. He said: “Every central bank in the world gives a provisional advance. Wijewardena said that over the past 17 months, the total money supply for goods and services in Sri Lanka has increased by Rs. Therefore, the money supply is increasing.”Dr. Wijewardena also noted that during this period, the money supply had increased by 32%.

Source: The Nation July 03, 2021 16:41 UTC