ECONOMYNEXT – Sri Lanka President Gotabaya Rajapaksa has arrived in Thailand from Singapore, after fleeing his country amid mass protests from the worst currency crisis in the history of the island’s intermediate regime central bank.
President Rajapaksa landed in Bangkok in a private jet.
“The Thai side received a request for the former President to enter Thailand from the current government of Sri Lanka,” Thai foreign ministry spokesman Tanee Sangrat said earlier.
“The consideration was based on long-standing and cordial ties between the two countries.”
“As a holder of a Sri Lankan diplomatic passport, former President’s can enter Thailand without a visa for 90 days…”
Thailand’s Bangkok Post newspaper quoted Foreign Minister Don Pramudwinai as saying that President Rajapaksa would manage his own accommodation.
President Rajapaksa had to flee the country amid mass protests triggered by cooking gas and fuel shortages from two years of money printing to suppress interest rates.
Sri Lanka’s rupee collapsed from 200 to 360 to the US dollar in a botched float after extended money printing led to the loss of foreign reserves and complete loss of credibility of the peg to the US dollar.
Sri Lanka has the worst soft-peg in South Asia after Pakistan. Bangladesh, which has a slightly better peg which collapses every 10 years (broadly two Fed cycles) is again under pressure after rates were cut last year amid an economic recovery. (Colombo/Aug12/2022)