ECONOMYNEXT – Several parts of Sri Lanka’s capital were placed under indefinite police curfew after protests erupted near the resident of President Gotabay Rajapaksa as shortages, blackouts and high inflation emerged from two years of money printed to keep interest rates down.
Police used water cannon and tear gassed crowds gathered near Sri Lanka President Gotabaya Rajapaksa’s house in Mirihana, a suburb of Colombo.
Protestors shouted slogans demanding solutions to tackle an economic crisis, live footage broadcast in Sri Lanka’s Newsfirst television showed.
Others called on the President to resign.
Police had barricaded the approach road to President Rajapaksa’s residence in Pangiriwatte Road, Mirihana.
Sri Lanka’s inflation hit 18.7 percent in March 2022, after two years of money printed to create a ‘production economy’. Food prices had risen 30 percent over the past 12 months according to the Colombo Consumer Price Index.
Sri Lanka’s Inspector General of Police Chandana Wickramaratne imposed curfew in Nugegoda and several other areas of the capital as protests spread deep into the night to other areas.
Colombo North, Colombo South, Nugegoda, Mt Lavinia and Kelaniya in the Gampaha district was placed under police curfew.
Police requested residents to stay at home and ordered vehicles not to enter the curfew areas.
The curfew was lifted at 0500am.
Sri Lanka printed large volumes of money to create a ‘production economy’ using Modern Monetary Theory and created severe external trouble. (Colombo/Apr01/2022)