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Central Bank Governor Warns of Potential 7% Inflation in January 2024

During a special press briefing held on Tuesday (23 Jan.), Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka (CBSL), issued a cautionary statement, indicating that Sri Lanka’s inflation could surge to 7% in January 2024.

Dr. Weerasinghe attributed the anticipated inflationary rise to the recent increase in the Value Added Tax (VAT) and various external factors. The VAT was elevated by 3%, transitioning from 15% to 18%, effective from 01 January 2024, following the passage of the VAT (Amendment) Bill in parliament on 11 December 2023.

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