Sri Lanka’s cabinet of ministers had given the go ahead to raise bus fares by an average of 15 percent, reports said, in the wake of a steep fall of the rupee triggered by money printed to keep interest rates down.
The minimum fare had gone up from 17 to 20 rupees, Petroleum Minister Gamini Lokuge told reporters after the cabinet meeting.
Transport Minister Dilum Amunugama had submitted the higher rates proposed by the National Transport Commission.
The 20 rupee fare had been raised to 23, the 27 rupee fare to 31, the 33 rupee fare to 38, 39 rupee fare to 45, the 52 rupee fare to 60, according to Sri Lanka’s Divaina newspaper.
Sri Lanka’s rupee has fallen to around 265 from an earlier 203 after money printing broke an unstable peg with aggressive open market operations.
Source – Economynext