Sri Lanka central banker: don’t print money for wars or subsidies

Aug 29, 2008 (LBO) - A central bank should not relax monetary policy (print more money) to increase employment, or finance wars and subsidies, because inflation, which is worse than terrorism, would be the result, a top Sri Lankan economist said.
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Economic analysts have pointed out that inflation and foreign exchange shortages became a problem in Sri Lanka after the creation of the central bank, which then led to the progressive closure of the economy.

Except for the two and a half decades of a closed economy in the life of the central bank, up to 1977, Sri Lanka has had an open trading economy for thousands of years.

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Real Wealth

Wijewardene, whom his fellow deputy governor Ranee Jayamaha introduced to the audience as a 'living repository of knowledge' within the central bank, says to wage wars against terrorism, real resources are needed.

He says when the sovereignty of a country has been challenged; economists accept that a democratically elected government has to re-establish law and order.





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"For governments which are already constrained by a shortage of resources, allocating resources for fighting terrorism means foregoing some other useful activity for which such resources could have been utilised," Wijewa

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