If the economic populists in the ANC want a lesson in how ruinous foot-off-the-brake monetary policy can be, here’s a timely lesson from Sri Lanka.
The island is suffering its worst economic crisis since independence in 1948, marked by food shortages, power blackouts of 10 hours a day, and a 60% drop in the value of the rupee in the past month. Last week, its state oil company hiked fuel prices by a third, as its inflation rate rocketed past 21%. ..
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