Sri Lanka Raises Tax on Imported Cars as Middle East Crisis Bites Sri Lanka's decision to impose a 50% surcharge on customs duties for imported cars is a stark reminder of the country's ongoing economic struggles.
The rupee has depreciated by 4. 5% against the US dollar this year, and energy prices have skyrocketed by over a third since the start of the war, forcing diesel and petrol rationing.
This pattern is all too familiar to those who lived through the 2008 financial crisis. Central banks were then left scrambling to shore up their currencies and maintain economic stability.