Pakistan
The retail inflation in Pakistan surged to a 30-month high of 13.76% in May 2022.
The Pakistani Rupee fell to an all-time low of Rs 210 against the US $. In addition, Pakistan received lower remittances in May amid a yawning current account deficit (CAD).
The government, in a recent move to curb inflation, has asked citizens to drop the regular consumption of tea since Pakistan is one of the major importers of tea.
The shopkeepers in Karachi are also being asked to close the shops in order to conserve electricity.
Sri Lanka
Sri Lanka has been going through its worst financial crisis since its Independence. To tame the inflation which came in at 33.8% on an annual basis, the island country too introduced a set of measures.
The Sri Lankan government has urged citizens to work four-days a week and opt to cultivate the barren land which could ramp up food production in the country.
A 2.5% social contribution tax has also been imposed on companies by the government as one of the measures to bring down the inflation numbers.
Shortage of commodities like paper, medicines, food and fuel in Sri Lanka led to a two-week shutdown of schools and offices.
Nepal
The CPI-based inflation in Nepal surged to a six-year high of 7.87% in May this year on the back of supply-side issues caused by the ongoing Russia-Ukraine war.
The government has increased the passenger transport fare by 5.30% in its latest move to curtail the increasing inflation.
The Nepal government has been looking forward to increasing its foreign exchange reserve so that it could use the amount for imports. A contribution of $10,000 to Nepali banks from each Nepali national living abroad could help the country go a long way, said Nepal’s government.
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