Sri Lanka has defaulted on its debt for the first time in its history as the country struggles with its worst financial crisis in more than 70 years. The governor of Sri Lanka's central bank said the country was now in a "pre-emptive default".

Sri Lanka defaults on its debt for first time in history

In an exclusive interview with WION, the former deputy governor of the Central Bank of Sri Lanka, W.A Wijewardena has said that the hardship for the country's citizens is going to increase.

Exclusive | Hardship for Sri Lankan citizens is going to increase, Weerakoon Wijewardena tells WION

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Sri Lanka doubles interest rates to tame inflation; stabilise economy

The Central Bank of Sri Lanka, the island country's monetary authority assured on Friday that the Sri Lankan Rupee (LKR) which has seen significant volatility in the past few years will stabilize soon.

Sri Lanka's central bank assures country's currency to stabilise soon

Sri Lanka's central bank Thursday announced a 50 basis point cut in its benchmark interest rates, the third reduction since the Easter bombings that killed at least 269 people.

Sri Lanka announces third rate cut since Easter bombings to boost economy

Sri Lanka's central bank unexpectedly slashed banks' statutory reserve ratio on Friday to spur credit growth as policymakers struggle to boost the island's faltering economy after a political crisis.