Inflation ( CCPI)0.9% (March 2024)
GDP4.5% (4Q 2023)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.90%
12M T-Bill Rate10.21%
2Y T-Bond Rate10.85%/ 11.00%
4Y T-Bond Rate12.10% / 12.20%
USD/LKR298/299
Reserves $4.951Bn (March 2024)
Cum. Trade Deficit $860 Mn (Feb 2024 cumulative)
Cum. Fiscal DeficitLKR 2,020 Bn (Nov 2023)

History of debt defaults: The Mexican Peso Crisis and Debt Default in 1994

InternationalApr 12, 2022
History of debt defaults: The Mexican Peso Crisis and Debt Default in 1994
On December 20, 1994, the government of Mexico announced the devaluation of its currency, surprising financial markets and precipitating the so-called Mexican peso crisis. Mexican current account deficit rose to about 8% of the GDP, s international reserves declined about two thirds. December 20 failed to stabilize peso financial markets; two days later, the Mexican authorities were forced to allow the peso to float freely, and its external value plummeted. On February, IMF approved an 18-month stand-by credit for Mexico of up to the USD 17.8 Bn in support of the Government's 1995-96 economic and financial program. It was 300% of Mexico's IMF quota.

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