Mar 15, 2011 (LBO) – Sri Lanka has registered a new motor bike the equivalent every two and a half minutes and a three-wheeler taxi every six minutes in 2010, the latest official data shows. In 2010 registrations of motor cycles rose 51 percent to 204,811 surpassing an earlier high of 182,508 reached in 2007, according to data released by the Central Bank. The data shows that 561 motor cycles were registered in a day, or the equivalent of one every 2.5 minutes.
From 2008 motor cycle registrations fell as deficit spending by the state and money printing by the central bank finally triggered a balance of payments crisis and an economic downturn.
Motor cycle registrations also fell in 2001 in the wake of an earlier balance of payments crisis brought about by deficit spending and money printing but started climbing steadily from 2002 as the economy stabilized.
Sri Lanka’s government engages in deficit spending binges and pushes the country into balance of payments crisis ever so often usually helped by attempts to fix oil prices which results in revenue losses to the state which are then filled with loose monetary policy.
In 2010 Sri Lanka also registered 85,648 three wheelers