Sri Lanka's central bank has a loosely defined inflation target of "single digit".
In 2007 and 2008 Sri Lanka had 20 percent plus inflation when other dollar pegged countries managed with inflation around or just higher than reported US inflation figures.
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Monetary Inflation
When Sri Lanka's inflation rose steeply, the Central Bank had moved to a strict money supply targeting framework.
"Because we saw our experience - looked back and saw what was the source of the high inflation," assistant Central Bank governor P N Weerasinghe told the annual sessions of the Sri Lanka Economists Association.
"And one of the reasons was that we had in some years a relatively higher monetary expansion than we wanted."
The Central Bank then started to target reserve money aggressively instead of rates. Rates were allowed to move up to high levels.
Sri Lanka's central bank has a poor record of controlling inflation and maintaining its peg with the US dollar.
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