CB monetary policy review next week, changes likely

The Central Bank said today (Monday) that its Monetary Policy Review for January 2015 will be released next week on Tuesday, January 27, the first one under the new Srti Lankan President Maithripala Sirisena-led Government. No other details were given. Bankers said that most likely a new Monetary Board would have been appointed by that time with the new Governor Arjuna Mahendran assuming office sometime this week. Some changes in the policy are also likely, they said. The board included Governor Ajith Nivard Cabraal (Chairman) and Treasury Secretary Dr. P. B.Jayasundera, who have (both) resigned. Other members - Ms. Manohari Ramanathan, Nimal Welgama and Neil Umagiliya are also expected to be replaced. At the last review released on December 12, the Board decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank of Sri Lanka unchanged at 6.50 per cent and 8.00 per cent, respectively. – Ends -