CB Monetary Policy to decide on interest rates on Friday

Business

Sri Lanka's Central Bank, on Monday, said its monthly Monetary Policy Review will be announced on Friday March 24 at 7.30 am just before markets in Colombo (banking, stocks and money) open for trading.
The policy review sets benchmark interest rates which has been held steady and unchanged for several months now.
However pressure is mounting on a possible hike in view of US Federal Reserve rates going up. Higher overseas rates have seen some outflow of foreign cash from bond and Treasury bill markets.
Government ministers have also insinuated that the pullout of US$1.475 billion from the country in the past 14 months by US-based Templeton Fund was partly political, blaming the former regime during whose period the fund made investments.
Finance Minister Ravi Karunanayake has said the withdrawal of these funds caused the rupee to depreciate sharply against the dollar while Deputy Foreign Minister Harsha de Silva said the Committee on Public Enterprises (should investigate the transactions carried out between Templeton Fund and the Central Bank in the past. - ENDS

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