The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 27 May 2024, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 8.50 per cent and 9.50 per cent, respectively.
The rates were unchanged, in a board decision which carefully assessed the current and expected macroeconomic developments and possible risks on the domestic and global fronts with a view to maintaining inflation at the targeted level of 5 per cent over the medium term while supporting the economy to reach its potential.
“While the medium term inflation outlook remains compatible with the current level of policy interest rates and inflation expectations are well anchored, the board observed the need for a further reduction in market lending interest rates in line with policy interest rates and other benchmark interest rates, which is imperative for the easing of domestic monetary conditions and domestic economic recovery,” the board said in a statement on Tuesday.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
Read these and more on tomorrow’s edition of the Sunday Times
Cabinet has approved the appointment of Commodore (retired) M.B.N.A. Premaratne of the Sri Lanka Navy, as the new Commissioner General of Excise.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
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