The Central Bank on Thursday further reduced interest rates in a bid to stimulate more activity in the COVID-19-hit economy.
“The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on April 15, having observed the cumulative reduction of the key policy interest rates of the Central Bank, namely the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR), by 200 basis points each since May 31, decided to allow the Bank Rate to automatically adjust in line with the SLFR, with a margin of +300 basis points,” the Central Bank said in a media release.
Accordingly, with effect from April 16, the bank rate, which is an administratively determined rate that could be used in periods of emergency, has been effectively reduced by 500 basis points from 15 per cent to 10 per cent, the release said.
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.
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