Central Bank reduces policy interest rates

News

The Central Bank on Friday announced a reduction in policy interest rates which is generally followed by commercial banks reducing their lending and borrowing rates, a step seen to stimulate the economy after April 21 terror attacks crippled the economy, particularly tourism.

“The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on May 30 decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 per cent and 8.50 per cent, respectively,” the bank said in a media statement.

It said the Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy, with the broad aim of stabilizing inflation at mid-single digit levels in the medium term to enable the economy to reach its potential. – ENDS -

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