COLOMBO : Sri Lanka's central bank cut its key interest rates by 250 basis points on Thursday as inflation eased, signalling that the South Asian nation was emerging from a devastating financial crisis and ready for a rebound in growth. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facilit
COLOMBO : Sri Lanka's central bank cut its key interest rates by 250 basis points on Thursday as inflation eased, signalling that the South Asian nation was emerging from a devastating financial crisis and ready for a rebound in growth.
"Policy interest rates reduced in view of the faster deceleration of inflation, benign inflation outlook and the easing of BOP pressures, thereby reinforcing the rebound of the economy," the CBSL said. The index peaked at a 69.8 per cent year-on-year surge in September last year. The national inflation rate was at 33.6 per cent inThe International Monetary Fund has set Sri Lanka an inflation target of 15.2 per cent for this year but the CBSL is eyeing a more ambitious target of single digit inflation by September.
The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3 this year.
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