COLOMBO : Sri Lanka's central bank raised interest rates in an unexpected move on Friday, to help finalise an International Monetary Fund's Extended Fund Facility (EFF) arrangement, it said in a statement.The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis po
COLOMBO : Sri Lanka's central bank raised interest rates in an unexpected move on Friday, to help finalise an International Monetary Fund's Extended Fund Facility arrangement, it said in a statement.
The bank raised its standing deposit facility rate and standing lending facility rate by 100 basis points each to 15.50 per cent and 16.50 per cent, respectively.Its economy has been squeezed by its worst financial crisis since independence from Britain in 1948, with growth contracting by an estimated 9.2 per cent last year amid soaring inflation that hit 50 per cent in February.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sri Lanka's tax hikes will help it regain creditor confidence -IMFCOLOMBO : Sri Lanka's recent tax rises are in line with international comparisons and needed to help creditors regain confidence, the International Monetary Fund said on Thursday, backing the crisis-hit country's effort to lock down a $2.9 billion bailout. An IMF statement said the hikes, which included a
Read more »
Alphabet's Waymo cuts more than 100 jobs in second round of layoffs:Alphabet Inc's self-driving technology unit, Waymo, laid off 137 employees, in its second round of job cuts this year, the firm told Reuters on Wednesday, bringing total cuts for the year to 8 per cent of its workforce.Waymo has eliminated some engineering roles as part of the cuts to 'focus on commercial su
Read more »
Vanuatu quest for ICJ climate ruling backed by 100 nationsCanada, Australia and the United Kingdom are among those on board, as well as Pacific nations. Read more at straitstimes.com.
Read more »
Purton sails past magical 100 winnersHONG KONG Surging towards a sixth Hong Kong jockeys’ championship, Zac Purton posted 100 wins in a season – for the eighth time – in an increasingly decorated career at Happy Valley on Wednesday night. Only two other jockeys – Douglas Whyte, now a trainer, and Joao...
Read more »
Cash-strapped countries face IMF bailout delays as debt talks drag on: AnalysisLONDON: Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund (IMF) for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief. IMF funding is often the sole financial lifeline avail
Read more »