COLOMBO : Sri Lanka will relax its currency band from next week, its central bank said on Friday, as part of efforts to move towards a market-determined exchange rate as it seeks to secure a $2.9 billion bailout from the International Monetary Fund.The central bank also raised interest rates by 100 basis
COLOMBO : Sri Lanka will relax its currency band from next week, its central bank said on Friday, as part of efforts to move towards a market-determined exchange rate as it seeks to secure a $2.9 billion bailout from the International Monetary Fund.
The currency band was widened earlier on Friday to 10 rupees either side of the spot rate, from 7.50 rupees previously, but Central Bank Governor P. Nandalal Weerasinghe said guidance on the currency band would be removed from next Tuesday. "The central bank has seen gradual improvement in the forex liquidity in the banking sector. We are careful to contain excessive volatility," Weerasinghe said, adding that the central bank purchased $308 million to maintain exchange rates within the corridor mandated by the monetary authority.
The central bank raised interest rates by 100bps, pushing its standing deposit facility rate and standing lending facility rate, to 15.50 per cent and 16.50 per cent respectively.
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 »
Sri Lanka raises policy rates by 100 bps as seeks to finalise IMF bailoutCOLOMBO : 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
Read more »
Sri Lanka raises rates to fulfil IMF bailout requirementsCOLOMBO : Sri Lanka's central bank has 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 poin
Read more »
Workers protest as bankrupt Sri Lanka raises tariffs for IMF bailoutBENGALURU - Bankrupt Sri Lanka has postponed local polls and is seeing a new wave of protests by workers and professionals as it awaits a bailout from the International Monetary Fund (IMF) and foreign investments to chart its path towards economic stability. Read more at straitstimes.com.
Read more »
US to announce new military aid package for Ukraine on Friday: OfficialsWASHINGTON: The United States will announce a new military aid package for Ukraine on Friday (Mar 3), worth roughly US$400 million and comprised mainly of ammunition, two officials and a person familiar with the package said. Aid for Ukraine is expected to be a major topic when President Joe Biden and Germ
Read more »