Non-compliance+of+directive+to+slash+lending+rates
Monday, 26 August 2019 - 7:01
Non-compliance of directive to slash lending rates
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Central Bank Governor Dr. Indrajit Coomaraswamy told the media at the fifth Monetary Policy Review of the Central Bank last week that the Central Bank will be firm and if necessary, impose lending caps against banks which maintain rigidity in lending rates, failing to comply with the direction issued to slash interest rates.

The Central Bank cut the Standing Deposit Facility Rate and the Standing Lending Facility Rate by 50 basis points to 7.00 percent and 8.00 percent respectively, a move that was not ruled out by analysts given the sluggish growth recorded during the year.

However, the Statutory Reserve Rate remains unchanged.

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