Sri Lanka central bank expects 2013 growth of 7.5%

Friday, 22 February 2013 - 13:58



Central bank governor, Ajith Nivard Cabraal, said Sri Lanka's economic growth this year is likely to hit 7.5%, much higher than a forecast by the International Monetary Fund.

IMF expects the island nation to post growth of 6.25% in 2013, constrained by the need for fiscal consolidation, high inflation and also sluggish recovery in its main trading partners, especially the U.S. and euro zone.

The Central Bank of Sri Lanka maintained a tight monetary policy and imposed a ceiling on loan growth of banks in 2012 to deal with inflation.