Sri Lanka eases monetary policy, cuts rates to stimulate economy

Tuesday, 15 October 2013 - 11:13

Sri+Lanka+eases+monetary+policy%2C+cuts+rates+to+stimulate+economy

 

The Monetary Board of the Central Bank has decided to further relax monetary policies amid low inflation and reduce policy interest rates aiming to boost economic growth.

 

The Monetary Board of the Bank has decided to reduce both rates by 50 basis points and accordingly, the Repurchase Rate will be 6.50 percent and the Reverse Repurchase Rate will be 8.50 percent with immediate effect.

 

The Central Bank said in its Monetary Policy Review for October that the sensible demand management policies and supply side improvements have resulted in inflation remaining at single digit levels for the past 56 months, signaling the success of policies already implemented.



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