Sri Lanka lowers rates as inflation falls

Sri Lanka's policymaking Monetary Board cut rates at its regular monthly meeting this week as figures showed inflation had moved into a rapid decline.

The five-member Monetary Board, at its meeting on 10 February 2009, decided to reduce the central bank's repurchase rate by 25 basis points to 10.25%. In addition the board, reduces the penal rate of interest charged on reverse repurchase transactions by 50 basis points to 16.50%, which follows a reduction of 200 basis points on 12 January 2009.

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