Sri Lankan monetary board lowers policy rates

First board meeting under new governor says cut will allow further lowering of market lending rates

Central Bank of Sri Lanka
The Central Bank of Sri Lanka
Amithasundar/Wikimedia Commons

The Central Bank of Sri Lanka’s (CBSL) monetary board cut both its policy rates by 50 basis points in its first meeting under its newly-appointed governor on January 30.

The board, chaired by governor WD Lakshman, announced it was cutting the standing deposit facility rate to 6.5% and the standing lending facility rate to 7.5%. The move came despite official data showing that Sri Lanka’s year-on-year inflation has been trending up in recent months.

In a statement, the board said the decision

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