Sri Lankan central bank raises rates as reserves run low
CBSL says it is seeking foreign funding as external balance faces “multitude of challenges”
The Central Bank of Sri Lanka (CBSL) sought to tackle the country’s weakening external position with a series of monetary tightening measures today (August 19).
The central bank’s monetary board increased the rates on its standing deposit and lending facilities by 50 basis points each, taking them to 5% and 6%, respectively. The bank rate, which is linked to the lending facility rate, moved up automatically to 9%. The central bank also hiked banks’ reserve requirement ratio by 2 percentage
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