Sri Lanka cuts benchmark rate to 7.75% as deflation persists
Central bank projects inflation will move into positive territory during third quarter
The Central Bank of Sri Lanka cut its benchmark interest rate by 25 basis points to 7.75% on May 21.
The decision, the bank’s first cut since November last year, came as the country continued to experience negative inflation. Headline inflation was -2% in April, although the central bank said deflationary pressures had begun to ease in March, when the figure was -2.6%.
The bank expected inflation to pick up more slowly than it had previously forecast. It projected that inflation would turn
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