Sri Lanka central bank negotiates rate rise with IMF
Stricken country raises interest rates and taxes in bid for $2.9 billion loan
Sri Lanka’s central bank raised the policy rate by 100 basis points today (March 3), to 15.5%, surprising market observers who had expected a more dovish decision.
In its policy statement, the Central Bank of Sri Lanka (CBSL) said its monetary board had negotiated its decision with the International Monetary Fund. The board “reached consensus” with the IMF in the country on a smaller increase than “envisaged during the initial stage of negotiations”. The statement noted “there have been some
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