Written by Tharushan Fernando
15 Apr, 2015 | 8:09 pm
The Monetary Board of the Central Bank of Sri Lanka had decided to reduce policy rates by 50 basis points, on Wednesday. The Central Bank noted that the current behaviour of market interest rates is viewed to be inconsistent with the continued low inflation and investments needed to address concerns on economic growth for the year.
The CBSL went on to add that it hopes to release the policy rate in order to strengthen the private sector credit which attribute to the development of the economy. Accordingly, the Standing Deposit Facility Rate and the Standing Lending Facility Rate of the Central Bank are reduced to 6.00 per cent and 7.50 per cent, respectively, with effect from Wednesday, April 15.
According to CBSL, a sustained increase in credit granted by commercial banks to the private sector will increase the growth of the private sector credit rising to 12.6 per cent.
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