Fuel Prices will not fluctuate every 2 months - CBSL Governor

Colombo (News 1st) - The Monetary Board of the Central Bank, at its meeting held yesterday (November 13), decided to reduce the Statutory Reserve Ratio applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00%. The Monetary Board has decided to increase the Standing Deposit Facility Rate of the Central Bank by 75 basis points to 8.00% and the Standing Lending Facility Rate of the Central Bank by 50 basis points to 9.00%. The Governor of the central bank Indrajit Coomaraswamy stated that the fuel price formula was not abolished but that the mechanism of adjusting fuel prices to international prices is not done every two months anymore. A question was posed to the Governor on the CBSL's FIU signing an MOU with the department of motor vehicles to investigate into money laundering. When asked whether the allegations of politicians being offered money to cross over will be investigated by the FIU, the Governor stated that the FIU functions independently.