Sri Lanka raises rates as food prices rise sharply
Governor says country does not need IMF aid despite minister warning of potential energy blackout
The Central Bank of Sri Lanka’s monetary policy board raised its key rates by 50 basis points on January 20 as signs of economic crisis grow.
Sri Lanka is suffering from growing food shortages and a threatened energy blackout, while falls in remittance income and tourism revenue caused by the Covid-19 pandemic have left the country extremely short of foreign exchange.
But the central bank’s governor told US broadcaster CNBC that Sri Lanka would not need International Monetary Fund assistance.
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