Sri Lankan MPC cuts policy rate to record low
Central bank calls on commercial banks to pass on looser policy’s benefits “without delay”
Sri Lanka’s central bank has cut its main policy rate to a record low and cut another rate, it announced today (July 9).
Sri Lanka’s economic growth for the second quarter of 2020 was “likely to have been severely affected” by the Covid-19 pandemic. The Central Bank of Sri Lanka started cutting rates sharply before the coronavirus pandemic had begun to have an impact on the country’s economy.
The CBSL monetary board voted to cut the standing deposit facility rate by 100 basis points to 4.5%
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