Sri Lankan central bank raises rates and clashes with power company
Energy chairman says “power crisis” has been caused by unwise use of foreign exchange
Sri Lanka’s monetary policy committee tightened rates and the state-owned power company publicly criticised the central bank, as the country’s economic crisis deepened.
On March 4, the Central Bank of Sri Lanka’s board raised policy rates by 100 basis points. It hiked the standing deposit facility rate to 6.5% from 5.5%, and the standing lending facility rate to 7.5%.
The central bank estimated that headline year-on-year inflation in February was 15.1% for the capital city Colombo, up from 14
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