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Central Bank retains interest rate levels

ITN News Editor
By ITN News Editor July 12, 2019 19:01

Central Bank retains interest rate levels

Central Bank Governor Dr. Indrajith Coomaraswamy says that after 10 years there is a surplus of the balance of payments in the first quarter of this year.

The Governor made this reference when the Monetary Board of the Central Bank met in Colombo yesterday. The fourth monetary policy review for 2019 was also held at this meeting. A group of officials including Senior Deputy Governor of the Central Bank Dr. Nandalal joined at this meeting.

The Monetary Board of the Central Bank (CB), at its meeting on Thursday, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.50 per cent and 8.50 per cent, respectively.

These rates set the trend for interest rates in the banking sector.

The Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy. The decision of the Monetary Board is consistent with the aim of maintaining inflation in the desired 4-6 per cent range while supporting economic growth to reach its potential over the medium term.

ITN News Editor
By ITN News Editor July 12, 2019 19:01