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Sri Lanka’s Central Bank is to further reduce interest rates on par with developed countries to spur economic activity on the island, Central Bank Governor Ajith Nivard Cabraal said on Friday.
Speaking at the launch of the Finance Ministry’s 2012 annual report in Colombo, in the presence of President Mahinda Rajapaksa and Treasury Secretary P.B. Jayasundera, he said the difference between interest rates and inflation should be kept at a minimum level.
He noted that since inflation and inflationary pressures are low and do not pose any immediate risk to the economy and considering the current macroeconomic developments, a further downward adjustment to the policy rates is appropriate in order to stimulate domestic economic activity.
Last month, the banking regulator cut the reverse repurchase rate to 9 per cent from 9.5 per cent and the repurchase rate to 7 per cent from 7.5 per cent.
http://www.sundaytimes.lk/latest/34340-sl-interest-rates-to-further-come-down-cb.html
Speaking at the launch of the Finance Ministry’s 2012 annual report in Colombo, in the presence of President Mahinda Rajapaksa and Treasury Secretary P.B. Jayasundera, he said the difference between interest rates and inflation should be kept at a minimum level.
He noted that since inflation and inflationary pressures are low and do not pose any immediate risk to the economy and considering the current macroeconomic developments, a further downward adjustment to the policy rates is appropriate in order to stimulate domestic economic activity.
Last month, the banking regulator cut the reverse repurchase rate to 9 per cent from 9.5 per cent and the repurchase rate to 7 per cent from 7.5 per cent.
http://www.sundaytimes.lk/latest/34340-sl-interest-rates-to-further-come-down-cb.html
