Sri Lanka cut its key interest rates for the second consecutive month on Thursday as inflation tapered after last year's devastating economic crisis and the focus returned to reviving economic growth following a bailout from the International Monetary Fund (IMF).
The Central Bank of Sri Lanka cut its standing deposit facility rate and standing lending facility rate to 11% and 12%, respectively, from 13% and 14% previously, in line withThe island nation plunged into crisis last year as its foreign exchange reserves ran out and food and energy prices spiralled. Last July,The central bank raised rates by a record 950 bps last year to tame inflation and by 100 bps on March 3.
"The banking and financial sector is urged to pass on the benefit of this significant easing of monetary policy to individuals and businesses, thereby supporting economic activity to rebound in the period ahead," CBSL said in a statement. Dimantha Mathew, head of research at First Capital, said the CBSL will try and implement a domestic debt restructuring plan as soon as possible.
Economic activity remained subdued in the second quarter of 2023 but would gradually recover towards late 2023 aided by policy normalisation, improvement in supply conditions, relaxation in import restrictions and better forex liquidity among other factors, the CBSL said.
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