Sri Lanka's central bank cut its key interest rates by 250 basis points as inflation eased, signaling that the South Asian nation was emerging from a devastating financial crisis and ready for a rebound in growth
The Central Bank of Sri Lanka cut its standing deposit facility rate and standing lending facility rate to 13% and 14%, respectively, from 15.5% and 16.5% previously.
"The rate cuts are expected to accelerate the normalisation of the interest rate structure, broadbase economic activity and ease pressures in financial markets helping steer the economy towards a rebound phase."rose 25.2% on year in May from 35.3% in April, reducing some stress on the crisis-hit economy which has crumpled under soaring inflation caused by its worst financial crisis in over seven decades.
The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3 this year.
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