Sri Lanka keeps rates steady as policy clarity from new president awaited
COLOMBO - Sri Lanka's central bank kept interest rates unchanged on Friday in line with expectations as the island nation waits for policy clarity after electing a new president to steer it out of the worst financial crisis in decades.
"The Board observed that inflation is likely to remain well below the target of 5% over the next few quarters, potentially recording deflation in the immediate future driven by changes to administratively determined prices and easing of supply conditions," the CBSL said in the statement. Millions of Sri Lankans voted on Saturday to elect Marxist-leaning parliamentarian Anura Kumara Dissanayake as president, drawn by his pledges to slash taxes, fight corruption, and reduce the cost of living.
The IMF said on Tuesday it would work with Dissanayake and discuss the timing of its third review of the current programme with Sri Lanka"as soon as practicable."
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