Sri Lanka’s central bank on Thursday cut interest rates for the fifth time this year in a new bid to breathe life into the coronavirus-stricken economy.
A bank statement said the board wanted to “aggressively enhance lending to productive sectors of the economy, which would reinforce support to COVID-19 hit businesses as well as to the broader economy”. The International Monetary Fund in April predicted the economy would contract by 0.5 percent in 2020.
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