COLOMBO : The Sri Lankan central bank raised interest rates on Thursday, as expected, to curb growing inflationary pressures in the economy but said the current rise in prices was largely fuelled by supply side disruptions which were expected to be transitory.
The Central Bank of Sri Lanka raised the standing deposit facility rate and the standing lending facility rate by 50 basis points each to 5.50per cent and 6.50per cent, respectively. "The Monetary Board was of the view that the above measures will curtail the possible build-up of underlying demand pressures in the economy, which would also help ease pressures in the external sector, thus promoting greater macroeconomic stability," the central bank said in a statement.
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