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Sri Lanka's central bank on Friday reduced its reverse repurchase rate by 50 basis points to stimulate economic activity. The Central Bank of Sri Lanka slashed the reverse repurchase rate to 9% with immediate effect and retained the repurchase rate at 7.25%.
The central bank noted that outlook for inflation improved and broad money supply decelerated in the recent months, while macroeconomic conditions remained stable. Although at a slower pace, market interest rates adjusted downwards in response to the easing of the monetary policy stance.
According to Monetary Board, domestic credit conditions would continue to ease in line with the Central Bank's policy direction and strongly support the revival in economic activity. Further, the central bank expects credit flows to the private sector to gather momentum during the remaining months of the year, alongside the anticipated pick-up in economic activity.
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