Central Bank Of Sri Lanka Implements First Interest Rate Cut Since National Bankruptcy

In a significant move, the Central Bank of Sri Lanka has announced a reduction in interest rates, marking the first rate cut since the country declared bankruptcy last year. With improved fiscal controls, increased foreign currency income, and support from an International Monetary Fund program, Sri Lanka has seen a faster-than-expected slowdown in inflation.

Outlook Web Desk

Updated on: 2 June 2023 10:41 am

Getting your Trinity Audio player ready...

Sri Lanka Economic Crisis

In a significant move, the Central Bank of Sri Lanka has announced a reduction in interest rates, marking the first rate cut since the country declared bankruptcy last year. With improved fiscal controls, increased foreign currency income, and support from an International Monetary Fund program, Sri Lanka has seen a faster-than-expected slowdown in inflation.