Interest rates to be reduced in 2023: Sri Lanka's central bank chief

He said that Sri Lanka's inflation rate eased to 57.2 per cent in December from 61 per cent in November, noting that this reflected that the policies they have taken from April 2022 were successful

Sri Lanka
Representative Image (Photo: ANI)
IANS Colombo
1 min read Last Updated : Jan 02 2023 | 6:54 AM IST

Steps will be taken in 2023 to reduce key interest rates in Sri Lanka, said Governor of Central Bank of Sri Lanka, Nandalal Weerasinghe.

Weerasinghe told media on Sunday that inflation is also expected to fall in 2023.

He said that Sri Lanka's inflation rate eased to 57.2 per cent in December from 61 per cent in November, noting that this reflected that the policies they have taken from April 2022 were successful, Xinhua news agency reported.

High interest rates have kept inflation down but the rates will be reduced as the economy stabilises, he said.

Sri Lanka's central bank in November 2022 decided to maintain the Standing Deposit Facility Rate and the Standing Lending Facility Rate at the levels of 14.50 per cent and 15.50 per cent, respectively.

--IANS

int/khz/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :InflationInterest Ratessri lankaCentral bank

First Published: Jan 02 2023 | 6:54 AM IST

Next Story