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Sri Lanka's central bank raises key rates to curb inflation

BY THE CANADIAN PRESS, Jul 7, 2022 6:35 PM - REPORT AN ERROR

Sri Lanka's Central Bank has raised its key interest rates to 14.50% and 15.50% to try to contain inflation that has added to the country's economic woes.

Sri Lankans have suffered months of acute shortages of essentials such as food, fuel, cooking gas and medicines.

The central bank said it had raised its Standing Deposit Facility Rate and the Standing Lending Facility Rate that it charges commercial banks by 100 basis points each to 14.50% and 15.50%, respectively.

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