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Policy interest rates reduced to boost economic growth

Jan 11, 2011 10:22:34 AM - itnnews.lk

The Central Bank has decided to reduce the policy interest rates with immediate effect. The decision was taken at the monetary policy review meeting held yesterday.

Issuing its monetary policy review today, the Central Bank said it has decided to reduce the Repurchase rate by 25 basis points and the Reverse Repurchase rate by 50 basis points with effect from today. Accordingly, the new Repurchase rate and the Reverse Repurchase rate will be 7.00 percent and 8.50 percent, respectively. The Bank said the decision to reduce the interest rates was taken due to the favourable macroeconomic environment in the country with the inflation hovering in single digits and the expected increase in agricultural production easing the domestic price pressures.