Monetary Board to maintain current monetary policy rates
The Monetary Board has decided to maintain the current monetary policy rates.
The Central Bank of Sri Lanka notes that Commercial Banks that carry out transactions with the Central bank will continue to maintain a Standing Deposit Facility Rate of 6.00%, and a Standing Lending Facility Rate of 7.50%.
The CBSL points out that following the reduction in policy rates of the Central Bank in April 2015, market interest rates adjusted downwards as expected.
The CBSL further points out that with the low market interest rates, the demand for credit by the private sector had increased.
As a result, credit given to the private sector by Commercial Banks exceeded 86 Billion rupees in the first quarter of 2015.
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