Lanka cuts interest rates to boost growth, waiting for IMF review

Sri Lanka's central bank lowered interest rates on Friday in an unexpected move to boost growth, while projecting inflation would remain subdued over the medium term. The Central Bank of Sri Lanka (CBSL) lowered key rates by 100 basis points (bps), reducing the standing deposit facility rate and the standing lending facility rate to 9% and 10%, respectively, and taking total rate cuts to 650 bps since the current easing cycle began in June. CBSL had raised rates by a record 10.50 percentage points to bring down sky-high inflation between April 2022 and March this year.

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