Sri Lanka c.bank delivers steep rate cuts to support virus-hit economy – ZAWYA

Sri Lanka c.bank delivers steep rate cuts to support virus-hit economy – ZAWYA

Sri Lanka c.bank delivers steep rate cuts to support virus-hit economy | ZAWYA MENA Edition HomeEconomyArticleSri Lanka c.bank delivers steep rate cuts to support virus-hit economy Central Bank of Sri Lanka eased monetary policy for the fourth time since March    People walk past the main entrance of the Sri Lanka's Central Bank in Colombo, Sri Lanka March 24, 2017.MUMBAI/BENGALURU: Sri Lanka's central bank delivered an unusually large cut to two of its key interest rates on Thursday as it ramped up efforts to support an economy which has been battered by the COVID-19 pandemic.The Central Bank of Sri Lanka eased monetary policy for the fourth time since March in a bid to boost growth "severely" hit in the second quarter and to encourage banks to "aggressively enhance lending" amid subdued inflation, it said in a statement.The CBSL cut its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) by 100 basis points (bps) each to 4.50% and 5.50% respectively.The Central Bank of Sri Lanka eased monetary policy for the fourth time since March in a bid to boost growth "severely" hit in the second quarter and to encourage banks to "aggressively enhance lending" amid subdued inflation, it