Monday, February 24, 2020 | ePaper

Sri Lanka cuts rates as economy struggles after Easter attacks

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AFP, Colombo :
Sri Lanka's central bank cut its main lending rate Friday for the second time in three months hoping to lift the economy as its struggles in the wake of the devastating Easter attacks that hit the key tourism sector.
The Central Bank of Sri Lanka (CBSL) said the rate at which it lent to commercial banks was reduced by 50 basis points to 8.0 percent.
It added that the 50-basis-point cut in May had not translated into cheaper credit for consumers and expected the latest move to reflect in market lending rates.
"It is essential that market lending rates are lowered by bank and non-bank financial institutions in response to their reduced cost of funds.

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