People walk past the main entrance of the Central Bank of Sri Lanka in Colombo, Sri Lanka. REUTERS/Dinuka Liyanawatte/Hpoto File
COLOMBO – Sri Lanka’s central bank cut its benchmark rates by 200 basis points on Thursday, in line with expectations, as inflation continued to slow and focus returned to reigniting economic growth following the bailout secured by the International Monetary Fund. .
The Central Bank of Sri Lanka (CBSL) cut the permanent deposit facility rate and permanent lending facility rate to 11 percent and 12 percent, respectively, from 13 percent. and the previous 14 percent.
The island nation plunged into a crisis last year when its foreign exchange reserves dried up, food and energy prices soared and protesting mobs forced the ouster of the then-president of the South Asian country.
President Ranil Wickremesinghe took the reins in July and negotiated a $2.9 billion bailout from the International Monetary Fund (IMF) in March.
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