Sept 30, Colombo: Central Bank of Sri Lanka (CBSL) stated today that it has successfully achieved revised reserves money targets set for the third quarter of 2008.

CBSL issuing a media communiqué said the achievement of the said reserve money target in September 2008 follows the successful achievement of the targets set for the first two quarters of this year.

“Reserve money, the operating target for monetary policy of the Central Bank has been well within the revised third quarter target. Average reserve money during the third quarter was at Rs. 280.6 billion (a growth of 9.8 per cent) compared with the target of Rs. 285.2 billion (a growth of 11.4 per cent, year-on-year). The strategy of the Central Bank has been to keep in check the growth in reserve money through open market operations as well as stringent quantitative restrictions and allowing market interest rates to adjust accordingly, to contain demand driven inflationary pressures,” CBSL said.