Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka maintains policy rates, as economic growth likely to remain on target in 2014
Fri, Aug 15, 2014, 10:53 am SL Time, ColomboPage News Desk, Sri Lanka.

Aug 15, Colombo: Sri Lanka's Central Bank has decided to maintain current policy interest rates as low inflation environment continued and the real economic growth is likely to remain approximately on target in 2014.

Accordingly, the Standing Deposit Facility Rate (Repurchase Rate) would remain at 6.50 percent while the Standing Lending Facility Rate (Reverse repurchase Rate) remains at 8.50 percent, the Central Bank announced Friday.

Inflation continued to remain in low single digit levels, although it increased to 3.6 percent on a year-on-year basis in July 2014 from 2.8 percent in the previous month reflecting higher prices of certain food items caused by adverse weather conditions.

However, the Central Bank says the outlook for inflation remains benign although supply disturbances triggered by adverse weather conditions could cause temporary price fluctuations.

Market interest rates have continued to adjust downwards in response to monetary policy measures taken by the Central Bank in the recent past.

The monetary authority said the external sector strengthened further in recent months supported by timely and appropriate policies of the Central Bank and the Government.

Favorable developments in exports observed from June 2013 are expected to continue during the remainder of 2014.

Higher inflows from workers' remittances and from tourism along with the lower trade deficit have positively impacted the external current account and led the country's gross official reserves to surpass the historic milestone of US$ 9 billion, and currently standing at around US$ 9.2 billion, the Central Bank said.

In the meantime, the Central Bank has purchased over US$ 1 billion from the domestic foreign exchange market on a net basis so far during the year.

ColomboPage - Recent 10 Stories
Former Power and Energy Minister of Sri Lanka clears himself of Rs. 1.5 billion fraud in coal purchase
-- [10 minutes ago]
New secretary to Sri Lanka Sports Ministry assumes duties
-- [48 minutes ago]
Commonwealth Secretary-General to visit Sri Lanka tomorrow
-- [1 hour and 5 minutes ago]
Murali Harmony Cup 2014to launch on 29 October in Sri Lanka's North
-- [2 hours ago]
President presents Sri Lanka's next year budget promising relief for all sectors
-- [3 hours ago]
Sri Lanka's 2015 budget focused on long term development - Central Bank Governor
-- [9 hours ago]
Sri Lanka joins China-led Asian Infrastructure Investment Bank
-- [9 hours ago]
Sri Lanka hires eighth lobbying firm in the US
Sri Lanka business chamber to host seminar on bilateral trade with UK on October 29
Counter arguments raised to support Sri Lankan President's eligibility for the third term

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.