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Sri Lanka central bank holds key rate at 8.75%
COLOMBO: Sri Lanka’s central bank kept its key policy rate unchanged at 8.75% on Wednesday ahead of the island nation’s budget in mid-November. The decision was in line with market expectations after Sri Lanka raised its policy rate by a steep 100 basis points in May to steady its currency and protect foreign exchange reserves amid the US-Israeli war on Iran. Inflation rose to a three-year high of 8% in August from 7.3% in July, according to the latest data. Higher energy costs from the war have pushed Sri Lanka, which imports all of its oil, to ration fuel and increase prices by about 35% sin...
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