The Central Bank of Sri Lanka has recommended to the government that fuel and electricity tariffs be increased. The Central Bank says the amendment should be made soon.
Announcing its Monthly Monetary Policy, the Central Bank of Sri Lanka states that the import of non-essential goods should be further restricted. It further said that foreign remittances and investment should be increased and through this foreign reserves should be protected and developed.
In addition, the Central Bank recommends that it focus on raising tax revenue.
Accordingly, the Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 03 March 2022, reinforcing its stance adopted in January 2022, has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) to 6.50 percent and 7.50 percent, respectively.
Statutory Reserve Ratio (SRR) meanwhile, remains unchanged at 4.00%.
