Monday, May 27, 2024

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CBSL suspends money-printing. Bank interest rates to be surged

The Central Bank of Sri Lanka (CBSL) has decided to suspend the money printing operations and raise money from the market.

Following the coming of the present government Rs. 1.3 trillion were printed, which, according to critics, had contributed to the rising inflation in the country.

Meanwhile, the bank interest rates are likely to surge within this month, according to sources.

The relief package recently announced by the government requires Rs. 230 billion, part of which is to be sourced from the local money market.


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