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CBSL ups key interest rates in wake of US Fed. Reserve's rate hike



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The Central Bank's  Monetary Board decided to increase key policy interest rates of the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points each.

"Accordingly, SDFR and SLFR will be increased to 7.25 per cent and 8.75 per cent,respectively, with effect from March 24 because we were compelled to increase them  because of the  US Federal Reserve Bank's  rate hike at 0.50, coupled with results of the country's drought condition. If not it would create a major economic crisis,  CBSL Governor Dr. Indrajith Coomaraswamy  said at the CBSL's monthly review meeting at Central Bank Auditorium yesterday.

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