COLOMBO (Reuters) – Sri Lanka’s central bank unexpectedly raised interest rates on Friday to help complete the IMF’s Extended Fund Facility (EFF) facility, the central bank said in a statement.
The bank increased its Standing Deposit Facility rate and Standing Lending Facility rate by 16 basis points each to . 50% and .16% are
The country is awaiting approval for a $2.9 billion IMF bailout plan.
Its economy has been squeezed by the worst financial crisis since British independence 1948, with growth estimated to have shrunk by 9.2% and inflation soaring last February to 1948%.
