Sri Lanka Raises Overnight Policy Rate 100 Basis Points to 8.75% as Iran War Strains Economy
Sri Lanka’s central bank raised its overnight policy rate by 100 basis points to 8.75%, seeking to support the currency and contain inflationary pressures as the Iran war puts growing strain on the economy.
The bank said rising global oil prices had led to substantial domestic energy price hikes, pushing April inflation to 5.4% from a year earlier. The increase underscores the pressure from imported energy costs as policymakers try to limit broader price and currency stress.
From the sources (4 posts)
@firstsquawkSri Lanka raised its overnight policy rate to 8.75%, according to the central bank.
@firstsquawkSri Lanka’s cenbank delivers a 100-basis-point increase in the overnight policy rate.
@firstsquawkSri Lanka’s cenbank says rising global oil prices led to substantial domestic energy price hikes, driving April inflation to 5.4% year-on-year.
@businessSri Lanka’s central bank raised its policy rate to support the currency and contain inflationary pressures amid growing strain on the economy from the Iran war