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Tuesday, October 15, 2013 - 05.30 GMT
CB eases monetary policy, cuts rates to harness SLís full economic potential


The Monetary Board of the Central Bank has decided to further relax monetary policies amid low inflation and reduce policy interest rates aiming to boost economic growth, the Central Bank said in its monetary policy Tuesday.

The Monetary Board of the Bank has decided to reduce both rates by 50 basis points and accordingly, the Repurchase Rate will be 6.50 percent and the Reverse Repurchase Rate will be 8.50 percent with immediate effect.

The Central Bank said in its Monetary Policy Review for October that the sensible demand management policies and supply side improvements have resulted in inflation remaining at single digit levels for the past 56 months, signaling the success of policies already implemented.

"These policies have strengthened the macroeconomic environment which is likely to enable the economy to comfortably exceed a GDP growth rate of 7 percent in 2013, " the monetary authority said in a statement.





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Last modified: October 15, 2013.

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