Sri Lanka holds rates steady to rein in inflation, as expected

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The Central Bank of Sri Lanka had increased rates by a massive 950 basis points between August 2021 to July 2022 to tame stubbornly high inflation.

The Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%. Rates continue to stand at their highest levels since August, 2001.

Thirteen out of 14 economists and analysts polled by Reuters expected CBSL to hold rates.

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