March 16, 2020 / 9:26 AM / 12 days ago

Sri Lanka's cenbank cuts rates by 25 bps in surprise move

BENGALURU, March 16 (Reuters) - Sri Lanka’s central bank in a surprise move on Monday cut its benchmark policy rates by 25 basis points, to support the island nation’s economy in the wake of the coronavirus pandemic.

The Central Bank of Sri Lanka (CBSL) cut the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) to 6.25% and 7.25%, respectively.

The bank also cut the statutory reserve ratio (SRR) by 1% to 4%, it said.

CBSL's board arrived at the rate cut decision in preparation to counter the possible spread of the virus in Sri Lanka, the bank said in a statement here (Reporting by Derek Francis in Bengaluru; Editing by Shailesh Kuber)

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