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Sri Lanka central bank keeps policy rates steady

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Sri Lanka central bank keeps policy rates steady

The CentralBank of Sri Lanka decided to keep its policy rates unchanged inlight of a marginal depreciation of the Sri Lankan rupee and moderating coreinflation.

The central bank said Sept. 28 that it will maintain thestanding deposit facility rate and the standing lending facility rate at 7% and8.50%, respectively. The statutory reserve ratio was also maintained at 7.50%.

The central bank noted that it has adequate measures inplace to contain monetary expansion, in support of economic activity. Inflationdeclined further in August on a year-over-year basis, reflecting thenormalization of domestic supply conditions. Core inflation also moderated on ayear-over-year basis.

The Sri Lankan economy is estimated to have grown by 2.6%year over year during the second quarter of 2016, compared to growth of 7% inthe same period of 2015.