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Sri Lankan central bank maintains key rates

The Central Bank of Sri Lanka kept its interest rates unchanged, saying its recent cuts were sufficient to stabilize the inflation rate in the range of 4% to 6% in the medium term.

The bank maintained its standing deposit facility rate and standing lending facility rate at 7% and 8%, respectively, after cutting the rates by 50 basis points in August.

The central bank expects a subdued economic growth in 2019, followed by a gradual recovery in the medium term, and a reversal to low levels of core inflation in January 2020. Sri Lanka posted GDP growth of 1.6% for the second quarter, down from the 3.7% registered in the first three months of 2019, data from the country's statistics agency showed.