Sri Lanka cuts rate to spur growth

Sri Lanka’s Central Bank reduced policy rates by 50 basis points to stimulate growth. Accordingly the repurchase rate will be placed at 7 percent and the reverse repurchase rate at 9 percent.

In addition, the reserve maintenance period of commercial banks will also be increased to two weeks from one week with effect from June 1, 2013 in order to offer greater flexibility to commercial banks in managing their liquidity.

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