{"id":1675079,"date":"2022-10-06T00:06:25","date_gmt":"2022-10-06T04:06:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675079"},"modified":"2022-10-06T00:07:47","modified_gmt":"2022-10-06T04:07:47","slug":"sri-lanka-holds-rates-as-central-bank-tries-to-stabilise-harsh-economic-conditions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sri-lanka-holds-rates-as-central-bank-tries-to-stabilise-harsh-economic-conditions\/","title":{"rendered":"Sri Lanka holds rates as central bank tries to stabilise harsh economic conditions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsri-lanka-holds-rates-as-central-bank-tries-to-stabilise-harsh-economic-conditions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1675079&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Uditha Jayasinghe and Swati Bhat<\/p>\n<p>COLOMBO (Reuters) \u2013     Sri Lanka\u2019s central bank held policy rates steady on Thursday, saying monetary conditions remain \u201csufficiently tight\u201d after a massive rate-hike campaign earlier in the year as the crisis-hit nation grapples with red-hot inflation and shortages of dollars.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>As widely expected, the Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%.<\/p>\n<p>Nine out of 14 economists and analysts polled by Reuters had said they expect rates to remain unchanged.<\/p>\n<p>\u201cMonetary conditions remain sufficiently tight to achieve the envisaged disinflation path in the period ahead,\u201d CBSL said in its statement.<\/p>\n<p>\u201cThe contractionary fiscal policies would complement the effects of tight monetary policy measures already in place, helping to mitigate any build-up of aggregate demand pressures, thereby anchoring inflation expectations and bringing down headline inflation to the targeted level of 4-6% over the medium term,\u201d they added.<\/p>\n<p>However, inflation has remained high, hitting a record of 68.9% in September with food inflation up 93.7%, exacerbated by a plunge in the rupee currency and global surge in commodity prices.<\/p>\n<p>Sri Lanka\u2019s economy is also in a deep slump, shrinking an annual 8.4% in the June quarter in one of the steepest quarterly declines amid fertiliser and fuel shortages. The central bank predicts an 8.7% GDP contraction for 2022.<\/p>\n<p>An acute dollar shortage has left Sri Lanka grappling with its worst financial crisis in seven decades and struggling to pay for essential imports of food, fuel and medicine.<\/p>\n<p>\u201cA recovery in economic activity is expected in 2023 with the envisaged improvements in the supply-side, along with the timely implementation of the required reforms,\u201d CBSL said.<\/p>\n<p> (Reporting by Uditha Jayasinghe and Swati Bhat; Editing by Shri Navaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/sri-lanka-holds-rates\/attachment\/people-walk-past-the-main-entrance-of-the-sri-lankas\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9502I-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9502I-BASEIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/sri-lanka-holds-rates\/attachment\/a-woman-walks-past-the-main-entrance-of-the-sri\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9501T-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9501T-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) \u2013 Sri Lanka\u2019s central bank held policy rates steady on Thursday, saying monetary conditions remain \u201csufficiently tight\u201d after a massive rate-hike campaign<\/p>\n","protected":false},"author":66,"featured_media":1889517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1675079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/sri-lanka-holds-rates\/?utm_source=rss&utm_medium=rss&utm_campaign=sri-lanka-holds-rates","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1675079"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1675079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889517"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1675079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1675079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1675079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}