Sri Lanka aspires for economic bounce back by fourth quarter

2020-08-22 05:30:37

(MENAFN) On Thursday August 20 the Central Bank of Sri Lanka (CBSL) stated that the Sri Lankan economy is waited for to bounce back in the fourth quarter because of the waited effects of monetary and financial incentive and rehabilitated focus on import-substitution and exports.

Data from the Department of Census and Statistics showed that Sri Lanka's economy agreement by 1.6 percent in the first quarter, with comparable unfavorable property anticipated for the second quarter amid the Coronvairus pandemic.

The CBSL stated that financial and monetary incentive, import-substitution, and political steadiness subsequent to recent elections are predictable to fuel a rebound in the fourth quarter which possible "essential for the country to record a positive growth rate during this year,".

On Thursday August 20 The Monetary Board of the CBSL declared that the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) would be preserved at 4.50 percent and 5.50 percent correspondingly so as to help trivial borrowers.

MENAFN2208202000450000ID1100676796

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.