Sri Lanka raised interest rates to its highest level in two decades on Thursday. It said they had to avoid uncontrollable inflation to avoid deeper pain for an economy that is already in crisis and is shrinking.
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Sri Lanka's central bank raised its stand-up lending rate by 100 basis points to 15.50 percent, while the fixed deposit rate similarly rose to 14.50 percent, its highest since August 2001.
Inflation hit a record 54.6 percent in June. And central bank governor P. Nandalal Weerasinghe said inflation could reach 70 percent, prompting the central bank to raise interest rates to address rising prices.
We will work to manage inflation as much as possible. But other measures such as remittances are needed to alleviate the suffering of the poor,” he told reporters.The rate hike will continue to affect economic growth in the island nation.
