Sri Lanka doubles interest rates to tame inflation; stabilise economy

The Central Bank of Sri Lanka’s (CBSL) monetary board raised its standing lending facility to 14.50 percent and its standing deposit facility to 13.50 percent.

Sri Lanka’s central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.