Central Bank raises interest rates

New governor says will not be subject to decision-making

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The Central Bank has further tightened monetary policy by raising the Fixed Deposit Facility Rate and the Fixed Credit Facility Rate by 700 basis points to 13.50 percent and 14.50 percent respectively.

The new Governor of the Central Bank, Dr. Nandalal Weerasinghe says that he believes that the Central Bank of Sri Lanka has the potential and the strength to steer the country’s economy in a definite direction.

He says that turning point could be achieved in the next few months.

He emphasized that political stability and social stability are essential for that.

The Governor of the Central Bank Dr. Nandalal Weerasinghe expressed these views at the first media briefing to be held today (08) after assuming duties.

He also stated that he would work with maximum commitment for the betterment of the country and would work independently without any room for political interference in his affairs.

He stated that he came to this country after accepting this risk after preparing the necessary background to carry out that task.

He said that steps would be taken as soon as possible to restructure the country’s debt and that steps had already been taken to call for immediate proposals.

Dr. Weerasinghe told the media that he intended to appoint a committee immediately to consider the proposals and implement them.

He emphasized that the Central Bank of Sri Lanka was directly accountable to the people of the country and that there was no hope of any political authority or political motive in making decisions on behalf of the country.

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