Sri Lanka’s central bank raises key rates to curb inflation

BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s Central Bank has raised its key interest rates to 14.50% and 15.50% to try to contain inflation that has added to the country’s economic woes. Price hikes have been a severe blow, especially for the South Asian country’s poor and vulnerable groups as they endure their country’s worst economic crisis in memory. Sri Lankans have suffered months of acute shortages of essentials such as food, fuel, cooking gas and medicines. The central bank said it had raised its Standing Deposit Facility Rate and the Standing Lending Facility Rate that it charges commercial banks by 100 basis points each to 14.50% and 15.50%, respectively.