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ECONOMY

Sri Lanka shocks with 100-bp rate hike

Sri Lanka's central bank hiked interest rates by 100 basis points to 8.75% to combat inflation and currency depreciation caused by the Iran war.

Harper Clark
ByHarper Clark- Senior Editor
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0
Sri Lanka shocks with 100-bp rate hike
Photo: Prepared by Bond.az

COLOMBO, May 26 (Bond.az) - Sri Lanka's central bank stunned markets by raising its policy rate by 100 basis points to 8.75%, the biggest hike in four years.

The move aims to stem inflation and support the currency, battered by soaring energy prices due to the Iran war.

Economists had expected only a 25-bp hike. Governor Weerasinghe said the hike will help stabilize exchange rates and inflation.

Annual inflation jumped to 5.4% in April from 2.2% in March. Fuel prices rose 40% due to the energy shock.

This is the largest rate increase since March 2023. Growth forecasts have been cut, with the central bank now expecting 4-5% growth.

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Sri Lanka shocks with 100-bp rate hike | Bond.az