Sri Lanka’s central bank chief says to reduce interest rates in 2023

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Steps will be taken in 2023 to reduce key interest rates in Sri Lanka, said Governor of Central Bank of Sri Lanka (CBSL) Nandalal Weerasinghe on Sunday.

Weerasinghe told media that inflation is also expected to fall in 2023.

He said that Sri Lanka’s inflation rate eased to 57.2 percent in December from 61 percent in November, noting that this reflected that the policies they have taken from April 2022 were successful.

High interest rates have kept inflation down but the rates will be reduced as the economy stabilizes, he said.— Xinhua