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09 December, 2013 09:21 AM Source: Lanka Business Online - LBO
central bank SL.jpg
Nov 09, 2013 (LBO) - Sri Lanka's central bank said a policy interest rate corridor would be kept at 6.50 and 8.50 percent in December amid a pick-up in private credit and loan repayments by state enterprises.
The full statement is reproduced below

Monetary Policy Review – December 2013

Several noteworthy, positive macroeconomic developments were reported during the past month indicating that the monetary policy decisions implemented throughout 2013 were timely and appropriate.

Real GDP growth accelerated in the third quarter of 2013. Inflation reduced significantly to levels lower than anticipated, while the external sector showed further progress. The turnaround in the financial position of key public corporations prompted substantial repayments by these institutions to the banking sector, facilitating an increased flow of financial resources for private investment. Credit extended to the private sector by banks picked up strongly in October 2013. These factors augur well for future economic growth, while continued downward adjustments to longer term market interest rates would bolster market confidence and nurture positive investor sentiments.

All key sectors of the economy contributed positively to the real GDP growth of 7.8 per cent in the third quarter of 2013. The Agriculture sector grew by 7.0 per cent recovering from the contraction observed in the second quarter.

The Industry sector grew by 8.1 per cent reflecting a moderation from the higher growth rates observed in the first two quarters of the year, while the Services sector growth accelerated to 7.9 per cent from 6.6 per cent in the previous quarter. The sound, broad based growth performance in the third quarter strengthens expectations of over 7 per cent economic growth for the year.
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