Sri Lanka cuts interest rates after debt restructure
The Central Bank of Sri Lanka slashes the benchmark lending rate by two percentage points to 12% today, a week after announcing a major debt restructuring in line with an IMF bailout it secured in March. – AFP pic, July 6, 2023.
CASH-STRAPPED Sri Lanka cut interest rates today, a week after announcing a major debt restructuring in line with an IMF bailout following an unprecedented economic crisis last year. The Central Bank of Sri Lanka slashed the benchmark lending rate by two percentage points to 12%, after unveiling the overhaul that involved a 30% haircut for foreign bond holders.
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