The second bailout installment was held up due to the government’s multiple loan violations.
The central bank cut the benchmark lending rate by 100 basis points to 11% as year-on-year inflation fell to 1.3% last month.
The latest policy rate reduction came as the government failed to secure the second tranche of $330 million out of the $2.9 billion four-year bailout agreed with the International Monetary Fund in March.However, the international lender noted that Sri Lanka had, among other things, fallen short of the agreed revenue targets and needed to increase tax collection.
“The financial sector is urged to pass on the benefits of the continued easing of monetary conditions to individuals and businesses adequately and swiftly, thereby supporting the envisaged rebound of the economy,” the bank said.
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