Sri Lanka's central bank is set to streamline its monetary policy by adopting a single benchmark interest rate, the Overnight Policy Rate, effective from the next update on Wednesday. This change replaces the existing dual-rate system and aims to enhance the clarity and effectiveness of monetary policy management.
Sri Lanka's central bank governor, Nandalal Weerasinghe, indicated that there is potential for interest rate cuts, contingent on the economic outlook. While no commitments will be made before the policy rate meeting on November 26, current indicators suggest a favorable environment for loosening monetary policy.
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