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Central Bank of Sri Lanka keeps overnight policy rate unchanged
CBSL projects gross domestic product (GDP) will grow by 4.5 per cent this year, after expanding by 5 per cent last year. Inflation is likely to accelerate more gradually than its earlier projection and hit the central bank’s 5-per cent target by the second half of 2026.
The Central Bank of Sri Lanka kept its policy interest rate unchanged today.
It held the overnight policy rate at 7.75 per cent.
It projects GDP will grow by 4.5 per cent this year, after 2024’s 5-per cent expansion.
Inflation may accelerate more gradually than its earlier projection and hit the bank’s 5-per cent target by the second half of 2026.
Foreign exchange reserves will reach close to $7 billion.
The board is of the view that the current monetary policy stance will support steering inflation towards the target, the central bank said in a release.
Core inflation is also expected to accelerate at a modest pace, as demand in the economy gradually strengthens. Medium-term inflation expectations remain well anchored around the inflation target, the release noted.
The central bank has kept the rate steady since May this year as Sri Lanka continues its recovery from a 2022 financial crisis resulting from by a collapse in foreign currency reserves.
The International Monetary Fund’s executive board is due to approve a $347 million tranche of the global lender’s $2.9-billion loan programme with Sri Lanka next month.
The country’s foreign exchange reserves will reach close to $7 billion, the highest since the crisis, CBSL said.
Fibre2Fashion News Desk (DS)
The package establishes a modern framework for both sides, enabling frictionless access to a market of 460 million consumers in key sectors, delivering economic benefits to both parties.
European Commission President Ursula von der Leyen and Swiss President Guy Parmelin yesterday signed a broad package of agreements aimed at deepening and expanding EU-Switzerland ties.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides of the border.
Additionally, it will ensure more consistent rules for individuals who live, work or study across the EU-Swiss border. Switzerland will contribute to the development of legislation in the areas covered by the package and will have the opportunity to influence these rules as they are being designed.
“By modernising and deepening our ties across key sectors, from trade and transport to health and energy—we are strengthening legal certainty, fostering innovation and creating new opportunities for our citizens and businesses,” von der Leyen said in a release from the Commission.
The package includes updates to four already existing agreements, which already give Switzerland access to the EU internal market, regarding air transport, land transport, the free movement of persons and mutual recognition of conformity assessment.
New agreements on food safety, electricity, health and Switzerland’s participation in the EU Agency for the Space Programme were signed. A new agreement introduced a permanent and fair financial contribution by Switzerland to economic and social cohesion within the EU.
Apart from a protocol on parliamentary cooperation, the package includes also a joint declaration on the establishment of a high-level dialogue on the broad bilateral package.
Fibre2Fashion News Desk (DS)
Following earlier increases in purified terephthalic acid (PTA), melt and PSF, Indian producers have now raised PFY prices. POY, FDY and PTY prices have been increased by ****;* per kg across all deniers and lustres with effect from March *, reflecting rapid cost pass-through amid heightened volatility in crude-linked value chains, according to the market sources.
In the previous weekly revision effective February **, ****, PTA was increased by ****;*.** per kg to ****;**.** per kg, while monoethylene glycol (MEG) was retained at ****;**.** per kg. Polyester melt prices were raised by ****;*.** per kg to ****;**.** per kg. Downstream PSF prices were also revised upward by ****;*.** per kg from March *.
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