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BRIEF-Sri Lanka cenbank keeps key monetary policy rates steady
June 23, 2017 / 2:19 AM / a month ago

BRIEF-Sri Lanka cenbank keeps key monetary policy rates steady

3 Min Read

June 23 (Reuters) - Central Bank of Sri Lanka:

* Sri Lanka central bank says keeps key monetary policy rates steady

* Sri Lanka cenbank says monetary expansion remained at elevated levels by end April 2017, driven by expansion in domestic credit channelled to both public, private sectors from banking system

* Sri Lanka private sector credit grew 20 pct y-o-y in April vs 20.4 pct a month ago

* Sri Lanka central bank says growth in Q1 was weighed down by the impact of unfavourable weather conditions, particularly on agriculture related activities

* Sri Lanka cenbank says growth of credit to the private sector continued to decelerate gradually

* Sri Lanka central bank says inflation is projected to moderate to mid-single digits by the end of 2017

* Sri Lanka cenbank says further deceleration in growth of credit to private sector is anticipated, given prevailing high nominal and real lending rates in market

* Sri Lanka cenbank says recent expansion in credit obtained by state owned business enterprises poses a risk to the behaviour of overall domestic credit

* Sri Lanka central bank says decline in net credit obtained by the government (NCG) was observed in the month of April 2017

* Sri Lanka cenbank says decline in tourist arrivals observed in the month of May 2017 is expected to be temporary

* Sri Lanka cenbank - continuation of government’s revenue based fiscal consolidation process, inflows to government on account of foreign borrowings appear to have reduced pressure on interest rates in government securities market substantially

* Sri Lanka cenbank says economy is expected to recover during the second half of the year

* Sri Lanka cenbank says despite improved export performance in March and April 2017, a sustained increase in import expenditure resulted in a wider cumulative trade deficit

* Sri Lanka cenbank - workers’ remittances recorded slowdown in first four months of year

* Sri Lanka cenbank - any further escalation of geopolitical tensions in Middle East could adversely affect workers' remittances inflows in the period ahead

* Sri Lanka cenbank says gross official reserves improved to above $7.0 billion by mid-June 2017 Source text - (bit.ly/2tA6GZx)

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