Economic Times•Today at 05:34
Sri Lanka jolts markets with outsized 100-bp rate hike to counter Gulf crisis
Agencies Sri Lanka's central bank stunned markets by raising its policy rate by an outsized 100 basis points on Tuesday, the biggest hike in four years, as policymakers scrambled to stem inflation and support a currency buckling under soaring energy prices. 5 billion on fuel imports in the first four months of the year, with the fuel bill surging 77% in March alone. 9 billion programme from the International Monetary Fund, the island is clawing its way out of the 2022 upheaval caused by a severe shortfall of dollars.
