COLOMBO (NewsRadio); The Governor of the Central Bank of Sri Lanka, Nandalal Weerasinghe says difficult steps have already been taken and therefore Sri Lanka’s economic crisis is gradually easing at present.
Speaking during an event in Colombo, CBSL Governor Weerasinghe said Sri Lanka must continue in the same path in the face of the biggest economic crisis the country has faced in recent times.
Governor Nandalal Weerasinghe said at present, the key objective of the Central Bank is the stabilization and recovery of the economy.
The Central Bank Governor noted that the first priority is to tighten the monetary policy in terms of increasing interest rates.
He said they took measures to curtail the demand for certain commodities, thus slowing down the economy.
CBSL Governor Nandalal Weerasinghe noted that he is confident that the 2023 Budget will also support the fiscal policy which would help curtail the government’s deficit to a more sustainable level.
Meanwhile, The Central Bank Governor stressed that although the inflation increased to 70 percent, the rates are currently on a downward trend, preventing hyperinflation in the country.
Governor of the Central Bank Nandalal Weerasinghe also said he is confident of securing funding from the International Monetary Fund after obtaining financing assurances from bilateral creditors such as China, India and Japan.