August 23, 2019 / 7:18 AM / 25 days ago

Sri Lanka cbank chief sees 2019 economic growth at 3.1%, could cap bank loan rates

COLOMBO, Aug 23 (Reuters) - Sri Lanka’s central bank will impose caps on lending rates for banks if they fail to reduce borrowing cost for businesses and individuals, its chief Indrajit Coomaraswamy said on Friday.

“We will go with individual lending rate caps for banks if the lending rates do not come down on a specific time limit,” he said at a news conference, after the central bank cut the key policy rates by 50 basis points for a second time in three months amid decelerating credit growth. (Reporting by Shihar Aneez; Editing by Kim Coghill)

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