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Sri Lanka has doubled interest rates in a bid to revive inflation and the economy.
The rate has been raised to an all-time high of 700 points, according to an announcement made today, Friday.
The members of the Central Bank of Sri Lanka Fund have increased the normal lending rate to 14.50 per cent and the ordinary deposit interest rate to 13.50 per cent.
Inflation rose to 18.7 percent in March, according to a study by JPMorgan.
Sri Lanka’s foreign exchange reserves have declined by 70 per cent in the last two years, reaching 1.93 billion at the end of March.