Sri Lanka’s economic growth around 3 percent in 2018 – Central bank chief

Indrajith Coomaraswamy

Sri Lanka’s economic growth was around 3 percent in 2018, the lowest since 2001, Central Bank Governor Indrajit Coomaraswamy said on Friday.

“The 2018 economic growth was around 3 percent, well below the potential growth of 5 percent,” Coomaraswamy told reporters at a post monetary policy rate review briefing in Colombo.

Earlier on Friday, the central bank reduced commercial banks’ statutory reserve ratio (SRR) by 100 basis points in a surprise move to increase liquidity and boost credit growth as policymakers struggle to support the economy following a political crisis and a recent rate increase.