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Friday, 4 January 2013

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CB to maintain good rapport with IMF

Central Bank Governor Ajith Nivard Cabraal said Sri Lanka is going to have discussions with the International Monetary Fund (IMF) this year to plan out its future engagements with the institution.


Ajith Nivard Cabraal

For the first time, Sri Lanka was able to successfully complete the US $ 2.55 billion stand-by arrangement received from IMF within a three year period without burdening the country.

The IMF programme started in 2009 and ended in 2012.

Cabraal said, “we will in addition keep on taking steps that are necessary to maintain inflation in a single digit level and mid single level as we go alone in the next few years.

“We would like to see the country being in a growth path in a continuous basis as well. The unemployment rate in the country is also expected to come down below the three percent mark by 2016. To determine the exchange rate, we would allow market forces to play its role. But at the same time, we would however intervene in the event that we find there is a too fast depreciation or too fast appreciation.

“The Central Bank monetary policy will also be conducted within the current monetary targeting framework.

“Today the world is moving towards ensuring that there is more monetary targeting, repositioning of monetary targets is today being understood and welcomed as an important factor in monetary policy transition.

“We will be considering making some changes within the year, particularly the lengthening of the current one week reserve maintenance period to two weeks, conducting regular term options and enhancing operational capabilities to manage day to day liquidity in a more effective manner.

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