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Central Bank of Sri Lanka’s Monetary Policy History

The following table is a historical summary of Central Bank of Sri Lanka’s monetary policy decisions.

The central bank targets the repurchase rate at which it drains money from the banking systems.

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Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
10/10/2011         0.00%       7.00%       7.00%    Expected      Maintain
9/16/2011          0.00%       7.00%         n/a         n/a      Maintain
08/19/2011         0.00%       7.00%       7.00%    Expected      Maintain
07/8/2011          0.00%       7.00%       7.00%    Expected      Maintain
06/14/2011         0.00%       7.00%       7.00%    Expected      Maintain
05/16/2011         0.00%       7.00%       7.00%    Expected      Maintain
04/12/2011         0.00%       7.00%       7.00%    Expected      Maintain
03/8/2011          0.00%       7.00%       7.00%    Expected      Maintain
02/8/2011          0.00%       7.00%       7.00%    Expected      Maintain
01/11/2011        -0.25%       7.00%       7.25%  Unexpected        Easing
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================

12/14/2010         0.00%       7.25%       7.25%    Expected      Maintain
11/16/2010         0.00%       7.25%       7.25%    Expected      Maintain
10/19/2010         0.00%       7.25%       7.25%    Expected      Maintain
09/21/2010         0.00%       7.25%       7.25%    Expected      Maintain
08/20/2010         0.00%       7.25%       7.25%    Expected      Maintain
07/9/2010         -0.25%       7.25%       7.50%  Unexpected        Easing
06/16/2010         0.00%       7.50%       7.50%    Expected      Maintain
05/20/2010         0.00%       7.50%       7.50%    Expected      Maintain
04/22/2010         0.00%       7.50%       7.50%    Expected      Maintain
03/18/2010         0.00%       7.50%       7.50%    Expected      Maintain
02/16/2010         0.00%       7.50%       7.50%    Expected      Maintain
01/19/2010         0.00%       7.50%       7.50%    Expected      Maintain

12/14/2009         0.00%       7.50%       7.50%    Expected      Maintain
11/18/2009        -0.50%       7.50%       8.00%  Unexpected        Easing
10/13/2009         0.00%       8.00%       7.75%  Unexpected      Maintain
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
09/11/2009        -0.50%       8.00%       8.25%  Unexpected        Easing
08/17/2009         0.00%       8.50%       8.50%    Expected      Maintain
07/12/2009         0.00%       8.50%       8.25%  Unexpected      Maintain
06/15/2009        -0.50%       8.50%       8.88%  Unexpected        Easing
05/21/2009         0.00%       9.00%         n/a         n/a      Maintain
04/22/2009        -1.25%       9.00%      10.00%  Unexpected        Easing
03/18/2009         0.00%      10.25%         n/a         n/a      Maintain
02/11/2009        -0.25%      10.25%      10.50%  Unexpected        Easing
01/12/2009         0.00%      10.50%      10.50%    Expected      Maintain

12/19/2008         0.00%      10.50%      10.50%    Expected      Maintain
11/14/2008         0.00%      10.50%      10.50%    Expected      Maintain
10/20/2008         0.00%      10.50%      10.50%    Expected      Maintain
09/15/2008         0.00%      10.50%      10.50%    Expected      Maintain
08/20/2008         0.00%      10.50%      10.50%    Expected      Maintain
07/16/2008         0.00%      10.50%      10.50%    Expected      Maintain
06/20/2008         0.00%      10.50%      10.50%    Expected      Maintain
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
05/26/2008         0.00%      10.50%      10.50%    Expected      Maintain
04/23/2008         0.00%      10.50%      10.50%    Expected      Maintain
03/19/2008         0.00%      10.50%      10.50%    Expected      Maintain
02/21/2008         0.00%      10.50%      10.50%    Expected      Maintain
01/17/2008         0.00%      10.50%      10.50%    Expected      Maintain

12/26/2007         0.00%      10.50%      10.50%    Expected      Maintain
11/20/2007         0.00%      10.50%      10.50%    Expected      Maintain
10/26/2007         0.00%      10.50%      10.50%    Expected      Maintain
09/28/2007         0.00%      10.50%      10.50%    Expected      Maintain
08/14/2007         0.00%      10.50%      10.50%    Expected      Maintain
07/23/2007         0.00%      10.50%      10.50%    Expected      Maintain
06/25/2007         0.00%      10.50%      10.50%    Expected      Maintain
05/22/2007         0.00%      10.50%      10.50%    Expected      Maintain
04/10/2007         0.00%      10.50%      10.50%    Expected      Maintain
03/16/2007         0.00%      10.50%      10.50%    Expected      Maintain
02/23/2007         0.50%      10.50%      10.25%  Unexpected    Tightening
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
01/18/2007         0.00%      10.00%      10.25%  Unexpected      Maintain

12/15/2006         0.38%      10.00%      10.13%  Unexpected    Tightening
11/14/2006         0.00%       9.63%       9.88%  Unexpected      Maintain
09/28/2006         0.50%       9.63%         n/a         n/a    Tightening
09/15/2006         0.00%       9.13%       9.25%  Unexpected      Maintain
08/16/2006         0.00%       9.13%       9.25%  Unexpected      Maintain
07/22/2006         0.13%       9.13%       9.00%  Unexpected    Tightening
06/16/2006         0.25%       9.00%       8.75%  Unexpected    Tightening
05/15/2006         0.00%       8.75%       8.75%    Expected      Maintain
04/12/2006         0.00%       8.75%         n/a         n/a      Maintain
03/15/2006         0.00%       8.75%         n/a         n/a      Maintain
02/16/2006         0.00%       8.75%         n/a         n/a      Maintain
01/17/2006         0.00%       8.75%         n/a         n/a      Maintain

12/22/2005         0.25%       8.75%         n/a         n/a    Tightening
11/16/2005         0.00%       8.50%         n/a         n/a      Maintain
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
10/11/2005         0.00%       8.50%         n/a         n/a      Maintain
09/13/2005         0.25%       8.50%         n/a         n/a    Tightening
08/17/2005         0.00%       8.25%         n/a         n/a      Maintain
07/13/2005         0.00%       8.25%         n/a         n/a      Maintain
06/15/2005         0.50%       8.25%         n/a         n/a    Tightening
05/13/2005         0.25%       7.75%         n/a         n/a    Tightening
04/12/2005         0.00%       7.50%         n/a         n/a      Maintain
03/16/2005         0.00%       7.50%         n/a         n/a      Maintain
02/15/2005         0.00%       7.50%         n/a         n/a      Maintain
01/11/2005         0.00%       7.50%         n/a         n/a      Maintain

12/15/2004         0.00%       7.50%         n/a         n/a      Maintain
11/10/2004         0.50%       7.50%         n/a         n/a    Tightening
10/13/2004         0.00%       7.00%         n/a         n/a      Maintain
09/15/2004         0.00%       7.00%         n/a         n/a      Maintain
08/13/2004         0.00%       7.00%         n/a         n/a      Maintain
07/14/2004         0.00%       7.00%         n/a         n/a      Maintain
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
06/16/2004         0.00%       7.00%         n/a         n/a      Maintain
05/14/2004         0.00%       7.00%         n/a         n/a      Maintain
04/16/2004         0.00%       7.00%         n/a         n/a      Maintain
03/12/2004         0.00%       7.00%         n/a         n/a      Maintain
02/11/2004         0.00%       7.00%         n/a         n/a      Maintain
01/14/2004         0.00%       7.00%         n/a         n/a      Maintain

12/18/2003         0.00%       7.00%         n/a         n/a      Maintain
11/11/2003         0.00%       7.00%         n/a         n/a      Maintain
10/16/2003         0.50%       7.00%         n/a         n/a    Tightening
09/9/2003         -1.00%       6.50%         n/a         n/a        Easing
08/15/2003        -0.75%       7.50%         n/a         n/a        Easing
07/9/2003          0.00%       8.25%         n/a         n/a      Maintain
06/13/2003         0.00%       8.25%         n/a         n/a      Maintain
05/9/2003            n/a       8.25%         n/a         n/a           n/a
The Central Bank commenced active Open Market Operations in March 2003,
and began regular public announcements on monetary policy.
============================================================================
Date           Repo Rate   Repo Rate   BN Survey  Survey vs.     Direction
                  Change      Target      Median      Actual
============================================================================
============================================================================

Note: The Central Bank’s Repo and Reverse Repo rates form an interest rate

corridor for call money market rates. The Repo rate forms the lower

limit while the Reverse Repo rate the upper limit. This reduces large

fluctuations in short-term market rates.

Source: Central Bank of Sri Lanka

To contact the reporter on this story: Manish Modi in New Delhi at mmodi6@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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