Sri Lanka’s central bank raised borrowing costs by an unprecedented 700 basis points amid economic and political turmoil that has sparked street protests and left President Gotabaya Rajapaksa with a minority in parliament.
The Central Bank of Sri Lanka increased the standing lending facility rate to 14.5% from 7.5%, it said in a statement Friday. That’s way above the median estimate of 8.5% in a Bloomberg survey of economists.
