Sri Lanka to use monetary policy tool mix to target inflation: CB official

Sept 19, 2009 (LBO) - Sri Lanka was ready to change intermediate targets or vary its policy tools dynamically to keep inflation low, a senior central banker said, though the final inflation target is as yet somewhat loosely defined.
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Sri Lanka's central bank has a loosely defined inflation target of "single digit".
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In 2007 and 2008 Sri Lanka had 20 percent plus inflation when other dollar pegged countries managed with inflation around or just higher than reported US inflation figures.
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Monetary Inflation

When Sri Lanka's inflation rose steeply, the Central Bank had moved to a strict money supply targeting framework.

"Because we saw our experience - looked back and saw what was the source of the high inflation," assistant Central Bank governor P N Weerasinghe told the annual sessions of the Sri Lanka Economists Association.

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"And one of the reasons was that we had in some years a relatively higher monetary expansion than we wanted."

The Central Bank then started to target reserve money aggressively instead of rates. Rates were allowed to move up to high levels.

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Sri Lanka's central bank has a poor record of controlling inflation and maintaining its peg with the US dollar.



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