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Sri Lanka raises de facto policy rate 02bp to 5 25-pct

Monday July 12, 2021 8:38 am Monday July 12, 2021 8:38 am ECONOMYNEXT – Sri Lanka has raised ceiling rate for 12-month Treasuries by 02 basis points to 5.25 percent, for this week’s Treasuries auction where 56 billion rupees of bills will be offered. The ceiling policy rate has operated as a de facto policy rate through which large volumes of debt is monetized when the central bank purchases bills with printed money to defend a pattern of Treasuries yields leading to a failure of the auction, despite there being demand at a higher rate. In recent months demand has concentrated around 3-month bills with market participants expecting rates to move up and a gap developing between the one year price control and the two year bond.

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