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The Central Bank of Sri Lanka cut interest rates by 25 basis points on Wednesday in a surprise decision aimed at helping fuel the island nation's economic recovery from its worst financial crisis in decades. It said it took the decision "in the absence of significant inflationary pressure" and that it expects inflation to remain below its 5% target in the medium term. Inflation dropped to 1.7% in June, a sharp contrast to 70% in September 2022 during the height of the financial crisis. Sri Lanka cut power tariffs by 22.5% and reduced fuel and cooking gas prices this month to reduce living costs. However, the latest rate reduction is unlikely to propel growth beyond the projected 3% with markets likely to keep a close eye on Sri Lanka's upcoming presidential elections, which are expected to be held before mid-October.

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