Colombo, Jan 31 (IANS): Sri Lanka's GDP is expected to grow over 4 per cent in 2020, the country's Central Bank said on Friday.
Central Bank Deputy Governor Nandala Weerasinghe said the current forecast of 4 per cent GDP growth was based on broad macro-economic projections, reports Xinhua news agency.
Sri Lanka was projected to grow around 2.7 to 2.8 per cent in 2019 after the rupee collapsed from 153 to 182 to the US dollar, generating an output shock and credit contraction.
Meanwhile, the Monetary Board of the Central Bank has also decided to relax monetary policies and reduce policy interest rates aiming to boost economic growth and stabilize inflation at mid-single digit levels, reports the Colombo Page newspaper.
"The Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy," the Bank said.