Sri Lanka’s central bank governor quits amid spiralling economic crisis

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Sri Lanka is facing deepening economic woes after the resignation of its central bank governor. The central bank is scheduled to announce an interest rate decision tomorrow (April 5). Mr Ajith Nivard Cabraal was appointed governor in September amid Sri Lanka’s deepening foreign exchange crisis. He was known to favour reducing reliance on foreign debt, especially from the IMF. Since his appointment, Mr Cabraal has raised borrowing costs by a total of two percentage points from the pandemic-era low to combat Asia’s fastest inflation.

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