Sri Lanka CBSL January rate cut pulls down the deposit rates not the lending rates till Feb

Sri Lanka monetary authorities cut the benchmarked interest by 0.50% in January, March 16th and April expecting to bring down the domestic lending rates to boost the credit which is growing slowly. The rate cut in January has influenced a decline of new bank borrowing rates from 9.34% in Jan to 8.55% in Feb, while new lending rates have remained the same.