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CB
upbeat of achieving monetary targets
 Central
Bank on Monday expressed confidence of achieving quarterly
monetary targets based from its recent performance.
The strategy of the Central Bank in implementing its
monetary policy continues to be that of achieving targets
for the quarterly average of daily reserve money, by
absorbing liquidity through open market operations and
allowing market interest rates to adjust accordingly
to reflect the cost of funds.
“Having
met the quarterly targets for average reserve money
in the first and second quarters of 2008, the Central
Bank has been able to maintain average reserve money
well below the indicative targets for July and August
2008, and it is therefore expected that the reserve
money target for the quarter ending September 2008 would
be achieved,” the Bank said following the September
monetary policy review
The
Bank said inflation, as measured by the year-on-year
change in the Colombo Consumers’ Price Index (CCPI=2002),
declined to 24.9 per cent in August from the peak of
28.2 per cent in June 2008.
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