Sri Lanka, July 23 -- The Monetary Policy Board has decided to maintain the Overnight Policy Rate (OPR) at the current level of 7.75% at its meeting held on Tuesday (July 22), the Central Bank of Sri Lanka (CBSL) announced today.

Issuing a statement in this regard, the CBSL noted that the Board arrived at this decision after carefully considering both domestic and global developments. The Board is of the view that the current monetary policy stance will help steer inflation towards the target of 5% in the period ahead while supporting growth, it said.

"The movements in the Colombo Consumer Price Index (CCPI) reflected a further easing of deflationary conditions as anticipated. Inflation is projected to turn positive this quarter and ste...