Sri Lanka tightens monetary policy, but more is needed
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CBSL hiked policy rate by 50bps, but effective tightening likely less amid ongoing rate caps at T-bill auctions
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BOP continues to worsen amid loose monetary and fiscal stance, with reserves falling from US$4bn to US$2.8bn in July
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LKR pressure also worsening, raising speculation for devaluation. More tightening required; retain Sell on Sri Lanka 24s
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.