New Sri Lanka central bank boss calls monetary policy meet on Friday

Sri Lanka’s new central bank governor will hold a monetary policy meeting on Friday, a day after he takes office, a source told Reuters, as the government struggles with an economic crisis. The crisis touched off political chaos this week when the entire cabinet of President Gotabaya Rajapaksa quit, followed by the resignation of the central bank chief, Ajith Nivard Cabraal.

Nandalal Weerasinghe, a former senior deputy governor of the Central Bank of Sri Lanka who has worked with the IMF, will replace Cabraal on Thursday.

With inflation racing to the highest in a decade, hefty interest rate hikes may be looming,