The financial sector regulator was not entirely satisfied with the way the banks had reacted to the earlier rate cuts and is of the view that the risks related to the price changes are currently balanced.

The Central Bank cut its Standing Lending and Deposit Facility rates by 25 basis points each, bringing the two benchmark rates to 9.25 percent and 8.25 percent, respectively.

The move was largely symbolic and lacked much significance, except for the need to signal that the Central Bank is on the easing path.