COLOMBO: Sri Lanka’s central bank on Friday raised benchmark interest rates for the first time in nearly four years by 50 basis points ahead of a possible IMF bailout. The Central Bank of Sri Lanka raised its lending rate from 7.5 to eight per cent, saying that relatively cheap money had the potential to fuel demand-driven inflation that could undermine the fragile economy. The previous rate increase was in April 2012 when it was increased by 75 basis points to 9.75 per cent.