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Appointment of a New Deputy Governor

The Monetary Board, with the concurrence of the Hon. Minister of Finance, Economy and Policy Development has appointed Assistant Governor, Mr. K M Mahinda Siriwardana as a Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 12th February 2020.

Mr. Siriwardana has a service of more than 28 years in the Central Bank. Prior to his recent appointment as a Deputy Governor, Mr. Siriwardana held the position of Assistant Governor in charge of Economic Research Department and Statistics Department. Mr. Siriwardana has also served as the Director of the Economic Research Department of the CBSL.

External Sector Performance - December 2019

Earnings from exports declined while expenditure on imports increased during December 2019, widening the trade deficit. During the year 2019, the trade deficit contracted significantly, driven by a sharp contraction in import expenditure. The speed of recovery in tourism industry accelerated in December 2019 although cumulative earnings from tourism declined during the year. Workers’ remittances increased notably (year-on-year) in December 2019 helping to moderate the cumulative decline in 2019. Meanwhile, there was a notable outflow of foreign investment from the government securities market during December 2019 while marginal net outflows were also observed from the CSE. The Sri Lankan rupee appreciated against the US dollar during 2019 and remained stable thus far during 2020.

Regulatory Action on a Primary Dealer - Pan Asia Banking Corporation PLC

The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of business and activities of the Primary Dealer Unit of Pan Asia Banking Corporation PLC (PABC) for a period of six months with effect from 10.00 a.m. on 15th February 2020, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.

The Central Bank wishes to emphasize that this regulatory action suspends PABC’s access to the primary auctions for government securities. It does not affect any of the other activities/services of PABC.

Sri Lanka Purchasing Managers’ Index - January 2020

Manufacturing PMI expanded at a slower pace in January 2020 recording an index value of 54.0 mainly due to the slower expansion in New Orders and Stock of Purchases.

New Orders, Production and Stock of Purchases sub-indices expanded at a slower pace particularly in the manufacturing of food and beverages sector with the decreasing demand after the festival season. Further, a slowdown in Stock of Purchases in textile & wearing apparel sector could be observed due to Chinese New Year holidays. The Employment contracted during the month due to the leaving of employees from their jobs for better paid employments.