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Inflation in August 2018

Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100), which is compiled by the Department of Census and Statistics (DCS), decreased to 2.5 per cent in August 2018 from 3.4 per cent in July 2018, on year-on-year basis, mainly driven by monthly decline in Food prices in August 2018. The change in the NCPI measured on an annual average basis decreased from 5.1 per cent in July 2018 to 4.7 per cent in August 2018.

Date of Announcement of the Monetary Policy Review - No. 6 of 2018

The Monetary Policy Review – No. 6 of 2018, which was previously scheduled to be issued on Friday, 28 September 2018 as announced in the Road Map - Monetary and Financial Sector Policies for 2018 and Beyond, has been rescheduled to Tuesday, 02 October 2018 at 7.30 a.m.

Margin Deposit Requirement against Letters of Credit (LCs) opened with Commercial Banks for the Importation of Vehicles

The Monetary Board of the Central Bank of Sri Lanka imposed a 100 per cent margin deposit requirement against Letters of Credit opened with the commercial banks for the import of motor vehicles,which are generally used for non-commercial purposes,with immediateeffect.Accordingly, Letters of Credit for the importation of these vehicle categories could be done only with a minimum cash margin of 100 per cent.

The decision to impose the margin deposit requirement is based on recent developments which, if not addressed, could threaten macroeconomic stability. These include the following: