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Sri Lanka Purchasing Managers’ Index - August 2021

Purchasing Managers' Indices for both Manufacturing and Services activities contracted in August 2021.

The resurgence of the COVID-19 pandemic in August 2021 has slowed down the manufacturing activities in the country.

Services PMI dropped to an index value of 46.2 in August 2021 with the restrictions imposed to contain the further spread of the COVID-19.

Mr. Ajith Nivard Cabraal Takes Office as the Governor of the Central Bank of Sri Lanka

Mr. Ajith Nivard Cabraal assumed duties as the 16th Governor of the Central Bank of Sri Lanka on Wednesday, the 15th of September 2021 in Colombo. His appointment was made by His Excellency the President of the Democratic Socialist Republic of Sri Lanka Gotabaya Rajapaksa, according to the provisions of the Monetary Law Act No.58 of 1949. Accordingly, Mr. Cabraal will function as the Chairman of the Monetary Board of the Central Bank of Sri Lanka.

Initial statement by Governor Ajith Nivard Cabraal upon taking office on the 15th September 2021

I am extremely privileged to lead the Central Bank once again and deeply humbled by the trust and confidence reposed in me by the President, Prime Minister and Finance Minister to take up this responsibility. I also deeply appreciate the good wishes that I have received from thousands of our countrymen. 

I will assure all of them that they will not be let down, and the economy will be steered towards continued stability.

I also look forward to the close cooperation of the wonderful team of persons at the Central Bank as well the support from all stakeholders with whom I will have early consultations. 

External Sector Performance - July 2021

The deficit in the trade account recorded an expansion on a year-on-year basis in July 2021. Earnings from export of goods increased during the month over a year earlier, but expenditure on imports increased at a faster pace, causing the trade deficit to widen for the fifth consecutive month in July 2021. Workers’ remittances declined in July, following the trend observed in June 2021, while earnings from tourism remained at minimal levels. Meanwhile, maintaining the country’s impeccable record of debt service payments, Sri Lanka successfully settled the matured 10-year International Sovereign Bond (ISB) of US dollars 1.0 billion in July 2021. Foreign investment in the government securities market recorded a marginal net inflow, while the Colombo Stock Exchange (CSE) continued to record net outflows during the month. The average spot exchange rate in the interbank market remained broadly stable in July 2021.