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Meeting between the Governor of the Central Bank of Sri Lanka (CBSL) and Governor of Qatar Central Bank (QCB)

The Governor of the CBSL, Mr. Ajith Nivard Cabraal had discussions with the Governor of QCB, His Excellency Sheikh Abdulla Bin Saoud Al-Thani, regarding CBSL and QCB collaboration to strengthen SL-Qatar economic ties and measures to mitigate the impact of COVID-19 pandemic on the economies.

NCPI based Inflation decreased in September 2021

Headline inflation, as measured by the year-onyear (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1, decreased to 6.2 per cent in September 2021 from 6.7 per cent in August 2021. This decline was entirely due to the statistical effect of the high base prevailed in September 2020. Meanwhile, Food inflation (Y-oY) decreased to 10.0 per cent in September 2021 from 11.1 per cent in August 2021, while NonFood inflation (Y-o-Y) remained unchanged at 3.0 per cent in September 2021.

External Sector Performance - August 2021

Increased financial inflows bolstered Gross Official Reserves (GOR) during the month of August 2021, while merchandise exports exceeded US dollars 1.0 billion for the third consecutive month. However, the increase of import expenditure outpaced the increase of export earnings, resulting in an expansion of the trade deficit, compared to a year earlier. Tourist arrivals gathered some momentum in August 2021, recording a notable increase over the previous month, although the numbers remained low. A moderation of workers’ remittances was observed in August 2021. Sri Lanka received the allocation of Special Drawing Rights (SDR) from the International Monetary Fund (IMF) as part of the general SDR allocation in 2021. Further, initial disbursements under the bilateral currency swap arrangement between the Central Bank of Sri Lanka and the Bangladesh Bank were received during August 2021.

Reconstitution of the Monetary Policy Consultative Committee

The Monetary Policy Consultative Committee (MPCC) of the Central Bank of Sri Lanka has been reconstituted with effect from 5 October 2021. The reconstituted MPCC comprises 12 eminent personalities from the private sector and academia and is chaired by Mr. Sunil Lankathilake, Former Deputy Governor of the Central Bank of Sri Lanka and a Member of the Securities and Exchange Commission of Sri Lanka. The other members are Mrs. Dhamitha Cooke, Chief Financial Officer, Stassen Group of Companies; Mr. Niranjan Dissanayake, Chairman, Import Section of the Ceylon Chamber of Commerce; Mr. Christopher Joshua, Managing Director, Access Engineering PLC; Prof. Sunanda Madduma Bandara, Professor of Economics; Mr. Ashroff Omar, Chief Executive Officer, Brandix Lanka Limited; Mr. Ashok Pathirage, Chairman/ Managing Director, Softlogic Group; Mr. Dhammika Perera, Chairman, Vallibel One PLC and Co-Chairman, Hayleys PLC; Mr. Jeyam Perumal, Chairman, Mainettech Lanka (Pvt) Ltd; Dr. Kulatunga Rajapaksa, Emeritus Managing Director, DSI Samson Group; Mr. Rusiripala Tennekone, Retired Senior Banker; and Ms. Kasturi Chellaraja Wilson, Group Chief Executive Officer, Hemas Holdings PLC.