• Administrative Penalties imposed by the Financial Intelligence Unit (FIU) on Financial Institutions from 01 January 2024 to 30 April 2024

    By virtue of the powers vested under Section 19(1) read together with section 19(2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of the Financial Institution.

    Accordingly, as Sri Lanka’s regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), the FIU collected penalties as indicated below, amounting to Rs. 3 million in total from 01 January 2024 to 30 April 2024 to enforce compliance on Financial Institutions. The money collected as penalties were credited to the Consolidated Fund.

  • Appointment of New Deputy Governors of the Central Bank of Sri Lanka

    In terms of the provisions in the Central Bank of Sri Lanka Act, No. 16 of 2023, Hon. Minister of Finance, as recommended by the Governing Board, has appointed Mr. A A M Thassim, Assistant Governor and Secretary to the Governing Board, and Mr. J P R Karunaratne, Assistant Governor, as Deputy Governors of the Central Bank of Sri Lanka with effect from 20.06.2024 and 24.06.2024, respectively.

  • Financial Intelligence Unit of Sri Lanka entered into a Memorandum of Understanding with the Financial Intelligence National Center of the Kingdom of Bahrain

    The Financial Intelligence Unit of Sri Lanka (FIU-Sri Lanka) entered into a Memorandum of Understanding (MOU) with the Financial Intelligence National Center of the Kingdom of Bahrain (FINC-Bahrain) on June 04, 2024, at the 30th Plenary of the Egmont Group, held in Paris, France, to exchange financial intelligence related to money laundering (ML) and associated predicate offences, and in relation to terrorist financing (TF) offence. This MOU has been entered into by the FIU-Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

  • Sri Lanka Purchasing Managers’ Index (Manufacturing and Services) - May 2024

    Purchasing Managers’ Indices indicate improvements in both Manufacturing and Services activities in May 2024.

    Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 58.2 in May 2024, indicating an expansion in manufacturing activities. All sub-indices, except for employment, rose above the neutral threshold during the month, resulting in an overall increase in the index value.

    Sri Lanka Purchasing Managers’ Index for Services (PMI – Services) indicated a slower expansion in services activities in May 2024 as reflected by the Business Activity Index, which recorded an index value of 55.0.

  • Financial Intelligence Unit of Sri Lanka entered into a Memorandum of Understanding with the Commission to Investigate Allegations of Bribery or Corruption

    The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to exchange information relating to investigations and prosecutions of money laundering, bribery or corruption, and other related offences.

  • 45th SAARCFINANCE Governors’ Meeting and Symposium

    The Central Bank of Sri Lanka hosted the 45th SAARCFINANCE Governors’ Meeting and Symposium during 13-14 June 2024 in Colombo. The event was attended by the Governors, Finance Secretaries, and other delegates from the Central Banks and Ministries of Finance in the SAARC region.

    The SAARCFINANCE Governors’ Symposium, themed “Central Banking amid Multi-faceted Global Economic Challenges,” was held on the first day of the event. Honourable Ranil Wickramasinghe, the President of Sri Lanka and Minister of Finance, Economic Stabilisation, and National Policies, graced the inaugural ceremony and delivered the keynote speech. In his address, the President emphasised the importance of strengthening regional cooperation to tackle contemporary economic challenges and promote growth. He also reiterated the need for monetary and fiscal stability and highlighted the efforts being taken to strengthen the legal framework to ensure lasting stability in the country. The Secretary General of SAARC, Ambassador Md. Golam Sarwar also attended the inauguration.

  • IMF Executive Board Concludes 2024 Article IV Consultation with Sri Lanka and Completes the Second Review Under the Extended Fund Facility

    The IMF Executive Board completed the 2024 Article IV Consultation and Second Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $336 million) to support its economic policies and reforms.

    Performance under the program has been strong. All quantitative targets for end-December 2023 were met, except the indicative target on social spending. Most structural benchmarks due by end-April 2024 were either met or implemented with delay. Nevertheless, the economy is still vulnerable and the path to debt sustainability remains knife-edged. Sustaining the reform momentum and efforts to restructure debt are critical to put the economy on a path towards lasting recovery and debt sustainability.

  • Central Bank of Sri Lanka to Function as the Regulatory and Supervisory Authority of Money or Value Transfer Service Providers

    Currently, institutions providing money transfer services in Sri Lanka such as banks and non-bank financial institutions, are regulated by the Central Bank of Sri Lanka (CBSL) or other relevant authorities to ensure financial system stability. However, some entities providing similar services operate outside the formal system, potentially disrupting the money transfer system and not being subject to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulatory framework.

  • CCPI based headline inflation decelerated in May 2024

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) decelerated to 0.9% in May 2024 from 1.5% in April 2024. This deceleration in the headline inflation is broadly in line with the projections of the Central Bank of Sri Lanka (CBSL).

  • Sri Lanka Purchasing Managers’ Index (Construction) - April 2024

    Following the seasonal pattern where activities across many sectors slowdown during the traditional new year celebrations, Sri Lanka Purchasing Managers’ Index for Construction (PMI - Construction) decreased to an index value of 31.9 in April 2024. This indicates a contraction in construction activities compared to the previous month. As per the respondents, most construction sites were temporarily closed during the month due to the extended new year holidays, leading to this month-on-month decline.

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