• Funds Raised through Direct Issuance of Sri Lanka Development Bonds

    The Central Bank of Sri Lanka (CBSL) introduced various measures to encourage investments in Sri Lanka Development Bonds (SLDBs). Validating the effectiveness of the measures introduced, funds amounting to USD 111.5 million have been raised through direct issuance of SLDBs from 01st January to 15th February 2022.

    The investments in SLDBs during the above period were spread across maturities ranging from 3 months to 5 years, attracting large volume as well as small ticket eligible investors. In collaboration with certain Sri Lankan Missions, the CBSL has also made contact with eligible investors in those jurisdictions to further popularise investments in SLDBs.

  • External Sector Performance - December 2021

    The deficit in the trade account widened in December 2021 compared to a year earlier, mainly due to excessive surge in imports recording the highest ever monthly import expenditure, despite persistently high earnings from exports that exceeded US dollars 1.0 billion for the seventh consecutive month. During the year 2021, the trade deficit widened notably, driven by considerable increase in imports that outpaced the growth in exports. Tourist arrivals continued the growth momentum in December with a notable increase over the previous month. Meanwhile, workers’ remittances recorded a month-on-month growth in December 2021, mainly reflecting the response to incentive scheme introduced for remittances and the seasonal increase. The weighted average spot exchange rate in the interbank market continued to hover around Rs. 201 per US dollar during the month.

  • Reiteration of Sri Lanka’s Commitment to Service Forthcoming Debt Obligations

    The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to certain recent media reports which have claimed that Sri Lanka is at the verge of a sovereign default. The CBSL wishes to state that such claims are totally unsubstantiated and also regrets that these reports carry many obviously factual inaccuracies despite the availability of credible official data published by the CBSL according to international standards. Therefore, the CBSL wishes to assure the local and international investor community and the public that the Government and the CBSL are committed to honour all forthcoming debt obligations and thereby maintain Sri Lanka’s unblemished record of debt servicing. 

  • Central Bank of Sri Lanka Launches the 'National Remittance Mobile Application'

    The Central Bank of Sri Lanka (CBSL) is currently taking steps to increase the inflows of foreign remittances to Sri Lanka as well as encourage the use of formal remittance channels when sending remittances to the country. Accordingly, the Central Bank of Sri Lanka initiated a National Remittance Mobile Application branded as “Lanka Remit”. It has been introduced and developed by LankaClear (Pvt) Ltd.

    The National Remittance Mobile Application “Lanka Remit” was launched on 8th February by the Hon. Minister Namal Rajapaksa, Minister of Youth and Sports, Minister of Development Coordination and Monitoring and State Minister of Digital Technology and Enterprise Development of Sri Lanka.

  • Inflation in January 2022 - CCPI

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100), increased to 14.2 per cent in January 2022 from 12.1 per cent in December 2021. Meanwhile, on an annual average basis, the CCPI increased to 6.9 per cent in January 2022 from 6.0 per cent in December 2021.

    Inflation was driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 25.0 per cent in January 2022 from 22.1 per cent in December 2021, while Non-food inflation (Y-o-Y) increased to 9.2 per cent in January 2022 from 7.5 per cent in December 2021.

  • Masterplan for Consolidation of Non-Bank Financial Institutions being fast-tracked

    Under the Masterplan for Consolidation of Non-Bank Financial Institutions (the Masterplan) being implemented by the Central Bank of Sri Lanka (CBSL), the following 9 companies have already introduced fresh capital of Rs 12.56 billion to meet regulatory capital requirements: Sarvodaya Development Finance PLC, Dialog Finance PLC, Asia Asset Finance PLC, Lanka Credit and Business Finance PLC, People’s Merchant Finance PLC, Softlogic Finance PLC, Merchant Bank of Sri Lanka & Finance PLC, UB Finance Co Ltd and Richard Pieris Finance Ltd.

  • External Sector Performance - November 2021

    Earnings from exports in November 2021 recorded the highest monthly export value in the history, while marking the sixth consecutive month of above US dollars 1.0 billion of exports. Meanwhile, import expenditure also increased at a higher rate in November 2021. Reflecting the favourable impact of increased exports, the merchandise trade deficit narrowed to US dollars 553 million in November 2021 compared to US dollars 600 million in November 2020. Tourist arrivals continued to gather momentum with a notable increase over the previous month, showing strong signs of revival. A further moderation of workers’ remittances was observed in November 2021. The weighted average spot exchange rate in the interbank market continued to hover around Rs. 202 per US dollar during the month.

  • Central Bank makes it mandatory for hotel service providers to accept payments from persons resident outside Sri Lanka in foreign exchange

    The Monetary Board of the Central Bank of Sri Lanka issued Rules making it mandatory for hotel service providers to accept payments from persons resident outside Sri Lanka, only in foreign exchange. These Rules are published in the Gazette Extraordinary No. 2263/41dated 21 January 2022.

    With the issuance of the Rules, hotel service providers registered with and licensed by the Sri Lanka Tourism Development Authority are required to;

  • NCPI based annual average headline inflation rises to 7.0 per cent, while Y-o-Y inflation increases to 14.0 per cent in December 2021

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1, increased to 14.0 per cent in December 2021 from 11.1 per cent in November 2021. Meanwhile, on an annual average basis, the NCPI increased to 7.0 per cent in December 2021 from 6.2 per cent in November 2021.

    Inflation was driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 21.5 per cent in December 2021 from 16.9 per cent in November 2021, while Non-Food inflation (Y-o-Y) also increased to 7.6 per cent in December 2021 from 6.2 per cent in November 2021.

  • Monetary Policy Review - No. 1 of 2022

    In consideration of the current and expected macroeconomic developments, the Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 January 2022, decided to adopt several policy measures with the view to strengthening macroeconomic stability. Accordingly, the Monetary Board decided to:

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