• The Government of Sri Lanka secured USD 1 Billion Foreign Currency Term Financing Facility

    The Government of Sri Lanka invited to submit proposals from international and domestic banks and investment houses for a Foreign Currency Term Financing Facility (FCTFF) denominated in United State Dollar (USD) or Japanese Yen (JPY) or Euro or of their combination up to a limit of USD 1,000 million in March 2018.

    Accordingly, four proposals were received from international and domestic banks and investment houses. Through a strict evaluation and negotiation process by a Cabinet appointed Steering Committee and Technical Evaluation Committee, the China Development Bank (CDB) was selected as the syndicate arranger based on least cost and longer maturity period given in its proposal submitted.

  • Sri Lanka Purchasing Managers' Index - September 2018

    The Manufacturing Sector PMI decreased to 54.1 index points in September 2018 from 58.2 index points recorded in August 2018. The slowdown observed in manufacturing activities in September was mainly driven by the slowdown in new orders and production, especially in manufacturing of food and beverages activities. Respondents highlighted that they had to increase their prices during the period due to increase in input cost of imported raw materials with rupee depreciation. This led to a decline in demand for their products, which in turn resulted in a decrease in new orders and production. However, new orders and production of manufacturing of textiles, wearing apparel, leather and other related products, which are mostly export oriented improved during this period. Overall employment and stock of purchases also slowed down. Meanwhile, lengthening of suppliers’ delivery time usually indicates that economy is booming with expanding activities in the short run. However, in this instance, lengthening of suppliers’ delivery time was due to manufacturers’ intentional increase of the lead time with the expectation of rupee stabilization. Thus, it does not indicate an expansion in economic activities. Overall, all the sub-indices of PMI recorded values above the neutral 50.0 threshold signalling an overall expansion in September yet at a slower pace compared to August.

  • Progress on Implementation of the Recommendations of the Presidential Commission of Inquiry to Investigate, Inquire and Report on the Issuance of Treasury Bonds (COI) during the period from 1 Feb 2015 to 31 March 2016

    The Central Bank wishes to inform the public that several measures have been initiated and some have already been implemented, to strengthen transparency and accountability in several areas of operations of the Central Bank in line with the recommendations of the COI.

    In relation to the legal framework within which the Central Bank operates, measures are under way to strengthen several laws applicable to the Central Bank. Amendments are being formulated with respect to the Monetary Law Act and the Registered Stocks and Securities Ordinance.

  • The Central Bank Responds to Misleading Newspaper Articles on Rupee Depreciation

    The Central Bank of Sri Lanka (CBSL) wishes to make the following statement in relation to the article titled “Government and CB have abdicated vital statutory duty by not being able to deal with rupee depreciation” that appeared in various newspapers on 08th and 09th October 2018.

  • External Sector Performance - July 2018

    Sri Lanka’s external sector recorded a moderate performance in July 2018. The trade deficit continued to widen in July 2018 (year-on-year) with higher import expenditure despite export earnings surpassing US dollars 1 billion during the month. Earnings from tourism recorded a modest growth while workers’ remittances declined marginally, on a year-on-year basis, during the month. The financial account recorded moderate inflows during July, while requirements of debt servicing and other outflows resulted in a decline in gross official reserves to US dollars 8.4 billion as at end July 2018. The foreign exchange market continued to be under pressure with outflows of foreign investments from the government securities market and increased foreign exchange demand for imports thus necessitating intervention by the Central Bank to curtail intraday excess volatility in the exchange rate.

  • IMF Staff Completes Review Mission to Sri Lanka

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

  • Inflation in March 2016

    Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), compiled by the Department of Census and Statistics, increased to 2.2 per cent in March 2016 from 1.7 per cent in February 2016, on year-on-year basis. The main contributor towards the increase in year-on-year inflation was the Non-food category. Prices in Miscellaneous Goods and Services (Car insurance); Alcoholic Beverages and Tobacco; Transport; and Clothing and Footwear sub categories were the main contributors towards the year-on-year increase.

    The change in the NCPI measured on an annual average basis decreased to 2.4 per cent in March 2016 from 2.6 per cent recorded in February 2016.

  • Repatriation of Payments Received for Goods Exported from Sri Lanka

    As part of current policy measures taken to improve the foreign exchange inflows to the country, the Hon. Minister of Finance has issued the Gazette Notification (Extraordinary) No: 1960/66 dated 01 April 2016 containing the following.

  • Monetary Policy Review - April 2016

    Headline inflation, as measured by the Colombo Consumers’ Price Index (CCPI, 2006/2007=100), declined to 2.0 per cent on a year-on-year basis in March 2016 from 2.7 per cent in February 2016, mainly due to the decline in food inflation. On an annual average basis, CCPI based headline inflation edged up to 1.1 per cent in March 2016 from 0.9 per cent in the previous month. Year-on-year headline inflation, based on the National Consumer Price Index (NCPI, 2013=100), was 2.2 per cent in March 2016 compared to 1.7 per cent in the previous month, and was 2.4 per cent on an annual average basis. Meanwhile, the CCPI based core inflation, which reflects underlying demand pressures in the economy, declined to 4.5 per cent in March 2016 from 5.7 per cent in the previous month, on a year-on-year basis.

  • The Annual Report of the Central Bank of Sri Lanka for the Year 2015

    The sixty sixth Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented to His Excellency the President Maithripala Sirisena and the Prime Minister, Hon. Ranil Wickremasinghe, while in terms of Section 35 of the Monetary Law Act No. 58 of 1949, it was also submitted to Hon. Ravi Karunanayake, the Minister of Finance by Mr. Arjuna Mahendran, the Governor of the Central Bank of Sri Lanka.

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