• Revocation of the money changing permit issued to Prasanna Money Exchange (Pvt) Ltd

    After conducting an inquiry into the non-compliances committed by Prasanna Money Exchange (Pvt) Ltd upon the temporary suspension of the permit issued to the company to engage in the money changing business at its head office and branch located at No. 42A, Mudalige Mawatha, Colombo 01 and No. 57, Galle Road, Colombo 06, respectively, the Monetary Board of the Central Bank of Sri Lanka decided to permanently revoke the permit No. DFE/RD/0058 issued to Prasanna Money Exchange (Pvt) Ltd, in terms of section 11 (3) of the Foreign Exchange Act No. 12 of 2017 (the Act).

    The public is hereby informed that Prasanna Money Exchange (Pvt) Ltd is no longer permitted to engage in money changing activities as an Authorized Money Changer and buying, selling and exchanging foreign currency with Prasanna Money Exchange (Pvt) Ltd is considered as a contravention of the provisions of the Act.

  • External Sector Performance – October 2022

    Earnings from merchandise exports declined in October 2022, on a year-on-year basis, for the first time since March 2022, mainly due to lower earnings from garments exports. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording an increase, compared to September 2022. The merchandise trade deficit recorded a notable contraction in October 2022, compared to the previous year. Meanwhile, the workers’ remittances steadied and earnings from tourism improved in October 2022, whereby earnings from tourism crossed over USD 1 bn during January-October 2022, while workers’ remittances reached about USD 3 bn during January-October 2022. Foreign investment in the government securities market and the Colombo Stock Exchange (CSE) recorded a marginal net inflow during October 2022. The Central Bank continued to provide forex requirement to finance essential imports, exhausting the liquid level of gross official reserves. Meanwhile, the weighted average spot exchange rate in the interbank market remained around Rs. 363 per US dollar during the month.

  • CCPI based headline inflation decreased for the second consecutive month in November 2022

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) decreased to 61.0% in November 2022 from 66.0% in October 2022. Following a similar trend, the Food inflation (Y-o-Y) decreased to 73.7% in November 2022 from 85.6% in October 2022, while the Non-Food inflation (Y-o-Y) decreased to 54.5% in November 2022 from 56.3% in October 2022.

  • The Central Bank of Sri Lanka maintains policy interest rates at their current levels

    The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 per cent and 15.50 per cent, respectively, after considering the recent and expected developments in the domestic and global economy and macroeconomic projections. The Board noted that the maintenance of tight monetary policy stance is necessary to contain any demand driven inflationary pressures in the economy, while helping to further strengthen disinflation expectations, thus enabling to steer headline inflation towards the targeted level of 4-6 per cent over the medium term.

  • NCPI based headline inflation decelerated to 70.6% in October 2022 on year-on-year basis reversing its increasing trend observed since October 2021

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100) which followed an increasing trend since October 2021, declined to 70.6% in October 2022 from 73.7% in September 2022. Similarly, the Food inflation (Y-o-Y) decreased to 80.9% in October 2022 from 85.8% in September 2022, while Non-Food inflation (Y-o-Y) decreased to 61.3% in October 2022 from 62.8% in September 2022.

  • SL Purchasing Managers’ Index (PMI) – October 2022

    Manufacturing PMI declined in October 2022, indicating a contraction in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 38.4 in October 2022, with a decline of 4.2 index points from the previous month, driven by decreases recorded in all the sub-indices.

  • Release of “Sri Lanka Socio Economic Data – 2022” Publication

    “Sri Lanka Socio Economic Data – 2022”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 45th volume of the series.

  • The Central Bank publishes 'Recent Economic Developments: Highlights of 2022 and Prospects for 2023'

    The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2022 and Prospects for 2023”. The publication can be downloaded via the Central Bank Website in Sinhala, Tamil and English languages.

  • External Sector Performance - September 2022

    Earnings from exports remained robust in September 2022, while import expenditure declined for the seventh consecutive month, on a year-on-year basis, reflecting the significant reduction in imports of non-food consumer goods and investment goods. As a result, the merchandise trade deficit recorded a notable contraction in September 2022, (y-o-y). Workers’ remittances increased marginally in September 2022, (y-o-y). Earnings from tourism recorded an increase in September 2022, compared to the same period in 2021. Foreign investment in the government securities market and the Colombo Stock Exchange (CSE) recorded a notable net inflow during September 2022. The Central Bank continued to provide forex liquidity to finance essential imports, exhausting the liquid level of gross official reserves.

  • CCPI based headline inflation recorded 66.0% in October 2022, reversing its continued increasing trend observed since October 2021

    Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) which followed an increasing trend since October 2021, declined to 66.0% in October 2022 from 69.8% in September 2022. Following a similar trend, the Food inflation (Y-o-Y) decreased to 85.6% in October 2022 from 94.9% in September 2022, while the Non-Food inflation (Y-o-Y) decreased to 56.3% in October 2022 from 57.6% in September 2022.

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