• 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) - 2019, Colombo Sri Lanka

    The Central Bank of Sri Lanka hosted the 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) – 2019, during 28th - 30th October 2019 at Cinnamon Lakeside Hotel, Colombo.

    The ACSIC was established in 1987 with the objective of promoting and developing sound credit supplementation systems. The ACSIC is the largest Asian Corporative body for the Small & Medium Enterprises (SMEs) consisting of 16 member institutions from 11 countries. The current member countries of the ACSIC are India, Indonesia, Japan, Korea, Malaysia, Mongolia, Nepal, Philippines, Sri Lanka, Taiwan and Thailand.

  • The Central Bank Publishes 'Recent Economic Developments: Highlights of 2019 and Prospects for 2020'

    The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2019 and Prospects for 2020” on-line. The publication can be downloaded via the CBSL website in Sinhala, Tamil and English languages.  

    An overview of the performance of the Sri Lankan economy in 2019, as reflected in “Recent Economic Developments”, is given below:

  • IMF Executive Board Completes the Sixth Review of Sri Lanka’s Extended Arrangement under the Extended Fund Facility

    Sri Lanka successfully completed the sixth review, enabling the next disbursement of supporting funds.

    Sustaining policy discipline remains critical to strengthen resilience and support strong and inclusive growth.

    Mobilizing revenue will be central to place public debt on a downward path while preserving space for social and investment spending.

  • Regulatory actions taken by the Central Bank of Sri Lanka on The Finance Company PLC

    The Finance Company PLC (TFC), a Finance Company licensed under the Finance Business Act No. 42 of 2011 (FBA) was severely impacted by the failure of a number of financial institutions within the Ceylinco Group in 2008. Since then the financial status of the company deteriorated gradually, leading to a severe liquidity crisis. Although, several efforts were made to identify prospective investors and to restructure the company, such efforts have not materialized to a satisfactory level yet.

  • Inflation increased in September 2019

    Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)  increased to 5.0 per cent in September 2019 from 3.4 per cent in August 2019. The monthly increases of prices of items in both Food and Non-food categories contributed to this increase as reflected in year-on-year Food and Non-food inflation recording 4.9 per cent and 5.1 per cent respectively in September 2019. In addition, the low base that prevailed in the corresponding month of the previous year also contributed for this increase.

  • The Financial Action Task Force delisted Sri Lanka from the Grey List

    The Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has delisted Sri Lanka from FATF’s Compliance Document which is more commonly identified as “the Grey List”. The decision was taken at the FATF Plenary held during 13-18 October 2019 in Paris.

  • Financial Intelligence Unit of Sri Lanka Entered into an Agreement with INTERPOL National Central Bureau for Sri Lanka

    In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into an agreement with INTERPOL National Central Bureau for Sri Lanka (NCB Colombo) on October 11, 2019 at the Central Bank of Sri Lanka to obtain direct access to the INTERPOL Information System.

  • Sri Lanka Purchasing Managers’ Index - September 2019

    Manufacturing activities expanded at a slower rate in September 2019, recording an index value of 54.7 which is a decrease of 1.9 index points, compared to August 2019. This slowdown in manufacturing PMI was mainly driven by the slowdown in Production and New Orders during the month of September. Slowdown in Production could be observed, especially in manufacturing of food & beverages and textiles & wearing apparel sectors. Although the New Orders and Production expanded at a slower rate, the Stock of Purchases was increased significantly with the anticipation of high demand in future especially in manufacturing of food & beverages sector.

  • External Sector Performance - August 2019

    The trade deficit contracted in August 2019 as the decline in imports continued while the dip in exports in the previous month has largely recovered. Import expenditure recorded a decline of 16.6 per cent (year-on-year) and export earnings declined fractionally by 0.4 per cent (year-on-year) in August 2019, mainly due to the lower prices of major export categories.

    The trade deficit fell to US dollars 540 million in August 2019 compared to the deficit of US dollars 717 million recorded in July 2019.

  • Monetary Policy Review - No. 6 of 2019

    The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 10 October 2019, 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 7.00 per cent and 8.00 per cent, respectively. The Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy. The decision of the Monetary Board is consistent with the aim of maintaining inflation in the desired 4-6 per cent range while supporting economic growth to reach its potential over the medium term.

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