The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to misinterpretation of the facts contained in the newspaper advertisements published by the CBSL in implementation of its Clean Note Policy. The Clean Note Policy has been introduced by the CBSL aiming at maintaining the quality standards of the currency notes and thereby helping to distinguish between genuine notes and counterfeits. It is also expected through this policy to enhance image of the country and promote efficient and cost effective currency notes processing activities.
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Central Bank of Sri Lanka clarifies the position on wilfull mutilation, alteration and defacement of currency notes
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Inflation in January 2017
Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 6.5 per cent in January 2017 from 4.2 per cent in December 2016, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in January 2017.
The change in the NCPI measured on an annual average basis increased to 4.6 per cent in January 2017 from 4.0 per cent in December 2016.
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Launching of the Data Library of Central Bank of Sri Lanka
The Central Bank of Sri Lanka (CBSL) today launched a Data Library to the general public via the CBSL external website.
Data Library of CBSL is a comprehensive database consisting of time series data on a variety of topics spanning across Real, Monetary, Fiscal, External and Financial sectors. It facilitates numerous data requirements by enabling the creation of own queries, generating tables, downloading and saving them for further reference.
The data users can access the Data Library via the CBSL website (www.cbsl.gov.lk) or specifically via the URL (https://www.cbsl.lk/eresearch).
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SL Purchasing Managers’ Index Survey - May 2017
The Manufacturing Sector PMI recorded 57.9 in May which is an increase of 16.1 index points compared to April 2017. This indicates that the manufacturing activities recovered in May 2017, largely attributable to the expansion in Production and New Orders subindices, following the seasonal contraction observed for the month of April 2017. Further, all the sub-indices of PMI apart from Employment sub-index recorded values above neutral 50.0 threshold. However, adverse weather conditions experienced from 25th day of the month slowed down the expected recovery of the operations due to employee absenteeism and lengthening of the suppliers’ delivery time.
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SL Purchasing Managers’ Index Survey - January 2017
The Manufacturing Sector PMI recorded an index value of 56.2 in January which is a decrease of 2.1 index points compared to December 2016. The deceleration in PMI indicate that the manufacturing activities expanded at a moderate pace in January 2017 largely attributable to post seasonal realignment of business plans ahead as reflected in Production and New Orders sub-indices. The Stock of Purchases sub-index increased in January indicating an accumulation of stocks mainly as a precaution to face possible delays of supply of materials which is also associated with the lengthening of Suppliers’ Delivery Time. The Employment sub-index also increased compared to the previous month. Overall data points to an expansion where all the sub-indices are above the neutral 50.0 threshold. The expectations for activities indicated an improvement for the next three months.
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Monetary Policy Review: No. 1 – 2017
Contributed by both food and non-food inflation, headline inflation, as measured by the year-on-year change in the Colombo Consumers’ Price Index (CCPI, 2013=100), increased to 5.5 per cent in January 2017 from 4.5 per cent in December 2016. Core inflation, based on CCPI, also accelerated to 7.0 per cent in January 2017 from 5.8 per cent in December 2016. Headline inflation and core inflation, based on the National Consumer Price Index (NCPI, 2013=100), which is available with a time lag, also reflected an upward trend in December 2016, recording 4.2 per cent and 6.7 per cent, respectively, on a year-on-year basis.
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External Sector Performance – October 2016
Sri Lanka’s external sector recorded a modest performance in October 2016 with a deterioration in the trade deficit amidst continued growth in tourist earnings. The trade deficit widened in October as a result of higher import expenditure despite a marginal growth in export earnings. The significant increase in import expenditure in October 2016 was primarily due to the import of a dredger vessel for the Port City construction project. Meanwhile, workers’ remittances were marginally higher while a healthy growth was observed in earnings from tourism during October 2016. Although inflows to the Colombo Stock Exchange (CSE) and long term loan proceeds to the government supported the financial account of the Balance of Payments (BOP), the government securities market witnessed a net outflow during October 2016.
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Inflation in December 2016
Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased marginally to 4.2 per cent in December 2016 from 4.1 per cent in November 2016, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in December 2016.
The change in the NCPI measured on an annual average basis remained unchanged from last month at 4.0 per cent in December 2016.
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A Commemorative Coin to mark the 100th Anniversary of Visakha Vidyalaya, Colombo 5
The Central Bank of Sri Lanka (CBSL) issued an uncirculated silver commemorative coin with a face value of Rs. 2000 to mark the 100th Anniversary of Visakha Vidyalaya, Colombo 05 in recognition of its contribution to the nation as a premier school in the country.
The first coin was officially presented to His Excellency the President Maithripala Sirisena by Dr.Indrajit Coomaraswamy, Governor of CBSL, at the ceremony held at the Jeremias Dias Hall of Visakha Vidyalaya, Colombo 05 on 23.01.2017.
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Statement issued by the Monetary Board on measures taken with respect to the Employees Provident Fund
There have been several media reports recently raising concerns with respect to the Employees’ Provident Fund (EPF).
An internal examination is currently underway under the direction of the Monetary Board on transactions of EPF in Government securities during 2015 and 2016. The law enforcement authorities have also been requested to carry out an external independent investigation into the issuance of Government securities in 2015 and 2016 and related matters, as it involves examining internal operations carried out by the staff of the Central Bank.
With regard to the operations of the EPF, the Monetary Board, during the past six months, has taken several measures to strengthen the decision making process with respect to investments. These serve to safeguard the interests of the members of the EPF.