Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) decelerated sharply to 0.5% in August 2024 from 2.4% in July 2024. This deceleration in the headline inflation is broadly in line with the projections of the Central Bank of Sri Lanka.
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CCPI based headline inflation decelerated sharply in August 2024
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Release of ‘Economic and Social Statistics of Sri Lanka – 2024’
‘Economic and Social Statistics of Sri Lanka – 2024’, an annual release of socio-economic statistics of the Central Bank of Sri Lanka, is now available for public access.
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External Sector Performance July 2024
The external sector remained resilient with increased inflows from workers' remittances and tourist earnings despite an expansion in the trade deficit In July 2024.
Merchandise trade deficit widened in July 2024 (y-o-y), recording the highest monthly trade deficit thus far in 2024.
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SL Purchasing Managers’ Index (PMI) for Construction Industry – July 2024
Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) increased further in July 2024, recording an index value of 62.9. Most respondents highlighted a steady increase in construction work, spearheaded by projects funded by multilateral agencies.
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Land Valuation Indicator – First Half of 2024
Land Valuation Indicator (LVI) for Colombo District increased by 6.9 per cent on a year-on-year basis during the first half of 2024. All sub indicators of LVI, namely, Residential, Commercial and Industrial LVIs contributed to this increase recording annual increases of 8.5 per cent, 8.5 per cent and 3.7 per cent, respectively. On a semi-annual basis, LVI and its sub indicators increased at a higher rate during first half of 2024 compared to the values recorded in second half of 2023. Further, it was observed that Industrial LVI increased at a slower pace compared to Commercial and Residential LVIs.
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The Central Bank of Sri Lanka releases the Monetary Policy Report – August 2024
The Central Bank released its second Monetary Policy Report for 2024 in keeping with the requirements of the Central Bank of Sri Lanka Act, No. 16 of 2023. The content of this Report is based on information that the Monetary Policy Board of the Central Bank considered in formulating the monetary policy decision during the July 2024 review.
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Sri Lanka Purchasing Managers’ Index (Manufacturing and Services) - July 2024
Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in July 2024.
Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 59.5 in July 2024, indicating a continuous expansion in manufacturing activities. All sub-indices contributed positively to this improvement.
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Financial Intelligence Unit of Sri Lanka entered into a Memorandum of Understanding with the Registrar General of the Registrar General’s Department
The Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Registrar General of the Registrar General’s Department on August 06, 2024 at the Central Bank of Sri Lanka (CBSL) to receive information on Trusts, property registrations and any suspicious activities relating to Trusts and property registrations in relation to Money Laundering (ML), Terrorist Financing (TF) and related crimes. This MOU has been entered into by the FIU, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.
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IMF Staff Concludes Visit to Sri Lanka
An International Monetary Fund (IMF) Mission led by Senior Mission Chief Mr. Peter Breuer visited Sri Lanka from July 25 to August 2, 2024, to discuss recent macroeconomic developments and progress in implementing economic and financial policies under Sri Lanka’s economic reform program supported by the IMF’s Extended Fund Facility (EFF) arrangement.
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The Central Bank of Sri Lanka publishes its inaugural Market Operations Report
The Central Bank of Sri Lanka (the Central Bank) released its inaugural Market Operations Report (MOR) with the aim of enhancing awareness and knowledge among the stakeholders on monetary operations carried out by the Central Bank in line with the prevailing monetary policy stance. The MOR would be a catalyst to improve transparency and accountability of the Central Bank under the Flexible Inflation Target (FIT) framework by effectively communicating the monetary policy implementation process.