• SAARCFINANCE Coordinators’ Meeting held in Colombo on 1 September 2016

    The Central Bank of Sri Lanka hosted the 24th SAARCFINANCE Coordinators’ Meeting at the Central Bank premises, Colombo, on 1st September 2016. The 24th SAARCFINANCE Coordinators’ Meeting was attended by SAARCFINANCE Coordinators and Focal Points from the Central Banks and Ministries of Finance in the SAARC region.

    The broad objective of SAARCFINANCE is to promote cooperation among Central Banks and Ministries of Finance in SAARC Member States to forge closer cooperation on macroeconomic policies of Member States and to share experiences and expertise within the region. 

  • External Sector Performance - June 2016

    Sri Lanka’s external sector performance remained moderate in June 2016 with a widening trade deficit and relatively low growth in workers’ remittances and tourist earnings. The trade deficit which showed gradual improvements in the first four months of the year deteriorated in May and June with weak performance in both exports and imports. Earnings from tourism recorded a low growth in June compared to previous months of the year while growth in workers’ remittances also moderated. However, inflows to the financial account elevated with the receipts of the first tranche of the IMF Extended Fund Facility (IMF-EFF) and a syndicated loan facility. As a result of these inflows to the financial account and developments in the global economy with further rate hikes by the United States Federal Reserve still to materialise, foreign investments in the government securities market rebounded.

  • Central Bank of Sri Lanka - 10th International Research Conference

    The 10th International Research Conference of the Central Bank of Sri Lanka was held on 08 December 2017 at the John Exter International Conference Hall of the Central Bank. The conference was organised under the theme of “Macroeconomic Policy Reforms towards a Vibrant Future” with the aim of encouraging innovative theoretical and empirical research on current macroeconomic policy issues, while providing a platform for researchers from policy making and academic institutions to share their experiences and views from diverse perspectives.

    As in the past, the 10th International Research Conference attracted eminent researchers from renowned universities, research institutions and central banks around the world. 

  • The International Monetary Fund Releases the Fourth Tranche of USD 251.4 million under the Extended Fund Facility

    The Executive Board of the International Monetary Fund (IMF) completed the third review of the three-year Extended Fund Facility (EFF) obtained by Sri Lanka, enabling the disbursement of the fourth tranche to the value of SDR 177.774 million (approximately US dollars 251.4 million). 

  • The Central Bank Further Strengthens Resolution Measures on Finance Companies

    The Central Bank has observed certain erroneous news items published in few newspapers raising concerns over financial problems confronted by a few licensed finance companies. Therefore, the Central Bank wishes to clarify facts behind the inaccuracy of such news in the public interest.

  • Sri Lanka Purchasing Managers’ Index Survey - August 2016

    The Manufacturing Sector PMI increased to 53.5 in August which is an increase of 2.9 index points from 50.6 in July 2016. The increase in August was fuelled by the improvements observed in New Orders, Employment and Production Indices. All the sub-indices of manufacturing sector PMI, apart from stock of purchases which was unchanged, increased compared to the previous month. Notably, New Orders, Employment and Suppliers’ Delivery Time indices recovered from the contraction observed in July. Overall data points to an expansion where all the sub-indices are above the neutral 50.0 threshold. The expectations for activities indicate an improvement for the next three months.

  • Release of 'A Step by Step Guide to Doing Business in Sri Lanka' and 'Sri Lanka Socio-Economic Data – 2016' Publications

    The sixth edition of “A Step by Step Guide to Doing Business in Sri Lanka” has been now published by the Central Bank of Sri Lanka (CBSL). This publication contains useful regulatory information on starting, operating and closing a business enterprise in Sri Lanka. As proposed by the relevant institutions, the necessary amendments up to the first quarter of 2016 are incorporated into this edition.

    This is a useful source document with all information in one place for the business community and foreign investors and will assist by reducing the search costs, time and inconvenience in accessing such information.

  • Sri Lanka Prosperity Index - 2016

    Prosperity, measured by the Sri Lanka Prosperity Index (SLPI) , which is a composite indicator that measures and compares the level of prosperity of the country and across its provinces, improved to 0.746 in 2016 from 0.685 in the previous year. In analyzing the movements of the sub-indices of SLPI, for the period of 2015 to 2016, the Economy and Business Climate and Well-being of the People sub-indices have improved, while there is a moderation in Socio-Economic Infrastructure sub-index. 

  • Regulatory Actions on Distressed Finance Companies

    The Monetary Board of the Central Bank of Sri Lanka (CBSL) on 06.11.2017 decided to issue a notice of cancellation of the Licence issued to Central Investments and Finance PLC (CIFL) to carry on finance business under the Finance Business Act No. 42 of 2011.

    CIFL was confronted with severe liquidity crisis since 2013 due to mismanagement and other irregular transactions carried out by the management of that company. It has also been observed that the directors and senior management of these companies have fraudulently inflated the value of the assets and the examination of the documents relating to such assets has revealed that those are either fictitious or entangled with encumbrances.

  • Transparency in Government Securities Market further Improves

    As the second stage, commercial banks joined the Bloomberg electronic bond trading platform for government securities secondary market transactions with effect from 15.09.2016. Prior to this, all primary dealers joined the platform on 01.08.2016. Therefore, now all primary dealers and banks undertake trades among them in the platform and report all over-the-counter outright deals with investors of Rs 50 mn and above within 30 minutes. The Central Bank releases basic trade information on yields and volumes by each security traded to its website next day. During 32 market days from 01.08.2016 to 15.09.2016, a number of 1,816 outright transactions amounting to Rs. 218.7 bn took place in trade of the majority of securities in issue. In due course, the Central Bank will release such market information twice a day, at noon and close of the day.

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