The external sector continued the positive momentum in August 2024 with robust inflows of workers' remittances and a notable increase in exports, despite a slowdown in tourist earnings compared to the previous month.
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External Sector Performance August 2024
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SL Purchasing Managers’ Index (PMI) for Construction Industry – August 2024
Sri Lanka Purchasing Managers’ Index for Construction (PMI - Construction) expanded at a slower pace in August 2024 over the significantly higher level reached in the previous month, recording an index value of 51.4. Further, most of the other indices were also around the neutral threshold, indicating that the operations of the construction industry broadly remained unchanged compared to the previous month.
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Release of “Sri Lanka Socio-Economic Data – 2024” Publication
“Sri Lanka Socio-Economic Data – 2024”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 47th volume of the series.
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The Central Bank of Sri Lanka maintains policy interest rates at their current levels
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 26 September 2024, 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 8.25 per cent and 9.25 per cent, respectively.
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Functioning of Banks on 23rd September 2024
This has reference to the Special Media Release dated 21.09.2024 issued by the Director General of Government Information Department stating that Secretary to the Ministry of Public Administration, Home Affairs, Provincial Councils and Local Government (MPAHAPCLG) has informed that 23.09.2024 has been declared a Special Public Holiday by the Government.
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Sri Lanka Purchasing Managers’ Index (Manufacturing and Services) - August 2024
Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in August 2024.
Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 55.5 in August 2024. This indicates an expansion in manufacturing activities,yet at a slower rate compared to the previous month. All the sub-indices, except for Employment, remained above the neutral threshold in August.
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Relaxation of the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees
Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the "Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024" (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees.
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Central Bank of Sri Lanka Co-hosted the 5th CBSL-ADBI-APAEA Macroeconomics Conference
The Central Bank of Sri Lanka (CBSL) in collaboration with the Asian Development Bank Institute (ADBI) and the Asia-Pacific Applied Economics Association (APAEA), co-hosted the CBSL-ADBI-APAEA Macroeconomics Conference for the fifth consecutive year on 06 September 2024. This year’s conference theme was ‘Inflation and Exchange Rate Dynamics in Asia and the Pacific.
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CCPI based headline inflation decelerated sharply in August 2024
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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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.