Central Bank of Sri Lanka has conducted investigations and determined “21” number of companies including the following Companies, that have engaged in a scheme prohibited under Section 83 (C) of the Banking Act, No. 30 of 1988 as amended.
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Notice to General Public on Prohibited Pyramid Schemes
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SL Purchasing Managers’ Index (PMI) – December 2024
Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in December 2024.
Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 57.2 in December 2024, indicating a further expansion in manufacturing activities. All sub-indices, except Employment, contributed positively to this improvement.
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Renewal of the Bilateral Currency Swap Agreement signed between the Central Bank of Sri Lanka and the People’s Bank of China
The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement. The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.
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Central Bank of Sri Lanka launches the Digital Payments Promotion Campaign 2025
The Digital Payments Promotion Campaign 2025 under the theme of “Shaping the Future through Digital Transactions” was launched by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL) on 9th January 2025, at the Magam Ruhunupura Administrative Complex in Hambantota. The campaign was organized by CBSL with the support of Mr. Bimal Indrajith De Silva, District Secretary of Hambantota, financial institutions and telecommunication service providers. The event was attended by a large number of public officials, Micro, Small and Medium Enterprises (MSMEs), and the general public.
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Extension of the Suspension of Business of Perpetual Treasuries Limited
The Central Bank of Sri Lanka, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a further period of six months with effect from 4.30 p.m. on 05th January 2025, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.
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CCPI-based headline inflation continued to remain in the negative territory in December 2024
In line with the Central Bank’s near term projections, headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) remained in the negative territory for the fourth consecutive month, recording a deflation of 1.7% in December 2024 compared to the deflation of 2.1% in November 2024.
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External Sector Performance - November 2024
The external sector of the Sri Lankan Economy continued to strengthen further in November 2024, supported by higher inflows in the form of earnings from tourism and workers’ remittances.
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Sri Lanka Purchasing Managers’ Index (Construction) - November 2024
Sri Lanka Purchasing Managers’ Index for Construction (PMI - Construction) expanded, albeit at a slower pace in November 2024, recording a Total Activity Index value of 51.4. Several respondents mentioned that the severe weather conditions that prevailed during the month somewhat disrupted their scheduled work.
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Exchange of International Sovereign Bonds under the Local Bonds Option for Eight (8) New LKR Treasury Bonds pursuant to the External Debt Restructuring (EDR)
The Invitation Memorandum for the exchange of International Sovereign Bonds of the Democratic Socialist Republic of Sri Lanka dated 25 November 2024 (the "Invitation Memorandum") was published by the Ministry of Finance, Planning and Economic Development with subsequent announcement of the final results of the consent solicitation for the exchange on 16 December 2024 (terms used herein but otherwise not defined have the meanings given to such terms in the Invitation Memorandum).
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Relief Measures to Assist the Affected Small and Medium Enterprises
The Central Bank of Sri Lanka issued a Circular to Licensed Banks on 19.12.2024, highlighting relief measures to be provided to the Small and Medium Enterprises (SMEs) affected due to the Easter Sunday attack, COVID-19 pandemic, and the extraordinary macroeconomic conditions that prevailed during the recent past, as agreed by the Sri Lanka Banks’ Association (Guarantee) Ltd. (SLBA) during the meetings of the Working Committee on Recovery of Loans by Banks (Special Provisions) (Amendment) Act, No. 26 of 2024.