• 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.

  • Inflation in August 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, decreased to 4.5 per cent in August 2016 from 5.8 per cent in July 2016, on year-on-year basis. Both Food and Nonfood categories contributed towards the year-on-year inflation in August 2016.

    The change in the NCPI measured on an annual average basis increased to 3.6 per cent in August 2016 from 3.4 per cent in July 2016.

  • The FIU Sri Lanka Entered into a Memorandum of Understanding with Suspicious Transaction Reporting Office of Singapore

    The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU - Sri Lanka) entered into a Memorandum of Understanding (MOU) with the Suspicious Transaction Reporting Office of Singapore (STRO) on the basis of reciprocity and in the spirit of cooperation and mutual interest and within the framework of each Authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing on September 01, 2016. This MOU has been entered into by the FIU – Sri Lanka, in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006.

  • External Sector Performance - September 2017

    The external sector performance was driven by a double digit growth in exports (yearon-year) in September 2017, surpassing the US dollars 1 billion mark of monthly exports for the third consecutive month. However, the trade deficit expanded with higher imports of fuel and rice during the month. Earnings from tourism declined moderately during the month with a slightly lower number of tourist arrivals from key destinations compared to September 2016. The moderation in workers’ remittances continued in September, resulting in a noteworthy decline in workers’ remittances in the first nine months of 2017. However, reflecting continuous investor confidence, the financial account of the Balance of Payments (BOP) continued to strengthen during the month with higher foreign inflows to the Colombo Stock Exchange (CSE) and the government securities market.

  • Establishing the Department of Foreign Exchange to Implement the Foreign Exchange Act, No. 12 of 2017

    With a view to further liberalizing capital flows and simplifying the processes associated with current account transactions and various types of foreign currency/Rupee accounts, the Government declared in its Budget Proposals for 2016, that a new foreign exchange law will be introduced.

    In keeping with this announcement, a new legislative and policy framework for foreign exchange operations has been implemented by the Foreign Exchange Act, No. 12 of 2017 with effect from November 20, 2017, repealing the Exchange Control Act, No. 24 of 1953. Provisions of the new Act are being implemented through the newly established Department of Foreign Exchange in the Central Bank of Sri Lanka.

  • IMF Staff Concludes Visit to Sri Lanka to Discuss Progress of Economic Program

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

  • Inflation in October 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 (DCS), increased to 8.8 per cent in October 2017 from 8.6 per cent in September 2017, on year-on-year basis.

    The change in the NCPI measured on an annual average basis increased from 6.8 per cent in September 2017 to 7.1 per cent in October 2017.

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