The Central Bank of Sri Lanka, as the chair, hosted the 46th SAARCFINANCE Governors' Group Meeting on 24 October 2024 in Washington D.C. on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. Attendees included governors, deputy governors, finance secretaries, and other representatives from the central banks and finance ministries of SAARC member states.
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46th SAARCFINANCE Governors’ Group Meeting
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Sri Lanka Purchasing Managers’ Index (Manufacturing and Services) - September 2024
Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in September 2024.
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The Central Bank of Sri Lanka Releases the Financial Stability Review for the Year 2024
In terms of Section 70(1) of the Central Bank of Sri Lanka Act, No. 16 of 2023, the Central Bank of Sri Lanka released its annual Financial Stability Review (FSR) for 2024. This statutory report provides an assessment of the stability of the financial system, identifies and evaluates the associated risks and vulnerabilities, and outlines the policy measures implemented by the Central Bank and other regulatory authorities.
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Strengthening Corporate Governance Practices in Licensed Banks
The Central Bank of Sri Lanka (CBSL) wishes to announce the issuance of the Banking Act Directions No. 05 of 2024 on Corporate Governance for Licensed Banks on 30.09.2024. These Directions were issued with a view to strengthening the corporate governance processes and practices of the licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks), thus facilitating the conduct of banking business in a responsible and accountable manner in order to promote safety and soundness of the banking sector and the financial system as a whole.
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CCPI based headline inflation dipped into the negative territory in September 2024
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) entered into negative teritory, recording a deflation of 0.5% in September 2024, for the first time since September 2015.
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External Sector Performance August 2024
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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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.