• Regulatory Actions taken by the Central Bank of Sri Lanka on The Finance Company PLC

    The attention of the Central Bank of Sri Lanka (CBSL) has been drawn to certain information published in newspapers and news websites on 26th November 2019 regarding the regulatory actions taken by the CBSL on The Finance Company PLC (TFC) and it wishes to clarify the following. 

    The CBSL issued a notice of cancellation of the licence granted to TFC to carry on finance business under the Finance Business Act No. 42 of 2011 (FBA) on 23rd October 2019. The CBSL also informed that in terms of the provisions of the FBA, the company has the right to submit an acceptable proposal for investment in TFC along with proof of funds for capital infusion and a Business Restructuring Plan for the consideration of the CBSL within 30 days from the date of issuance of such notice. 

  • Inflation Increased in October 2019

    Headline inflation as measured by the year-on-year change in the National Consumer Price Index NCPI, 2013=100)1 increased to 5.6 per cent in October 2019 from 5.0 per cent in September 2019. The monthly increases of prices of items in the Food category contributed to this increase. Accordingly, Food inflation (Y-o-Y) increased to 7.3 per cent in October 2019 from 4.9 per cent in September 2019. However, Non-food inflation (Y-o-Y) recorded 4.3 per cent, continuing its decreasing trend observed since May 2019.

  • Beware of Online Scams - Protect Your Bank Passwords and PINs

    The Central Bank of Sri Lanka has received information regarding several types of financial frauds and scams being operated through social media, and Internet-based applications. Recently, an increase of these types of scams has been observed.

    Most of these scams are conducted through easy loan schemes that attract the public. During such fraudulent loan approval processes, the fraudsters lure the public to share confidential customer information such as their bank account numbers and the customer’s personal identification numbers. The fraudsters then use such confidential information to access customer accounts and steal customers’ money.

  • The Central Bank Expresses its Strong Objection to the Contents of the Statement Released by Fitch Ratings

    The Central Bank of Sri Lanka strongly objects to the statement released by Fitch Ratings on 21 November 2019 titled “Sri Lanka Election Result Increases Policy Uncertainty”, as it depicts the complete opposite of the realised positive market response to the outcome of the Presidential elections, followed by the assumption of duties by His Excellency the President and ongoing key appointments. 

  • External Sector Performance - September 2019

    The trade deficit widened in September 2019 (year-on-year), with the decline in earnings from exports exceeding the decline in expenditure on imports. Nevertheless, the trade deficit remained significantly low in the first nine months of 2019 over the same period of last year, as a result of increased cumulative earnings from exports and a sharp decline in cumulative expenditure on imports. Meanwhile, the drop in tourist arrivals was contained further in September 2019. Workers’ remittances rose (year-on-year) in September 2019, although declining on a cumulative basis. In the financial account, foreign investment in the CSE and the government securities market recorded net outflows in September 2019. Despite some depreciation pressure in the month of September, the Sri Lankan rupee remained appreciated against most major currencies during the first nine months of the year.

  • Sri Lanka Purchasing Managers’ Index - October 2019

    Manufacturing PMI increased to 57.6 index value in October 2019 mainly due to increase in Production and New Orders compared to September 2019.

    The increase in Production and New Orders was observed especially in manufacturing of food and beverages sector to meet the upcoming festive season demand. Meanwhile, Employment also increased in manufacturing of food & beverages and wearing apparel sectors. This was mainly due to the recruitment of new employees to increase the production levels to meet the higher demand in the period ahead.

    Although the New Orders and Production expanded at a higher rate, the Stock of purchases remained broadly unchanged due to accumulated stocks brought forward from previous months.Further, Suppliers' Delivery Time lengthened at a slightly higher rate.

  • Sri Lanka Prosperity Index - 2018

    Sri Lanka Prosperity Index (SLPI), increased to 0.783 in 2018 from 0.548 recorded in 2017. All three sub-indices of SLPI, namely ‘Economy and Business Climate’, ‘Well-being of the People’ and ‘Socio-Economic Infrastructure’ contributed to this increase.

    Economy and Business Climate sub-index improved mainly due to price stability and increase in informal sector wages during 2018. With regard to the sub-index of Well-being of the People, major improvements were recorded in the aspects of health facilitation, quality of education, wealth of people and purity of the environment. Socio-Economic Infrastructure sub-index also increased slightly during 2018 mainly due to the improvements in availability of electricity, transportation, and Information and Communication Technology (ICT) facilities and pipe borne water quality.

  • Forensic Audits

    Arising from the recommendations of the Presidential Commission of Inquiry to investigate and inquire into and report on the issuance of Treasury Bonds during the period 1 February, 2015 to 31 March 2016 and matters that had come to light over the recent years in audit reports and findings of internal investigations relating to certain regulatory and agency functions undertaken by the Central Bank of Sri Lanka, the Monetary Board of the Central Bank of Sri Lanka, in consultation with the Auditor General, commissioned Forensic Audits (FAs) which were carried out entirely by personnel based outside Sri Lanka, of audit firms with a global practice and international experience who were selected by a Cabinet Appointed Consultants Procurement Committee (CACPC) in compliance with applicable government procurement guidelines.

  • 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) - 2019, Colombo Sri Lanka

    The Central Bank of Sri Lanka hosted the 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) – 2019, during 28th - 30th October 2019 at Cinnamon Lakeside Hotel, Colombo.

    The ACSIC was established in 1987 with the objective of promoting and developing sound credit supplementation systems. The ACSIC is the largest Asian Corporative body for the Small & Medium Enterprises (SMEs) consisting of 16 member institutions from 11 countries. The current member countries of the ACSIC are India, Indonesia, Japan, Korea, Malaysia, Mongolia, Nepal, Philippines, Sri Lanka, Taiwan and Thailand.

  • The Central Bank Publishes 'Recent Economic Developments: Highlights of 2019 and Prospects for 2020'

    The Central Bank of Sri Lanka today published “Recent Economic Developments: Highlights of 2019 and Prospects for 2020” on-line. The publication can be downloaded via the CBSL website in Sinhala, Tamil and English languages.  

    An overview of the performance of the Sri Lankan economy in 2019, as reflected in “Recent Economic Developments”, is given below:

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