The Communications Department of the Central Bank of Sri Lanka, together with the Regional Offices of the Central Bank, conducted the written examination to select the 16 best school teams (in each medium, i.e. Sinhala and Tamil), for the contest ‘Econ Icon - Season IV’, the TV quiz programme, which will take place in 2019. The examination was held simultaneously at selected centres island-wide on 22nd January 2019 where teams of A/L students from schools in each District participated. Given below are the names of schools whose teams were placed first in the respective District.
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Econ-Icon Season IV Written Examination - District Winners
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Inflation in December 2018
Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100) decreased to 0.4 per cent in December 2018 from 1.0 per cent in November 2018. The decrease observed in year-on-year inflation in December 2018 is driven by the decrease of prices of items in both Food and Non-food categories. Year-on-year Food inflation decreased to -4.5 per cent in December 2018 from -3.9 per cent in November 2018 while year-on-year Non-food inflation also decreased from 5.2 per cent in November 2018 to 4.7 per cent in December 2018.
The change in the NCPI measured on an annual average basis decreased to 2.1 per cent in December 2018 from 2.7 per cent in November 2018.
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Malicious Phishing Attempt Impersonating Central Bank
It has been reported to the Central Bank of Sri Lanka (CBSL) that a phishing attempt has been initiated targeting mainly the financial institutions of Sri Lanka and the phishing emails appear to be sent from the Employees Provident Fund (EPF) Department of CBSL with the subject “Notice From Central Bank Of Sri Lanka EPF". The content of the email was reported to be with links to malicious web sites and downloadable malicious software.
The CBSL wishes to inform the general public and institutions that the EPF Department of CBSL has not sent out such emails. The public and institutions are adviced to be alert of this ongoing phishing attempt and not open suspicious emails with the subject “Notice From Central Bank Of Sri Lanka EPF" or open its attachments or click on any of its links.
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Issuance of Treasury Bills to the Central Bank
The Central Bank of Sri Lanka (CBSL) subscribed to Treasury bills (T-bills) amounting to Rs. 90 billion in January 2019 at the request of the Treasury to assist financing needs of the government due to the delay in receiving expected foreign currency financing arrangements as envisaged in the Treasury’s cash flow for the month of January 2019. The Monetary Board has acceded to the Treasury’s request in the national interest and under exceptional circumstances.
Having reviewed the macroeconomic consequences of subscribing to T-bills by the CBSL, the Government has agreed to reverse part of the transaction in February and the balance during the first quarter of 2019 once the Government's borrowing programme is brought back on track with realisation of expected financial arrangements.
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Sri Lanka Purchasing Managers’ Index - December 2018
Manufacturing activities increased at a slower rate in December compared to November mainly driven by the slowdown in employment and production, especially in manufacturing of textiles, wearing apparels, leather and related activities. A significant decline in employment was experienced as some employees moved to seasonal jobs for better salaries. This partly impacted on decrease in production. However, new orders increased mainly driven by the manufacturing of food and beverages activities with the continued festival season demand.
Meanwhile, stock of purchases indicates an increase due to intended accumulation of stocks to fulfil the future requirements anticipating supply disruptions due to upcoming Chinese new year festival. In line with this, suppliers’ delivery time also lengthened.
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Statement by IMF Managing Director Christine Lagarde on Meeting with Sri Lanka’s Finance Minister Mangala Samaraweera and Governor Indrajit Coomaraswamy
Christine Lagarde, Managing Director of the International Monetary Fund (IMF), met today with Sri Lanka’s Finance Minister Mangala Samaraweera and Governor Indrajit Coomaraswamy.
Following the meeting, Ms. Lagarde made the following statement:
“I was pleased to meet with Minister Samaraweera and Governor Coomaraswamy this afternoon. We discussed the challenging economic environment and the policy priorities for the country. The authorities stressed Sri Lanka’s continued commitment to their economic reform agenda under the IMF-supported program.
“We agreed that a strong policy mix, with effective implementation of that agenda, is key to strengthening confidence, while putting Sri Lanka on a sustainable, high-quality growth path that would benefit its people.
“The IMF remains ready to support the Sri Lankan authorities in these endeavors and an IMF team is scheduled to visit Colombo in mid-February to resume program discussions.”
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RBI Agrees to USD 400 mn SWAP - Boost to Reserves
The Reserve Bank of India (RBI) has agreed to provide USD 400 mn to the Central Bank of Sri Lanka (CBSL) under its SAARC SWAP facility.
CBSL has also requested a further bilateral SWAP arrangement of USD 1 billion between the RBI and CBSL which is under consideration.
The RBI’s very rapid and timely assistance will serve to boost investor confidence by supporting Sri Lanka to maintain an adequate level of external reserves while accommodating outflows related to imports, debt servicing and, if necessary, support for the currency to avoid disorderly adjustment.
The CBSL acknowledges the very active role played by the Government of India, the Sri Lankan High Commission, in Delhi, and the Indian High Commission, in Colombo, in facilitating these arrangements.
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External Sector Performance - November 2015
The trade deficit contracted in November 2015 compared to the corresponding month of 2014 due to the decline in import expenditure at a higher rate than the reduction in export earnings. Tourist earnings continued to increase, but the growth in workers’ remittances moderated. Inflows to the financial account strengthened with the proceeds from the latest International Sovereign Bond of US dollars 1,500 million.
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Financial Sector Regulators Sign a Memorandum of Understanding for Consolidated Risk-based Supervision
The Central Bank of Sri Lanka (CBSL) entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 31 December 2018 at CBSL, to conduct effective consolidated risk-based supervision and for CBSL to be the lead supervisor in this regard. -
Extension of the Suspension of Business of Perpetual Treasuries Limited
The Monetary Board of 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 period of six months with effect from 4.30 p.m. on 05th January 2019, in order to continue the investigations being conducted by the Central Bank of Sri Lanka.