Subscribe to Central Bank of Sri Lanka RSS

News

IMF Staff Reaches Staff-Level Agreement on an Extended Fund Facility Arrangement with Sri Lanka

IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about US$2.9 billion.

The objectives of Sri Lanka’s new Fund-supported program are to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, protecting the vulnerable, and stepping up structural reforms to address corruption vulnerabilities and unlock Sri Lanka’s growth potential.

Debt relief from Sri Lanka’s creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps. Financing assurances to restore debt sustainability from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors are crucial before the IMF can provide financial support to Sri Lanka.

CCPI based headline inflation recorded at 64.3% on year-on-year basis in August 2022

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 64.3% in August 2022 from 60.8% in July 2022. This increase in Y-o-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 93.7% in August 2022 from 90.9% in July 2022, while Non-Food inflation (Y-o-Y) increased to 50.2% in August 2022 from 46.5% in July 2022.

Central Bank of Sri Lanka joins hands with the Foreign Employment Bureau to promote the LankaRemit mobile application

With the aim of popularizing the LankaRemit National Remittance Mobile Application among migrant workers, the Central Bank of Sri Lanka (CBSL) and the Sri Lanka Bureau of Foreign Employment (SLBFE) held a ceremony on 26 August 2022 at SLBFE to demonstrate its features. LankaRemit provides Sri Lankan expatriates with access to a fast, secure and more convenient remittance channel to send money to Sri Lanka.

CBSL in collaboration with LankaClear (Private) Limited (LCPL) implemented the “LankaRemit” mobile application with the launching of the first phase in February 2022. CBSL is in the process of creating awareness of “LankaRemit” locally and internationally with the support of stakeholders such as the Ministry of Foreign Affairs, Ministry of Labour and Foreign Employment and the SLBFE.

Release of ‘Economic and Social Statistics of Sri Lanka – 2022’ Publication

‘Economic and Social Statistics of Sri Lanka – 2022’, an annual publication of the Central Bank of Sri Lanka, is now available for public access.

Statistics Department of the Central Bank of Sri Lanka publishes this booklet, which consists of statistical tables categorised under eight major areas, i.e. ‘National Accounts’, ‘Economic and Social Infrastructure’, ‘Prices, Wages and  Employment’, ‘External Trade and Finance’, ‘Government Finance’, ‘Money and Capital Markets’, ‘Financial Sector’ and a section including statistics of other countries. This publication will be a useful collection of information for those who are interested in socio-economic statistics.

The English version of this publication is available in electronic form and can be accessed through the Central Bank website (http://www.cbsl.gov.lk).

NCPI based headline inflation recorded at 66.7% on year-on-year basis in July 2022

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100) increased to 66.7% in July 2022 from 58.9% in June 2022. This increase in Yo-Y inflation was mainly driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 82.5% in July 2022 from 75.8% in June 2022, while Non-Food inflation (Y-o-Y) increased to 52.4% in July 2022 from 43.6% in June 2022.

Land Valuation Indicator – First Half of 2022

Land Valuation Indicator (LVI) for Colombo District increased to 186.9 with a year-on-year change of 17.0 per cent during the first half of 2022. This annual increase (17.0) and the semi-annual increase (4.6 per cent) of LVI, showed a deceleration of the increasing trend observed in the second half of 2021.

All sub-indicators of LVI, namely Residential LVI, Commercial LVI and Industrial LVI contributed to the overall increase. Industrial LVI recorded the highest annual increase of 20.6 per cent, followed by Commercial LVI and Residential LVI.

Pages