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Sri Lanka Purchasing Managers’ Index - September 2021

Purchasing Managers' Indices for both Manufacturing and Services activities expanded in September 2021.

Manufacturing PMI bounced back to 54.3 in September 2021, increasing by 9.2 index points compared to August 2021.

Services PMI entered the growth territory reporting an index value of 52.2 in September 2021 following the dip observed in August 2021.

Reconstitution of the Financial System Stability Consultative Committee

The Financial System Stability Consultative Committee (FSSCC) has been reconstituted with eminent personnel in the financial sector with effect from 6th October 2021. Dr. Kenneth de Zilwa; Chairman of the LankaClear (Pvt.) Ltd. is appointed as the Chairperson of the FSSCC. Further, Mr. Niroshan Udage; President of The Finance Houses Association of Sri Lanka, Mr. C N S N Anthony; Director/General Manager of the Credit Information Bureau, Mr. L H A Lakshman Silva; Chairman of the Sri Lanka Banks` Association (Guarantee) Ltd., Mr. Sujeewa Mudalige; Managing Partner of PricewaterhouseCoopers, Mr. Sanjaya Bandara; Vice President of the Institute of Chartered Accountants of Sri Lanka, Mr. Vish Govindasamy; Chairman of The Ceylon Chamber of Commerce, Mr. Kushan de Alwis; President’s Counsel, Mr. Saliya Wickramasuriya; Acting Director General of Colombo Port City Economic Commission, Mr. Kapila Jayawardena; Group Managing Director of LOLC Holdings PLC and Mr. Krishan Balendran; Chairman of John Keells Holdings PLC are members of the reconstituted FSSCC. FSSCC is a high-level committee operational in the Central Bank of Sri Lanka which is established for the purpose of facilitating discussions leading to provide views and advice to assist the Central Bank on formulation of policies on financial system stability and financial sector development. Macroprudential Surveillance Department of the Central Bank of Sri Lanka serves as the Secretariat of the FSSCC.

The Central Bank of Sri Lanka Maintains Policy Interest Rates at their Current Levels

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 13 October 2021, 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 5.00 per cent and 6.00 per cent, respectively. The Board arrived at this decision after carefully considering the macroeconomic conditions and expected developments on the domestic and global fronts. The Board reiterated its commitment to maintaining inflation at the targeted levels over the medium term with appropriate measures, while supporting the economy to reach its potential in the period ahead.

Swarnamahal Financial Services PLC - Resumption of business for a limited purpose on a Conditional Basis

The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) has made an order permitting Swarnamahal Financial Services PLC (SFSP) to resume business for a limited period of six (06) months with effect from 13.10.2021, in terms of Section 31(5)(a) of the Finance Business Act, No. 42 of 2011 (FBA), for the purpose of exploring the possibility of absorbing the Company to the “Master Plan for Consolidation of Non-Bank Financial Institutions Sector”.

The Panel of Management appointed by the Monetary Board (Panel) has been authorized to continue managing the affairs of SFSP, and to initiate and facilitate the aforesaid process, while directors of SFSP shall carry out only the functions that will be authorized by the Director, Department of Supervision of Non-Bank Financial Institutions (D/SNBFI) and/or the Panel.