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Central Bank of Sri Lanka implements Extraordinary Regulatory Measures to facilitate Banks to support COVID-19 affected Businesses and Individuals

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to introduce several extraordinary  regulatory  measures  to provide flexibility  to  Licensed Commercial Banks and Licensed Specialised Banks to provide some relief to businesses and individuals affected by the COVID-19 crisis. In deciding these measures, the Monetary Board took note of the overall resilience of the banking sector especially due to the already built-up capital buffers, the current and future liquidity levels, potential upsurge in the rising trend in non-performing loans due to the  inability  of  majority  of  borrowers  to  service  their  loans  as  usual  and  extraordinary disruptions to the functioning of the economy.

NCPI based Inflation increased in February 2020

Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1increased to 8.1 per cent in February 2020 from 7.6 per cent in January 2020. This was driven by statistical effect of the low base prevailed in February 2019. Further, Food inflation (Y-o-Y) stood at 16.3 per cent in February 2020 while Non-food inflation (Y-o-Y) recorded at 2.1 per cent.

Operations of Banks on 23rd March 2020

Central Bank of Sri Lanka (CBSL) has requested all Licensed Commercial Banks and Licensed Specialised Banks to keep their branches open at least for two (2) hours on the 23rd March 2020 in the areas where police curfew is lifted to provide urgent banking services to the general public.

The Central Bank of Sri Lanka Introduces Urgent Measures to Ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic

As per the provisions of the Monetary Law Act No. 58 of 1949, the Banking Act No. 30 of 1988, and the Foreign Exchange Act No. 12 of 2017, the Central Bank of Sri Lanka introduced several measures to ease the pressure on the exchange rate and prevent financial market panic due to the COVID-19 pandemic.

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