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Monetary Policy Review - No. 7 of 2019

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 28 November 2019, decided to maintain its accommodative monetary policy stance with the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank remaining at their current levels of 7.00 per cent and 8.00 per cent, respectively. The Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy. The decision of the Monetary Board is consistent with the aim of maintaining inflation in the desired 4-6 per cent range while supporting economic growth to reach its potential over the medium term.

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.

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