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Inflation in February 2017

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 8.2 per cent in February 2017 from 6.5 per cent in January 2017, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in February 2017. The low base that prevailed in February 2016 was the significant contributor to the sharp increase in year-on-year inflation in February 2017, in addition to the monthly price increase observed.

The change in the NCPI measured on an annual average basis increased to 5.1 per cent in February 2017 from 4.6 per cent in January 2017.

SL Purchasing Managers’ Index Survey - February 2017

The Manufacturing Sector PMI recorded an index value of 57.1 in February which is an increase of 0.9 index points compared to January 2017. This indicates that the manufacturing activities continued to expand in February 2017, largely attributable to increasing orders for the upcoming New Year season visible in New Orders sub-index. The Stock of Purchases subindex decreased in February as a result of the usage of stocks accumulated in January and the delays in delivering materials which is reflected by lengthening of Suppliers’ Delivery Time. The Employment sub-index also increased while Production sub-index remain unchanged. The less number of working days in February was highlighted as a constraint for increasing the production to meet the increase in new orders. Overall data points to an expansion where all the sub-indices are above the neutral 50.0 threshold. The expectations for activities indicated an improvement for the next three months.

Change of Metal/Alloy of Rupee 1 Coin and Rupees 5 Coin

The Central Bank of Sri Lanka hereby informs the general public that a new set of circulation coins of Rupee 1 and Rupees 5 will be issued to circulation after changing the metal/alloy from brass plated steel (gold colour) to stainless steel (silver colour).The edge lettering of the Rupees 5 coin has been removed in the new stainless steel coin. All other specifications including dimensions and designs of the above said coins remain same as of Rupee 1 coin and Rupees 5 coin that have been issued since 2005.

The said new coins will be legal tender in Sri Lanka for payments and will be a liability of the Central Bank of Sri Lanka while in circulation.

 

 

External Sector Performance – November 2016

Sri Lanka’s external sector recorded a modest performance during November 2016. The trade deficit widened as a result of higher import expenditure amidst a decline in export earnings, albeit marginally, during the month of November 2016. The significant increase in import expenditure in November 2016 was mainly due to the increase in expenditure on intermediate and investment goods. Earnings from tourism continued to record a healthy growth while workers’ remittances declined marginally during the month. The government securities market witnessed a net outflow in the month of November, while net inflows to the Colombo Stock Exchange (CSE) and long term loan proceeds to the government supported the Balance of Payments (BOP) in November 2016.

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