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External Sector Performance - October 2015

Sri Lanka’s external sector reflected a modest performance in the month of October 2015 with lower trade deficit, continued growth in tourist earnings and a moderate increase in workers’ remittances. Despite the slowdown in imports during the recent months, the cumulative trade deficit as at end October 2015 increased by 2.5 per cent mainly due to the subdued export performance as a result of depressed global demand. As at end October 2015, gross official reserves stood at US dollars 6.5 billion, and increased to US dollars 7.3 billion in November 2015 with the receipt of the proceeds of the 9th international sovereign bond issuance and other currency inflows.

Monetary Policy Review - December 2015

The year-on-year growth of broad money (M2b) continued to expand at a high rate of 17.0 per cent in October 2015 compared to 16.0 per cent recorded in the previous month, driven by the expansion of credit extended to both private and public sectors by the banking system. Amongst contributory factors, credit granted to the private sector by commercial banks increased by 26.3 per cent, year-on-year, compared to 22.2 per cent in the previous month. Tentative data for November 2015 also shows that credit flows to the private sector continue to expand at a high rate. Meanwhile, excess liquidity in the domestic money market continues to remain high, fuelling monetary expansion.

A Commemorative Coin to Mark the 150th Anniversary of Colombo Municipal Council

The Central Bank of Sri Lanka (CBSL) issued a special silver uncirculated commemorative coin with a face value of Rs.500 to mark the 150th Anniversary of Colombo Municipal Council in recognition of its service to the country.