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Monetary Policy Review - No. 6 of 2017

Considering developments and outlook in the domestic and international macroeconomic environment, the Monetary Board, at its meeting held on 25 September 2017, was of the view that the current monetary policy stance is appropriate and decided to maintain the policy interest rates of the Central Bank of Sri Lanka at their present levels.

Given below are the key factors that the Monetary Board considered in arriving at the decision.

Inflation in August 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 (DCS), increased to 7.9 per cent in August 2017 from 6.3 per cent in July 2017, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in August 2017.

The change in the NCPI measured on an annual average basis increased from 6.2 per cent in July 2017 to 6.5 per cent in August 2017.

SL Purchasing Managers’ Index Survey - August 2017

The Manufacturing Sector PMI recorded 54.4 in August which is a slight increase of 0.1 index points compared to July 2017. The increase was driven by the increase in the Stock of purchases sub-index due to slow progress in production activities during the month and maintaining buffer stocks to cater to the already received new orders to be supplied in the future. Suppliers’ Delivery Time lengthened mainly due to some company specific constraints. The Employment sub-index contracted due to the difficulties in finding unskilled employees in the market to address high labour turnover, especially in the apparel sector. However, all the sub-indices apart from the Employment sub-index of PMI recorded values above the neutral 50.0 threshold signalling an overall expansion in August. Moreover, the Expectation for activities remain positive for the next three months.

Release of 'Sri Lanka Socio-Economic Data – 2017' Publication

“Sri Lanka Socio-Economic Data – 2017”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 40th volume of the series.

This easy- to- carry data folder contains information on Country Profile; Key Economic Indicators; Country Comparisons; Socio Economic Conditions; Human Resources;  National Accounts; Agriculture; Industry; Economic and Social Infrastructure; Prices and Wages; External Trade and Tourism; External Finance; Government Finance; and Money Banking and Finance.

As the data folder presents a wide range of socio-economic data of current interest in summary form, it will be a very useful reference material for policy makers, researchers, academics, professionals,  students and the general public.

Appointment of New Assistant Governors

The Monetary Board, at its meeting held on 31st August 2017 has promoted Mrs. K M A N Daulagala, Mrs. S Gunaratne, Mr. N W G R D Nanayakkara, Mrs. T M J Y P Fernando, Mr. J P R Karunaratne and Mrs. K Gunatilake, six Staff Class Grade IV officers, to the post of Assistant Governor with effect from 31st August 2017. These promotions have been made to ensure the smooth functioning of the Bank by filling the vacuum created in the Assistant Governor position due to promotions and retirements during the period from May 2016 to August 2017.

Mrs. K M A N Daulagala

Deputy Secretary to the Monetary Board as the Assistant Governor in-charge of Finance Department and Staff Services Management Department in addition to her duties as the Deputy Secretary to the Monetary Board.

Release of 'Economic and Social Statistics of Sri Lanka - 2017' Publication

The “Economic and Social Statistics of Sri Lanka – 2017” an annual publication of the Central Bank of Sri Lanka, is now available for public access.

This publication contains economic and social indicators of Sri Lanka in the areas of national accounts, agriculture, industry, external trade and finance, government finance, banking and financial institutions, money and capital markets, prices and wages, population and labour force, transportation, education, health, telecommunication services, climate and selected information on economic and social indicators of other countries.

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