Subscribe to Central Bank of Sri Lanka RSS


Provincial Gross Domestic Product - 2016

Provincial Gross Domestic Product (PGDP) for 2016 has been computed by the Statistics Department of Central Bank of Sri Lanka (CBSL), by disaggregating the nominal Gross Domestic Product (GDP) compiled by the Department of Census and Statistics (DCS). In the estimation of PGDP for the provinces, the value of each line item in GDP is apportioned using relevant indicators at provincial level.

In nominal terms the national GDP for 2016 was Rs. 11,839 billion recording a growth of 8.11 per cent and a per capita income of Rs. 558,363 (US$ 3,835). The overall performance of PGDP in 2016 follows the general trend of GDP of the country and developments in economic activities. The subdued performance of the agriculture activities contributed to the slower growth in provinces where agriculture remains a main economic activity. Even though the Western province continues to drive overall economic progress occupying 39.7 per cent of GDP, contributions from other provinces gradually increase with the expansion of regional economic bases.

Licensed Banks to enhance Minimum Capital by end 2020

The Central Bank of Sri Lanka with a view to ensuring a stronger and dynamic banking sector has increased the minimum capital requirements for licensed commercial banks (LCBs) and licensed specialised banks (LSBs). The capital considered for this purpose is largely represented by high quality capital, which has higher loss absorbing capacity.

Enhancing minimum capital requirement will support the implementation of Basel III framework in Sri Lanka to strengthen the resilience of banks, and may lead to consolidation in the banking sector. Accordingly, with immediate effect, new banks to be established or incorporated in Sri Lanka are required to meet following capital requirements:


Inflation in September 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 8.6 per cent in September 2017 from 7.9 per cent in August 2017, on year-on-year basis. Both Food and Nonfood categories contributed towards the year-on-year inflation in September 2017.

The change in the NCPI measured on an annual average basis increased from 6.5 per cent in August 2017 to 6.8 per cent in September 2017.

External Sector Performance - August 2017

Sri Lanka’s external sector showed a mixed performance in August 2017. Although export earnings increased in August 2017, higher growth in import expenditure resulted in an expansion of the trade deficit. Despite the increase in tourist earnings in August 2017, the decline in workers’ remittances together with the expanded trade deficit dampened the performance of the external current account. However, the financial account of the Balance of Payments (BOP) was supported by the receipt of the second tranche of the foreign currency term financing facility to the government along with continued foreign inflows to the Colombo Stock Exchange (CSE) and the government securities market in August 2017.


IMF Reaches Staff-Level Agreement on the Third Review of Sri Lanka’s Extended Fund Facility

The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the findings so far, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.

  • The 2018 budget should continue fiscal consolidation, supported by the new Inland Revenue Act. 
  • Monetary policy should remain vigilant to pressures on inflation and credit growth.
  • Upholding the reform momentum is key to addressing vulnerabilities and sustaining inclusive growth.

After constructive discussions with the authorities in Colombo and during the Annual Meetings, an IMF staff team issued the following statement in Washington DC: 

Dr. Indrajit Coomaraswamy is named Central Bank Governor of the Year, South Asia by Global Capital Markets publication

The Central Bank of Sri Lanka is pleased to announce that Dr. Indrajit Coomaraswamy, Governor Central Bank of Sri Lanka has been named Central Bank Governor of the Year, South Asia, by the popular publication house Global Capital at Global Capital Markets Awards ceremony in Washington DC on 14 October 2017, which coincides with the World Bank-IMF Annual meetings. “GobalCapital is a leading news, opinion and data service for people and institutions working in the international capital markets”

( http;// )