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Inflation in June 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), decelerated to 6.3 per cent in June 2017 from 7.1 per cent in May 2017, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in June 2017.

The change in the NCPI measured on an annual average basis remained at 6.1 per cent in June 2017, at same level of the previous month.

The International Monetary Fund to Release the Third Tranche of US Dollars 167.2 million under the Extended Fund Facility

The second review of the three-year Extended Fund Facility (EFF) obtained by Sri Lanka in June 2016 has been successfully completed by the International Monetary Fund (IMF) and the third tranche to the value of SDR 119.894 million (approximately US dollars 167.2 million) will be disbursed on 19 July 2017.

46th Meeting of the Board of Directors of the Asian Clearing Union Colombo, Sri Lanka, July 12-13, 2017

The Central Bank of Sri Lanka hosted the Standing Technical Meeting on July 12, 2017 and the 46th Meeting of the Board of Directors of the Asian Clearing Union (ACU) on July 13, 2017, respectively.

The ACU presently has a membership of nine Central Banks/ Monetary Authorities. Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka are the current members of ACU. The Board of Directors of the ACU consists of the Governors of Central Banks/Heads of Monetary Authorities in these countries. The ACU functions under a Secretary General, responsible to the Board of Directors and has its Secretariat located in Teheran, Iran.

SL Purchasing Managers’ Index Survey - June 2017

The Manufacturing Sector PMI recorded 56.1 in June which is a decrease of 1.8 index points compared to May 2017. This indicates that the manufacturing activities expanded, albeit at a slower rate in June 2017, mainly due to the decrease in New Orders and Production sub-indices which were partly influenced by the adverse weather conditions. As a result, excessive stock levels were created and a marginal decline in lengthening of the suppliers’ delivery time was experienced. However, the Employment level improved recovering from the contraction experienced in the previous month. Further, all the sub-indices of PMI recorded values above the neutral 50.0 threshold signalling an overall expansion. Moreover, the expectation for activities indicates an improvement for the next three months.

SAARCFINANCE Group Meeting and SAARCFINANCE Governors’ Symposium held in Colombo on 12 July 2017

The Central Bank of Sri Lanka hosted the 34th SAARCFINANCE Group Meeting and SAARCFINANCE Governors’ Symposium in Colombo on 12 July 2017. The 34th SAARCFINANCE Group Meeting was attended by Governors and Finance Secretaries and other delegates from the Central Banks and Ministries of Finance in the SAARC region.

Following the SAARCFINANCE Group Meeting, the SAARCFINANCE Governors’ Symposium, themed “Challenges for the SAARC region amidst Global Uncertainties and Possible Policy Measures to Mitigate these Risks”, was held at the John Exter International Conference Hall of the Central Bank of Sri Lanka. Governor of Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy delivered the keynote speech at the Symposium. Each SAARC country made a presentation, highlighting the impact of global uncertainties on their economies and possible policy measures to mitigate these risks. The preliminary results of the SAARCFINANCE collaborative research study on “Financial Inclusion in the SAARC Region” were also presented at the Symposium.

20th Annual Meeting of the Asia/Pacific Group on Money Laundering in Colombo, Sri Lanka during July 17-21, 2017

The 20th Annual Meeting of the Asia/Pacific Group on Money Laundering will be held in Colombo during July 17-21, 2017 with the participation of about 450 local and foreign delegates from 41 member countries and several international observer organisations. This event will be graced by His Excellency the President Maithripala Sirisena as the Chief Guest.