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Inflation in January 2016

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, decreased to -0.7 per cent in January 2016 from 4.2 per cent in December 2015, on year-on-year basis mainly due to the higher base of the corresponding period in 2015. Annual average NCPI inflation decreased to 2.9 per cent in January 2016 from 3.8 per cent recorded in December 2015.

Monetary Policy Review - February 2016

Broad money (M2b) continued to grow at a high pace, recording a growth of 17.8 per cent (year-on-year) in December 2015 compared to 13.4 per cent in December 2014. The year-on-year growth of credit granted to the private sector by commercial banks accelerated during the year, with a growth of 25.1 per cent in December 2015 in comparison to 8.8 per cent in December 2014. In absolute terms, the expansion in private sector credit during 2015 amounted to Rs. 691.4 billion compared to Rs. 223.9 billion in 2014.

External Sector Performance - November 2015

The trade deficit contracted in November 2015 compared to the corresponding month of 2014 due to the decline in import expenditure at a higher rate than the reduction in export earnings. Tourist earnings continued to increase, but the growth in workers’ remittances moderated. Inflows to the financial account strengthened with the proceeds from the latest International Sovereign Bond of US dollars 1,500 million.

Appointment of a New Deputy Governor

The Monetary Board, with the concurrence of the Hon. Minister of Finance, has promoted Assistant Governor, Mr. S Lankathilake to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 24th January 2016.