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Democratic Socialist Republic of Sri Lanka USD 1,500 million Dual-Tranche International Sovereign Bond Issuance

The Central Bank of Sri Lanka (“CBSL”), on behalf of the Government of Sri Lanka (Sri Lanka), marked its return to the U.S. dollar bond markets with a successful issuance of U.S.$500 million 5.5-year and U.S.$1.0 billion 10-year International Sovereign Bonds (Bonds) on July 11th, 2016. This marks Sri Lanka‟s 10th US Dollar bond issuance and the first dualtranche offering.

The Bonds have been rated 'B1', „B+‟ and „B+' by Moody's Investors Service, Standard and Poor‟s and Fitch Ratings, respectively. Citigroup, Deutsche Bank, HSBC and Standard Chartered Bank acted as the Joint Lead Managers and Bookrunners of this successful transaction.

External Sector Performance - March 2016

The external sector performance moderated with an expansion of the trade deficit in March 2016. Earnings from exports declined while imports reduced marginally during the month compared to the previous year. However, during the first quarter of 2016, the trade deficit contracted compared to the corresponding period of 2015 due to the reduction in imports which outweighed the reduction in exports. Tourist earnings and workers’ remittances increased, strengthening the current account of the Balance of Payments (BOP) while inflows to the financial account continued to moderate.


Monetary Policy Review - June 2016

According to provisional estimates of the Department of Census and Statistics (DCS), the Sri Lankan economy grew by 5.5 per cent, in real terms, in the first quarter of 2016 compared to the growth of 2.5 per cent recorded in the last quarter of 2015. Economic growth was mainly supported by the expansion of Industry and Services related activities, which grew by 8.3 per cent and 4.9 per cent, respectively, during the first quarter of 2016 in value added terms. Meanwhile, Agriculture related activities recorded a moderate growth of 1.9 per cent during this period. The growth rate recorded in the first quarter was broadly in line with expectations for the year.

Purchasing Managers’ Index (PMI) Survey

The Statistics Department of the Central Bank of Sri Lanka (CBSL) initiated conducting PMI survey for Manufacturing and Services sectors in the country starting from May 2015. The purpose of the survey is to provide purchasing professionals, business decision-makers and economic analysts with a timely set of data to help better understand industry conditions. This survey is conducted monthly by the department and it completed one year cycle in April 2016. Thus, the CBSL decided to release the survey results for the information of the general public. The report on the PMI survey results for May 2016 along with the past series of PMI is given below. The survey results can be accessed via CBSL website under Statistics section which will be updated on monthly basis.