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IMF Reaches Staff-Level Agreement on the Sixth 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.

Enhancing Efficiency of the Transmission of Recent Policy Decisions to Market Lending Rates

Over the past eleven months, the Central Bank of Sri Lanka has taken a number of monetary and regulatory policy measures to induce a reduction in market lending rates. These measures include the reduction of the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points in two steps, the reduction of the Statutory Reserve Ratio (SRR) applicable on rupee deposit liabilities of Licensed Commercial Banks (LCBs) by 2.50 percentage points that released around Rs. 150 billion of additional liquidity to the financial market, and the imposition of caps on rupee deposit interest rates offered by licensed financial institutions that enabled them to reduce the cost of mobilising funds from the general public. 

Inflation increased in August 2019

Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)  increased to 3.4 per cent in August 2019 from 2.2 per cent in July 2019. The low base that prevailed in the corresponding month of the previous year and the monthly increases of prices of items in both Food and Non-food categories contributed to this increase. Meanwhile, in August 2019, year-on-year Food and Non-food inflation recorded 0.6 per cent and 5.6 per cent respectively. 

Release of “Sri Lanka Socio Economic Data – 2019” Publication

“Sri Lanka Socio Economic Data – 2019”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 42nd volume of the series.

This easy-to-carry booklet contains information categorized under 14 topics, namely, 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.