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External Sector Performance - May 2018

Sri Lanka’s external sector demonstrated a modest performance in May 2018. The deficit in the trade account continued to expand at a comparatively slower rate in May 2018, as export growth outpaced import growth. Tourist earnings continued to increase while workers’ remittances declined during the month. Inflows to the financial account of the balance of payments (BOP) moderated with net outflows from the government securities market and a reduction in net inflows to the Colombo Stock Exchange (CSE). The country’s level of gross official reserves at the end May 2018, stood at US dollars 8.8 billion. Meanwhile, reflecting the developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 3.3 per cent against the US dollar by end May 2018 and by 4.5 per cent so far during the year up to 20 July 2018.

 

Sri Lanka Purchasing Managers’ Index - June 2018

The Manufacturing Sector PMI decreased to 57.6 index points in June 2018 from 60.6 index points observed in the previous month and was in line with the pattern observed in the previous years. The significant drop in Production especially that of manufacturing of food, beverages and tobacco products largely contributed for this decrease. Further, New Orders and Stock of Purchases also decreased during the month. However, the overall Employment increased with the new recruitments in manufacturing of textiles, wearing apparel, leather and other related products. Meanwhile, the time taken by the suppliers to deliver materials increased due to unfavourable weather conditions prevailed during the month and the tightened environmental regulations in China. As a result, the Suppliers’ Delivery Time lengthened. Overall, all the sub-indices of PMI recorded values above the neutral 50.0 threshold in June 2018 signalling an overall expansion in manufacturing activities yet at a slower phase compared to May 2018.

Payment for Deposit Holders of Swarnamahal Financial Services PLC

This is further to the Press Release dated 02.01.2018 relating to ETI Finance Ltd and Swarnamahal Financial Services PLC (SFSP).

The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the requests of the depositors, instructed SFSP to pay urgently 10 percent of deposit liabilities of SFSP commencing from 10.07.2018.

The details of the payment plan will be informed to depositors by SFSP shortly. The CBSL, while thanking all relevant parties for their assistance extended during the past six months, wishes to request all depositors to be patient until the Business activities of SFSP are restructured and to cooperate with the Central Bank appointed management panel for the implementation of such activities. Further information with this regard will be communicated in due course. 

 

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