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Release of ‘Economic and Social Statistics of Sri Lanka – 2023’ Publication

‘Economic and Social Statistics of Sri Lanka – 2023’, an annual publication of the Central Bank of Sri Lanka, is now available for public access.

Statistics Department of the Central Bank of Sri Lanka publishes this booklet, which consists of statistical tables categorised under eight major areas, i.e. ‘National Accounts’, ‘Economic and Social Infrastructure’, ‘Prices, Wages and Employment’, ‘External Trade and Finance’, ‘Government Finance’, ‘Money and Capital Markets’, ‘Financial Sector’ and a section including statistics of other countries. This publication will be a useful collection of information for those who are interested in socio-economic statistics.

The English version of this publication is available in electronic form and can be accessed through the Central Bank website (http://www.cbsl.gov.lk).

Land Valuation Indicator – First Half of 2023

Land Valuation Indicator (LVI) for Colombo District recorded 215.3 during the first half of 2023 with a year-on-year increase of 15.2 per cent. All sub-indicators of LVI, namely Residential, Commercial and Industrial LVIs contributed to the overall increase with annual increases of 17.2 per cent, 15.1 per cent and 13.5 per cent, respectively. On semi-annual basis, LVI increased by 4.9 percent during the first half of 2023, compared to the second half of 2022. The highest contribution to this increase was from Residential LVI followed by Commercial and Industrial LVIs. However, a deceleration of the semi-annual growth of LVI could be observed during the first half of 2023.

Regulations on Financial Consumer Protection

The Central Bank of Sri Lanka (CBSL) issued Financial Consumer Protection Regulations, No. 01 of 2023 in terms of Section 10 (c) of the Monetary Law Act, No.58 of 1949 and published the same in the Government Extraordinary Gazette No. 2344/17 on 09.08.2023. These Regulations will apply to all Financial Service Providers regulated by CBSL on a uniform basis and are expected to strengthen the current financial consumer protection frameworks of CBSL, particularly Financial Consumer Protection directions issued under the Banking Act, the Finance Business Act and the Finance Leasing Act. Further, these regulations, formulated in line with international standards will establish the foundation for market conduct supervision by CBSL facilitating the development of a trusted and stable financial system in Sri Lanka.

Settlement of Exchange of Outstanding Eligible Sri Lanka Development Bonds (SLDBs) for Five (5) New LKR Treasury Bonds pursuant to the Domestic Debt Optimisation Programme (DDO)

Further to the SLDB Exchange Memorandum dated 04 July 2023 (the "Exchange Memorandum") published by the Ministry of Finance, Economic Stabilization and National Policies and subsequent announcement of results for the SLDB Invitation to Exchange (as defined in the Exchange Memorandum), outstanding eligible SLDBs (the Eligible Bonds) were converted into five (5) new variable coupon (SLFR* + 1.00%) New Treasury bonds denominated in LKR and settled on 15.08.2023 as follows:

Sri Lanka Purchasing Managers’ Index (Manufacturing and Services) - July 2023

Purchasing Managers Indices indicated an expansion in Services activities and a contraction in Manufacturing activities in July 2023. 

Manufacturing PMI continued to decline in July 2023, recording an index value of 44.6, indicating a delay in the recovery of manufacturing activities. This setback was contributed by the subdued performance observed in all the sub-indices. 

Services sector PMI increased further to record an index value of 59.5 in July 2023, indicating continued expansion in the services activities. This was led  by the increases observed in New Businesses, Business Activities, Employment and Expectations for Activity. Nevertheless, Backlogs of Works remained contracted during the month.

The Central Bank of Sri Lanka reduces the Statutory Reserve Ratio

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 8 August 2023, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of Licensed Commercial Banks (LCBs) by 200 basis points, from 4.00 per cent to 2.00 per cent, with effect from the reserve maintenance period commencing 16 August 2023. This decision was taken with the view to inject liquidity to the banking system and further reduce market liquidity deficit on a permanent basis, in line with the current monetary policy stance of the Central Bank.

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