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SAARCFINANCE Coordinators’ Meeting held in Colombo on 1 September 2016

The Central Bank of Sri Lanka hosted the 24th SAARCFINANCE Coordinators’ Meeting at the Central Bank premises, Colombo, on 1st September 2016. The 24th SAARCFINANCE Coordinators’ Meeting was attended by SAARCFINANCE Coordinators and Focal Points from the Central Banks and Ministries of Finance in the SAARC region.

The broad objective of SAARCFINANCE is to promote cooperation among Central Banks and Ministries of Finance in SAARC Member States to forge closer cooperation on macroeconomic policies of Member States and to share experiences and expertise within the region. 

Monetary Policy Review - August 2016

Both headline and core inflation, measured on a year-on-year basis, edged down in July 2016. The normalisation observed in domestic supply conditions as well as the suspension of the revisions made to certain taxes moderated consumer price inflation. However, the underlying upward trend in inflation, as reflected in annual average price changes, appears to have continued thus far during the year.

Inflation in July 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 5.8 per cent in July 2016 from 6.4 per cent in June 2016, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in July 2016.

The change in the NCPI measured on an annual average basis increased to 3.4 per cent in July 2016 from 3.1 per cent in June 2016.