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The Central Bank Further Strengthens Resolution Measures on Finance Companies

The Central Bank has observed certain erroneous news items published in few newspapers raising concerns over financial problems confronted by a few licensed finance companies. Therefore, the Central Bank wishes to clarify facts behind the inaccuracy of such news in the public interest.

External Sector Performance - June 2016

Sri Lanka’s external sector performance remained moderate in June 2016 with a widening trade deficit and relatively low growth in workers’ remittances and tourist earnings. The trade deficit which showed gradual improvements in the first four months of the year deteriorated in May and June with weak performance in both exports and imports. Earnings from tourism recorded a low growth in June compared to previous months of the year while growth in workers’ remittances also moderated. However, inflows to the financial account elevated with the receipts of the first tranche of the IMF Extended Fund Facility (IMF-EFF) and a syndicated loan facility. As a result of these inflows to the financial account and developments in the global economy with further rate hikes by the United States Federal Reserve still to materialise, foreign investments in the government securities market rebounded. This resulted in a net inflow of foreign investments in Government securities in June 2016 compared to continuous outflows experienced during the first quarter of the year.

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.

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