Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka maintains policy rates, monetary policy timely and appropriate
Mon, Dec 9, 2013, 08:19 am SL Time, ColomboPage News Desk, Sri Lanka.

Dec 09, Colombo: Sri Lanka's Central Bank has decided to maintain current policy interest rates as its Monetary Board is of the view that the monetary policy decisions implemented throughout 2013 are timely and appropriate.

Accordingly, the Repurchase rate would remain at 6.50 percent while the Reverse Repurchase rate remains at 8.50 percent, the Central Bank announced Monday.

According to the Central Bank, the real GDP growth accelerated in the third quarter of 2013 while the inflation reduced significantly to levels lower than anticipated and the external sector showed further progress.

All key sectors of the economy contributed positively to the real GDP growth of 7.8 percent in the third quarter of 2013. The Agriculture sector grew by 7.0 percent, Industry Sector by 8.1 percent while the Services sector grew by 7.9 percent.

The Central Bank expects the sound, broad based growth performance in the third quarter will result in over 7 percent economic growth for the year.

The rupee continued to remain stable against the US dollar within the flexible exchange rate regime, as a result of improving external trade activity, increased workers' remittances and tourist earnings, increased inflows to the financial sector, and strengthened market expectations.

Key public corporations performed well financially prompting substantial repayments to the banking sector and facilitating an increased flow of financial resources for private investment, the Central Bank reported.

The International Monetary Fund (IMF) last week said it is encouraged by Sri Lanka's strong growth and moderating inflation, and by the economy's resilience despite the recent market turbulence but cautioned of the remaining vulnerabilities stemming from high debt and declining government revenues relative to GDP.

The IMF advised the Central Bank to allow time for the effects of monetary policy to feed through to private credit and money growth before easing further.

ColomboPage - Recent 10 Stories
UN expresses concern over sexual violence in Sri Lanka
-- [2 minutes ago]
Sri Lanka opposition protests against government's casino legislation
Sri Lankan parliamentary approval for one of the three controversial casino legislations
Employees of Sri Lanka's zoological garden urge authorities to re-commence elephant dances
Discovery of contaminated plastic bottles during raid raises alarm on water sold in Sri Lankan market
Consumer movement urges Sri Lankan government to remove the fuel surcharge from the electricity bill
Sri Lanka Attorney General's Department sets up provincial units
Sri Lanka briefs diplomatic community on measures taken to subdue renewed threat of terrorism
Sri Lankan President vows to take strict action against lawbreakers, not to permit religious discord
Parliamentary delegation of Balochistan visits Sri Lanka

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.