Thread by @Economynext

.@CBSL discusses the Monetary Policy, stay tuned for live updates on the thread below.

#SriLanka #SLNews #LKA

#SriLanka’s central bank said it was holding its policy rates at 15.50 percent, while data showed market interest rates are close to twice the rate while private credit and imports falling as a consequence. @CBSL #SLNews #LKA

Related - economynext.com/sri-lanka-poli…

.@CBSL says there is a possibility to further curtail non-urgent imports. #SriLanka #SLNews #lka

.@CBSL maintains its monetary policy stance #LKA

#SriLanka's economic activity is expected to pick up next year with the measures in place - @CBSL #lka

#SriLanka's import expenditure has dropped to 1.2billion dollars in July 2022 - @CBSL

@CBSL denotes a larger than expected contraction in economic activity compared to the previous monetary policy review. #LKA

@CBSL highlights that there has been a faster than expected easing of pricing pressures when compared to the previous review. #LKA

#SriLanka's trade deficit narrows to 3.5 billion dollars in the first half of 2022 compared to 4.3 billion dollars in the previous year as import expenditure slows down.

#SriLanka's monetary financing has dropped in August compared to previous months. Till Aug 17 it's 2.57 billion rupees thus far.

@CBSL governor said the foreign remittances have not increased significantly but it has come to stabilized level. And there is an indication that money coming from other channels than the banking system is reducing. With that t can be can hoped the remittances will go up.

#SriLanka's inflation is expected to stabilise in the medium term as demand in the market falls while global commodity prices moderates.

#SriLanka's economic growth to contract more than 8% compared to previously projected 7.5%.
"If the economy contracts more this year then recovery could be faster probably from the 2nd half of 2023,"
@CBSL

#SriLanka's headline inflation will not go past 65% even after adding the recent electricity tariff hikes as previously predicted - @CBSL

#lka The @IMFNews committee will arrive in #SriLanka by the end of the month and hopes to finalize the staff level agreements.

#lka The @IMFNews committee will arrive in #SriLanka by the end of the month and hopes to finalize the staff level agreements.