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Nov 18, 2014 (LBO) Sri Lanka unchanged its policy rate corridor at 6.5 to 8.0 percent in order to remain broadly on target in 2014 with low inflation the Central Bank in its November monetary policy review.
The island inflation continued to remain in low single digit levels, declined to 1.6 percent in October from 3.5 percent in the previous month.
Core inflation (Y-o-Y) decelerated to 3.6 percent in October 2014 compared to 3.7 per cent in September 2014.
“It is expected that subdued commodity prices in the international market, recent budget proposals such as reducing the Value Added Tax (VAT) to 11 per cent and stable inflation expectations would keep inflation at benign levels in the period ahead,” Central bank said in its policy review.
The growth of broad money which moderated in July 2014 to 11.9 per cent (y-o-y), accelerated to 12.8 per cent (y-o-y) in September 2014, reflecting the expansion in bank credit obtained by the private and public sectors.
Net credit to the government from the banking sector has increased by 87.3 billion rupees in the first nine months compared to the projected bank borrowing of 100 billion rupees for the year, and credit to public corporations has declined by 1.2 billion rupees during this period.
Net foreign assets (NFA) of the banking sector have increased by 225.9 billion rupees during this period.
Credit obtained by the private sector from commercial banks increased by 52.3 billion rupees during the month of September, following an increase of 47.7 billion rupees in August with a 4.6 percent year on year acceleration of credit in September 2014 from 2.6 per cent in the previous month.
On the external front, the Sri Lanka rupee remained broadly stable supported by foreign currency inflows mainly on account of export earnings, tourism, remittances, and other inflows to the banking sector. Accordingly, the gross official reserves stood at an estimated 8.8 billion US dollars, equivalent to 5.3 months of imports by end October 2014.
http://www.lankabusinessonline.com/news/sri-lanka-policy-rates-unchanged-in-november-2014::inflation-declined:-central-bank/1568443381
The island inflation continued to remain in low single digit levels, declined to 1.6 percent in October from 3.5 percent in the previous month.
Core inflation (Y-o-Y) decelerated to 3.6 percent in October 2014 compared to 3.7 per cent in September 2014.
“It is expected that subdued commodity prices in the international market, recent budget proposals such as reducing the Value Added Tax (VAT) to 11 per cent and stable inflation expectations would keep inflation at benign levels in the period ahead,” Central bank said in its policy review.
The growth of broad money which moderated in July 2014 to 11.9 per cent (y-o-y), accelerated to 12.8 per cent (y-o-y) in September 2014, reflecting the expansion in bank credit obtained by the private and public sectors.
Net credit to the government from the banking sector has increased by 87.3 billion rupees in the first nine months compared to the projected bank borrowing of 100 billion rupees for the year, and credit to public corporations has declined by 1.2 billion rupees during this period.
Net foreign assets (NFA) of the banking sector have increased by 225.9 billion rupees during this period.
Credit obtained by the private sector from commercial banks increased by 52.3 billion rupees during the month of September, following an increase of 47.7 billion rupees in August with a 4.6 percent year on year acceleration of credit in September 2014 from 2.6 per cent in the previous month.
On the external front, the Sri Lanka rupee remained broadly stable supported by foreign currency inflows mainly on account of export earnings, tourism, remittances, and other inflows to the banking sector. Accordingly, the gross official reserves stood at an estimated 8.8 billion US dollars, equivalent to 5.3 months of imports by end October 2014.
http://www.lankabusinessonline.com/news/sri-lanka-policy-rates-unchanged-in-november-2014::inflation-declined:-central-bank/1568443381
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