Connect with us

Business

Domestic financing increased by Rs. 147 billion in first five months of 2022

Published

on

During the five months ending May 2022, domestic financing increased to Rs. 742.7 bn compared to Rs. 595.7 bn in the corresponding period of 2021. Foreign financing recorded a net repayment of Rs. 106.0 bn during the period from January to May 2022, compared to a net borrowing of Rs. 39.2 bn recorded in the corresponding period of 2021, according to Weekly Economic Indicators of the Central bank

The report further said:

Outstanding central government debt increased to Rs. 21,696.6 bn by end March 2022 from Rs. 17,589.4 bn as at end 2021.

The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank and decrease in the currency in circulation.

The total outstanding market liquidity was a deficit of Rs. 614.942 bn by the end of this week, compared to a deficit of Rs. 634.381 bn by the end of last week.

During the five months ending May 2022, government revenue increased to Rs. 811.9 bn compared to Rs. 630.1 bn recorded in the corresponding period of 2021.

During the five months ending May 2022, overall budget deficit increased to Rs. 636.7 bn compared to Rs. 634.8 billion recorded in the corresponding period of 2021.

During the period from January to May 2022, total expenditure and net lending increased to Rs. 1,449.4 bn compared to Rs. 1,265.6 bn recorded in the corresponding period of 2021.

During the first seven months of 2022, tea production decreased in comparison to the corresponding period of the previous year due to the unavailability of required fertilisers. Rubber production also decreased due to the combined result of adverse weather conditions in rubber growing areas, the spread of fungal disease and fertiliser shortages. However, coconut production increased considerably due to the lagged effect of favourable weather conditions that prevailed throughout 2021.

NCPI based headline inflation (Y-o-Y) increased to 66.7 per cent in July 2022 from 58.9 per cent in June 2022 due to increases of prices of items in both food and non-food categories. Meanwhile, food inflation (Y-o-Y) and non-food inflation (Y-o-Y) recorded at 82.5 per cent and 52.4 per cent, respectively, in July 2022. Furthermore, the NCPI measured on an annual average basis, increased to 25.9 per cent in July 2022 from 20.8 per cent in June 2022.By 26th August 2022, the All Share Price Index (ASPI) decreased by 2.03 per cent to 8,793.39 points and the S&P SL 20 Index decreased by 3.38 per cent to 2,863.75 points, compared to the index values of last week.

During the period under review (20.08.2022 to 26.08.2022), crude oil prices largely showed an increasing trend. Prices increased mainly due to Saudi Arabia’s warning that OPEC could cut output to correct the recent drop in crude oil futures prices. However, prices decreased later due to expectations on possible return of Iranian oil to the global market and on concerns of rising US interest rates. Overall, during the period under review, Brent and WTI prices increased by US dollars 4.92 per barrel and US dollars 3.66 per barrel, respectively.

Weekly AWPR for the week ending 26th August 2022 increased by 8 bps to 25.76 per cent compared to the previous week.During the year up to 26th August 2022, the Sri Lankan rupee depreciated against the US dollar by 44.5 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.5 per cent, the Euro by 37.0 per cent, the pound sterling by 36.7 per cent and the Japanese yen by 34.1 per cent during this period.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

SLT-MOBITEL driving Sri Lanka’s economic resilience through digital infrastructure

Published

on

SLT-MOBITEL marks its triple triumph at the National Business Excellence Awards 2026

Corporate accolades underscore the alignment between its operational excellence and national development

In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.

Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.

Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.

“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.

Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.

However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.

Continue Reading

Business

Port City Colombo strengthens Gulf investment ties at Dubai diplomatic engagement

Published

on

The panel discussion at the engagement

Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.

The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.

In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.

Continue Reading

Business

American Premium Water strikes Gold at Dragons of Sri Lanka 2026

Published

on

The achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories.

American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.

Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.

For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.

Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.

Continue Reading

Trending