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Net credit to government from banking system increased by Rs. 212.5 bn in December 2021

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During the period from January to November 2021, government revenue increased to Rs. 1,322.0 bn compared to Rs. 1,259.1 bn recorded in the corresponding period of 2020, and during the same period, overall budget deficit increased to Rs. 1,709.3 bn compared to Rs. 1,576.4, according to Weekly Economic Indicators of the Central Bank of Sri Lanka issued on Friday.

“Net Credit to the Government from the banking system increased by Rs. 212.5 bn in December 2021”, it said.

The report further said:

By 18th February 2022, the All Share Price Index (ASPI) decreased by 2.61 per cent to 12,134.04 points and the S&P SL 20 Index decreased by 1.87 per cent to 4,140.65 points, compared to the index values of last week.

During the year up to 18th February 2022, the Sri Lankan rupee depreciated against the US dollar by 0.8 per cent.

Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the pound sterling by 1.6 per cent, the

Euro by 1.3 per cent and the Japanese yen by 0.7 per cent while appreciating against the Indian rupee by 0.01 per cent during this period.

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

Purchasing Managers’ Indices for both Manufacturing and Services activities expanded in January 2022 as well recording 58.7 and 57.5 index values respectively.

The total outstanding market liquidity was a deficit of Rs. 693.539 bn by end of this week, compared to a deficit of Rs. 617.991 bn by the end of last week.

During the period from January to November 2021, total expenditure and net lending increased to Rs.3,033.4 bn compared to Rs. 2,838.5 bn recorded in the corresponding period of 2020.

During the period from January to November 2021, domestic financing decreased to Rs. 1,812.3 bn compared to Rs. 1,822.8 bn in the corresponding period of 2020.

Foreign financing recorded a net repayment of Rs. 103.1 bn during the period from January to November 2021 compared to a net repayment of Rs. 246.2 bn recorded in the corresponding period of 2020.

Outstanding central government debt increased to Rs. 17,413.7 bn by end November 2021 from Rs. 15,117.2 bn as at end 2020.

Since end 2020, total outstanding domestic debt increased by 20.4 per cent to Rs. 10,914.9 bn, and the rupee value of total outstanding foreign debt increased by 7.4 per cent to Rs. 6,498.8 bn by end November 2021.

During the period under review (12.02.2022 to 18.02.2022), crude oil prices showed a mixed performance. At the beginning of the week, prices increased notably as markets feared that geopolitical tensions between Russia and Ukraine may worsen the already tight status of crude oil supplies. However, prices declined towards the end of the week on prospects of progress on the Iran nuclear deal unlocking more crude supplies. Overall, Brent and WTI prices decreased by US dollars 3.22 per barrel and US dollars 3.34 per barrel respectively, during the period.

Weekly AWPR for the week ending 18th February 2022 increased by 23 bps to 9.09 per cent compared to the previous week.

Broad money (M2b) expanded by 13.2 per cent, on a Y-o-Y basis, in December 2021.

Outstanding credit to public corporations increased by Rs. 3.4 bn in December 2021.

Outstanding credit extended to the private sector increased by Rs. 61.3 bn in December 2021.



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Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation

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The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.

He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.

Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.

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Kitchen & Bedroom reaffirms its partnership with Häfele Sri Lanka

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(L-R) Pawan Singh- General Manager Sales & Marketing at Hafele Sri Lanka, Jurgen Wolf- Managing Director Hafele South Asia, Dr. Sacquaff- Group CEO Kitchen & Bedroom, and Manish Mahajan, Director Sales Hafele South Asia

Kitchen & Bedroom, a name synonymous in the interior designing and furniture sector in the country recently celebrated its long-standing partnership with Häfele Sri Lanka during the latter’s 12th year anniversary celebratory event, reaffirming its ambitious plans to further strengthen and explore the numerous opportunities available here.

Häfele Sri Lanka, part of Häfele India which is a wholly owned subsidiary of the Hafele Global network, is a technology partner for various projects and initiatives of Kitchen & Bedroom. Both the companies operate in the interior design space, sharing their cumulative knowledge and expertise to provide extensive and personalized solutions catering to domestic requirements.

‘We take great pride in our association with Häfele Sri Lanka having exchanged and collaborated on many projects both commercial and household. We share similar values such as providing high quality, sustainable, functional and customized solutions to our customers, and most importantly to guide them through every aspect and step of the project and how best we could bring out their desired design,’ said Dr. Sacquaff, Kitchen & Bedroom Group CEO.

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DSI strengthens its islandwide presence with three new showrooms

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Amid the prevailing economic hardships faced by Sri Lanka, Sri Lanka’s premier footwear brand DSI recently expanded its islandwide presence in the country with the opening of three new showrooms in Kahawatta, Akuressa, and Chavakachcheri, with the aim of offering greater access to its diversified product range to a wider customer base.

Gracing the special occasion, the showrooms were declared open by D. Samson & Sons (Pvt.) Ltd. Managing Director Thusitha Rajapaksa, in the presence of Director Asanka Rajapaksa, General Manager Pradeep Samarathunga, National Sales Manager – Retail Sales Naleen Weerawardana, invitees, and well-wishers.

Speaking at the opening ceremony, Thusitha Rajapaksa stated: “We are excited about expanding DSI wings to three new locations. Despite the ongoing economic conditions of the country, we took a call to take a proactive measure to expand our islandwide presence. While it has been a challenge, the commitment and hard work of our team has made it possible to serve our loyal customers better, and we are confident that we will be able to continue these efforts in the future as well.”

DSI is renowned for its well-trained staff who offer exceptional customer service. The three new DSI showrooms prioritize providing a unique service and customer support to make purchasing further convenient for the customer.

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