With the 52 day protracted countywide curfew lock down pushing the Sri Lankan economy into recession in the current fiscal, the dwindling revenue and increasing public expenditure further downside risks to the economic outlook.
High net worth clients’ confidence has collapsed amid the corona virus pandemic and it may result in contraction of the economy, a survey on economic situation the country revealed.
Weekly Average weighted deposit rate (AWPR) for the week ending 12th June 2020 decreased by 05 bps to 8.90 per cent compared to the previous week.
This indicates the perceived risk of the real sector economy or the risk appetite of the banking system.
No tourist arrivals have been recorded for the month of May 2020 due to the termination of all passenger flight & ship arrivals into Sri Lanka from 18th March 2020.
Workers' Remittances (Inflows) have come down to US$ 375.0 in April from $ 553.7 million in March
The reserve money decreased compared to the previous week mainly due to the decrease in currency in circulation and deposits held by the commercial banks with the Central Bank.
Reserve Money has decreased to Rs 1,021.6 billion in April compared to Rs 1,013.8 billion in March.
The total outstanding market liquidity was a surplus of Rs. 63.688 bn by end of this week, compared to a surplus of Rs. 30.610 bn by the end of last week, Central Bank announced.
As of June 4, there have been net capital outflows of around US$430 million (0.5 percent of GDP) since mid February, mostly from the domestic treasury securities market.
During the year up to 12th June 2020 the Sri Lankan rupee depreciated against the US dollar (1.9 per cent).
(LIN)