People’s Bank records unprecedented growth in earnings and balance sheet

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While the government indicates it is seeking closer engagement with the IMF, the Central Bank of Sri Lanka (CBSL) stands ready to cooperate in such engagement, the Bank said in a press release on Saturday.

In the statement titled “CBSL Comments on IMF Article IV Report”, CBSL states the following.

The International Monetary Fund (IMF) has released its Article IV report on Sri Lanka. The Article IV process included;

(a) a visit to Sri Lanka by an IMF staff team in December 2021 during which consultations were held with the Ministry of Finance (MoF) and the Central Bank of Sri Lanka (CBSL), as well as with several other government agencies, financial institutions and private organizations and individuals,

(b) additional clarifications requested by the staff team upon their return to IMF headquarters,

(c) discussion in the IMF Executive Board on the Article IV report, by which time the Sri Lankan authorities had agreed in principle to the publication of the report

(d) a press release issued by the IMF following the Executive Board discussion

(e) an IMF team visiting the country to brief the President on the findings of the Article IV consultation

f) final clearance being provided by the Sri Lankan authorities

g) publication of the final report on March 25, 2022.

In the meantime, the CBSL has continued to publish its analysis, in addition to providing the government with more in-depth analysis of policy issues and engaging in close and ongoing dialogue with the government on the same subject.

At the same time, several policy adjustments have already been made by the MoF and CBSL.

These include the tightening of monetary policy since August 2021, exchange rate flexibility, removal of restrictions on foreign exchange market transactions, implementation of planned revenue enhancement measures and authorizing market-based price adjustments for major commodities.

While the government indicates that it is seeking closer engagement with the IMF, the CBSL stands ready to cooperate in such engagement.

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