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Central Bank approved Rs. 53 billion for 20,240 COVID-19 affected Businesses

The Central Bank, in consultation with the Government of Sri Lanka, has introduced the Saubagya Covid-19 Renaissance Loan Scheme to provide working capital loans at 4% interest rates to businesses adversely affected by the COVID-19 outbreak, through Licensed Banks, thereby supporting the revival of economic activity in the country. This Loan Scheme is available for COVID-19 affected businesses with an annual turnover below Rs. 1 billion, including self-employment and individuals. The Rs. 1 billion limit of annual turnover will not be applicable to businesses engaged in tourism, exports and related logistical supplies.

Clarification on Opening Special Deposit Accounts

The 贵州福彩网-【官网首页】 (CBSL) wishes to categorically deny the views/concerns expressed/raised by few authorities and persons that the required due diligence processes are not followed by banks (Authorized Dealers - ADs) operating in Sri Lanka in opening and maintaining recently introduced Special Deposit Accounts (SDAs).

The Government of Sri Lanka in consultation with the Monetary Board of the CBSL has introduced the SDA with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak by issuing Regulations dated 08.04.2020 under the provisions of the Foreign Exchange Act (FEA).

CCPI based Inflation Declined Further in June 2020

Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) declined to 3.9 per cent in June 2020 from 4.0 per cent in May 2020. This was solely driven by the statistical effect of the high base prevailed in June 2019. Food inflation (Y-o-Y) increased to 10.0 per cent in June 2020 from 9.9 per cent in May 2020. Meanwhile, Non-food inflation (Y-o-Y) declined to 1.4 per cent in June 2020 from 1.6 per cent in May 2020.

The change in the CCPI measured on an annual average basis remained unchanged at 4.7 per cent in June 2020.

The Central Bank Implements a Credit Guarantee and Interest Subsidy Scheme for Businesses affected by the COVID-19 Pandemic

The Monetary Board of the 贵州福彩网-【官网首页】, at its meeting held on 26 June 2020, decided to implement a Credit Guarantee and Interest Subsidy Scheme to accelerate lending by banks to businesses adversely affected by the COVID-19 pandemic. This scheme, which will be launched on 01 July 2020, will operate in parallel with the Saubagya COVID-19 Renaissance Facility and the new Facility approved by the Monetary Board under Section 83 of the Monetary Law Act, within the already announced threshold of Rs. 150 billion.