Central Bank of Sri Lanka Bulletin Volume 64 Number 05 May 2014 The Central Bank of Sri Lanka Bulletin is issued monthly by the Department of Economic Research under the direction of a Staff Editorial Committee. The Committee is responsible for interpretations and opinions expressed except those of official statements and signed articles. However, these interpretations and opinions should not be construed to be the official viewpoint of the Monetary Board of the Central Bank of Sri Lanka. The material appearing in the Bulletin may be reproduced or translated in whole or in part without prior permission (unless it is indicated as copy-righted), provided due credit is given to the Central Bank of Sri Lanka and the Bulletin. ISSN 1391-3654 Published by the Central Bank of Sri Lanka, Colombo 1. 324 w Central Bank of Sri Lanka w Bulletin w May 2014 Contents Page Part I – Events of the Month … … … … 327 Part II – Statistical Tables Table PRODUCTION, RAINFALL, INPUTS AND INVESTMENT Gross Domestic Product by Industrial Origin …… …… …… …… 01 Agricultural Production Indices …… …… …… …… …… 02 Production of Tea, Rubber and Coconut …… …… …… …… 03 Paddy Production …… …… …… …… …… 04 Rainfall and Rainy Days …… …… …… …… …… 05 Selected Industrial Production Indicators …… …… …… …… 06 Industrial Production Index of Major Industry Divisions …… …… …… 07 Investments, Exports and Employment in BOI Enterprises …… …… …… 08 COMMUNICATION, ENERGY, TRANSPORTATION AND HOUSING Telecommunication Services …… …… …… …… …… 09 Electricity Generation and Petroleum Imports …… …… …… …… 10 Passenger Transportation and Port Operations …… …… …… …… 11 New Registration of Motor Vehicles …… …… …… …… 12 Greater Colombo Housing Approval Index …… …… …… …… 13 PRICES AND WAGES Colombo Consumers’ Price Index (CCPI) …… …… …… …… 14 Wholesale Price Index …… …… …… …… …… 15 Wholesale Prices of Selected Food Items at Pettah Market …… …… …… 16 Average Producer and Retail Prices of Selected Food Items …… …… …… 17 Average Producer Prices of Selected Varieties of Vegetables, Sea Fish, Fruits and Poultry Products …… 18 Average Retail Prices of Selected Varieties of Vegetables and Fish …… …… …… 19 Utility Prices …… …… …… …… …… 20 Minimum Wage Rate Indices of Workers in Wages Board Trades …… …… …… 21 Wage Rate Indices of Government Employees …… …… …… …… 22 All Island Average Daily Wages in the Informal Sector …… …… …… 23 Cost of Construction Indices …… …… …… …… …… 24 Price Indices for Selected Construction Materials and Labour Wages … …… …… 25 GOVERNMENT FINANCE Analysis of Net Cash Surplus (+) / Deficit (-) …… …… …… …… 26 Economic Classification of Government Revenue …… …… …… …… 27 Government Expenditure – 2013 … …… …… …… …… 28 Economic Classification of Government Expenditure and Lending Minus Repayments …… …… 29 Outstanding Central Government Debt …… …… …… …… 30 TRADE, TOURISM AND BALANCE OF PAYMENTS Exports, Imports and Trade Balance …… …… …… …… 31 Exports …… …… …… …… …… 32 Composition of Selected Industrial and Mineral Exports …… …… …… 33 Tea and Rubber – Auctions and Exports …… …… …… …… 34 Major Coconut Products – Auctions and Exports …… …… …… …… 35 Exports of Other Agricultural Products – Volume …… …… …… …… 36 Exports of Other Agricultural Products – Value …… …… …… …… 37 Composition of Imports …… …… …… …… …… 38 External Trade Indices – Export Value …… …… …… …… 39 External Trade Indices – Import Value …… …… …… …… 40 External Trade Indices – Export Volume …… …… …… …… 41 Central Bank of Sri Lanka w Bulletin w May 2014 w 325 Table External Trade Indices – Import Volume …… …… …… …… 42 External Trade Indices – Export Unit Value …… …… …… …… 43 External Trade Indices – Import Unit Value …… …… …… …… 44 Key Indicators of Tourist Industry … …… …… …… …… 45 Balance of Payments – Rupees Million …… …… …… …… 46 Balance of Payments – US dollars Million …… …… …… …… 47 International Reserves of Sri Lanka …… …… …… …… 48 Exchange Rates of Major Currencies and Monthly Indices of Nominal Effective Exchange Rate (NEER) and Real Effective Exchange Rate (REER) …… …… …… …… 49 Interbank Forward Market Transactions …… …… …… …… 50 FINANCIAL SECTOR Monetary Aggregates (M1 and M2) …… …… …… …… 51 Monetary Survey – M2 …… …… …… …… …… 52 Assets and Liabilities of the Central Bank …… …… …… …… 53 Assets and Liabilities of Domestic Banking Units (DBUs) of Commercial Banks …… …… 54 Assets and Liabilities of Offshore Banking Units (OBUs) of Commercial Banks …… …… 55 Consolidated Monetary Survey – M2b …… …… …… …… 56 Financial Survey – M4 …… …… …… …… …… 57 Reserve Position of Commercial Banks …… …… …… …… 58 Currency Issue of the Central Bank (by Denomination) …… …… …… 59 Money Rates : The Central Bank and Commercial Banks …… …… …… 60 Yield Rates on Government Securities …… …… …… …… 61 Deposit and Lending Rates of Non-Commercial Bank Financial Institutions …… …… 62 Interest Rates of Licensed Commercial Banks …… …… …… …… 63 Commercial Banks’ Fees and Commissions …… …… …… …… 64 Cheque Clearing and SLIPS …… …… …… …… …… 65 Commercial Banks Debits and Deposits Turnover …… …… …… 66 Ownership of Demand, Time and Savings Deposits of the Private Sector with Commercial Banks …… 67 Commercial Banks’ Loans and Advances to the Private Sector …… …… …… 68 Financial Operations of NDB, DFCC Bank and SMIB …… …… …… 69 Savings and Fixed Deposits of Deposit-taking Institutions …… …… …… 70 Share Market Performance …… …… …… …… …… 71 326 w Central Bank of Sri Lanka w Bulletin w May 2014 Part I EVENTS OF THE MONTH May 2014 Fiscal Sector Rs. 6.6 billion) to finance the Skill Sector Enhancement Program. This loan carries an interest fee of 2 per cent • Special Commodity Levy (SCL) on the importation of per annum during the grace period and thereafter. potatoes was reduced to Rs. 15 per kg from Rs. 25 The loan is repayable in 25 years including a grace per kg for a period of seven months. period of 5 years. • SCL on the importation of sugar was reduced to Rs. 25 per kg from Rs. 30 per kg for a period of seven A Loan from the Asian Development Bank months. (ADB) • SCL on importation of fresh fish, Maldive fish, sprats, An agreement was signed between the Government of dried fish, yogurt, butter, dairy spreads, garlic, peas, Sri Lanka and the Asian Development Bank, on 27 May chickpeas, green gram, black gram, cowpea, fresh 2014, for a loan of US dollars 50 million (approximately oranges, fresh grapes, fresh apples, chilies, seeds of Rs. 6.5 billion) to finance the Skill Sector Enhancement coriander, seeds of cumin, seeds of fennel, turmeric, Program. The loan carries an interest fee of LIBOR mathe seeds, kurakkan, kurakkan flour, black gram 6M + 0.6 per cent per annum, commitment charge of flour, ground nut-shelled, mustard seeds, vegetable 0.15 per cent and a maturity premium of 0.10 per cent. oils, margarine, canned fish and salt were extended The loan is repayable in 26 years including a grace for a period of seven months. period of 5 years. • SCL on importation of massor dhal-red lentils-whole and yellow lentils-whole were reduced to Rs. 5 per kg A Grant from the International Development from Rs. 10 per kg for a period of seven months. Association (IDA) of the World Bank An agreement was signed between the Government of A Loan from the Asian Development Bank Sri Lanka and Development Association (IDA) of the (ADB) World Bank on 8 May 2014, for a grant of US dollars An agreement was signed between the Government of 17.2 million (approximately Rs 2.2 billion) for the Sri Lanka and the Asian Development Bank, on 27 May additional financing of the North East Local Services 2014, for a loan of SDR 32.6 million (approximately Improvement Project (NELSIP). Central Bank of Sri Lanka w Bulletin w May 2014 w 327 Part II STATISTICAL TABLES May 2014 Definitions and Explanatory Notes on Statistical Tables The following general notes supplement the footnotes given below the individual tables:– 1. The data cover monthly figures available at the time the Bulletin goes to print, and the latest available information does not relate to the same month, in every table. To enable comparision, annual figures for recent years are given. 2. In an attempt to bring the material up-to-date provisional figures are included in some tables. 3. Figures in some tables have been rounded off to the nearest final digit. Hence there may be a slight discrepancy between the total as shown and the sum of its components. 4. Differences as compared with previously published figures are due to subsequent revisions. 5. The following symbols have been used throughout:– n.a. = not available – = nil … = negligible PRODUCTION, RAINFALL, INPUTS AND INVESTMENT TABLE 1 Gross Domestic Product by Industrial Origin Rs. million Nominal GDP Real GDP (at 2002 Prices) Sector 2012 (a) 2013 (b) 2012 (a) 2013 (b) Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 AGRICULTURE 240,791 198,485 206,468 187,732 284,665 209,811 235,620 203,179 95,517 84,539 87,680 69,080 98,762 83,589 94,016 76,274 1. Agriculture, Livestock and Forestry 213,777 161,742 170,801 152,190 250,393 170,735 189,779 166,010 87,053 73,707 76,526 58,637 89,121 73,334 81,760 64,976 1.1 Tea 15,269 20,561 18,620 20,751 20,414 22,156 19,226 26,744 6,504 7,752 6,797 7,453 7,132 7,997 6,470 7,934 1.2 Rubber 13,406 13,152 10,701 9,318 8,110 6,700 5,729 8,281 1,098 1,466 1,891 2,239 845 1,088 1,492 2,658 1.3 Coconut 14,884 18,108 16,369 16,191 17,557 19,284 19,040 21,757 7,336 9,324 7,431 7,414 6,792 7,423 5,035 7,191 1.4 Minor Export Crops 4,461 3,978 5,545 5,865 4,747 4,227 6,996 7,713 2,623 2,381