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Friday, October 09, 2009 - 6.43 GMT |
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IMF – Stand-by Arrangement:
September targets achieved -
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The key
targets
and
structural
benchmarks
as
agreed
with the
IMF as
at end
September
2009 was
comfortably
achieved
by the
Sri
Lankan
authorities,
states
the
Central
Bank of
Sri
Lanka.
It also
says the
Net
International
Reserves
(NIR)
target
was well
exceeded
with
gross
official
reserves
rising
to US
dollars
4.2
billion
(equivalent
to 4.7
months
of
imports)
by end
September
2009.
Reserve
money
was
maintained
within
the
targeted
level of
Rs.
280.4
billion,
while
Net
Domestic
Financing
(NDF) at
Rs.302.5
billion
was
below
the
ceiling
of
Rs.305
billion.
This
follows
the
successful
achievement
of the
targets
set for
July
2009 as
well.
The
improvements
in the
key
macroeconomic
indicators
observed
since
the end
of the
conflict
and the
approval
of the
Standby
Arrangement,
continued.
Inflation
continued
its
downward
trend
and
market
interest
rates
declined
further.
Yield
rates on
Treasury
bills
continued
to
decline
with the
91 day
rate
reaching
below 10
per cent
by end
September
2009. A
marked
reduction
in
relatively
long
term
Treasury
bond
yield
rates
was also
observed.
Meanwhile,
market
capitalization
in the
Colombo
Stock
Exchange
exceeded
Rs 1
trillion
on 6
October
2009,
and
average
turnover
has been
at an
all time
high.
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