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In a short interview on 23rd August 2022 with the Bloomberg Sri Lanka’s Central Bank Governor Dr Nandala Weerasinghe said the following:
- Inflation to peek in September but according to latest CBSL projections it won’t be touching 70% even after considering electricity price hike
- Monetary expansion is slowing down
- Prices are settling down
- Exchange rate is stabilising
- No shortages
- No further interest rate hike needed at the moment
- Higher contraction on the demand side than expected
- Will only restructure external debt
- Can manage without restructuring domestic debt
- Expects IMF to start disbursing Extended Fund Facility funds by December
- Banks are in a very good position but going forward if Non- Performing Loans keep rising, in a position to handle situation along with the banking sector
- Government budget next month
- November budget (2023 budget) will make strong policy changes
- Even without external financing can manage essential imports with increase in exports and curtailment of imports
- More foreign exchange coming through the banking sector, CBSL gradually increasing reserve position
Overall the situation is much better than expected
https://www.businesstribune.lk/business-news/situation-much-better-than-expected-imf-funds-by-december-cbsl-governor-nandalal-weerasinghe-more-points-from-bloomberg-interview-%f0%9f%91%87%ef%bf%bc/
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