Budget deficit increased by Rs. 358 bn from January-August 2023

During the period from January-August 2023, overall budget deficit had increased to Rs. 1,470.7 bn compared to Rs. 1,112.5 bn recorded in the corresponding period of 2022, according to the Weekly Economic Indicators report of the Central Bank of Sri Lanka.

Outstanding central government debt increased to Rs. 28,084.4 bn by the end July of 2023 from Rs. 27,492.0 bn as at end 2022. By the end of July 2023, total outstanding domestic debt amounted to Rs. 16,389.4 bn while the rupee value of total outstanding foreign debt amounted to Rs. 11,695.1 bn, the report said.

Further, the primary market yield rates of T-Bills depicted a marginal decline during the week, while the secondary market yield rates of T-Bills and T-Bonds depicted a mixed behavior. The outstanding stock of T-Bills and T-Bonds held by foreigners decreased by 4.55 per cent in rupee terms during the reporting week compared to the week before.

During the year up to 17th November 2023, the Sri Lanka rupee appreciated against the US dollar by 10.7 per cent. Given the cross currency exchange rate movements, the Sri Lanka rupee appreciated against the Japanese yen by 25.6 per cent, the pound sterling by 7.4 per cent, the Euro by 8.7 per cent and the Indian rupee by 11.3 per cent during this period.