The Manufacturing Sector PMI recorded 54.4 in August which is a slight increase of 0.1 index points compared to July 2017. The increase was driven by the increase in the Stock of purchases sub-index due to slow progress in production activities during the month and maintaining buffer stocks to cater to the already received new orders to be supplied in the future. Suppliers’ Delivery Time lengthened mainly due to some company specific constraints. The Employment sub-index contracted due to the difficulties in finding unskilled employees in the market to address high labour turnover, especially in the apparel sector. However, all the sub-indices apart from the Employment sub-index of PMI recorded values above the neutral 50.0 threshold signalling an overall expansion in August. Moreover, the Expectation for activities remain positive for the next three months.

The Monetary Board, at its meeting held on 31st August 2017 has promoted Mrs. K M A N Daulagala, Mrs. S Gunaratne, Mr. N W G R D Nanayakkara, Mrs. T M J Y P Fernando, Mr. J P R Karunaratne and Mrs. K Gunatilake, six Staff Class Grade IV officers, to the post of Assistant Governor with effect from 31st August 2017. These promotions have been made to ensure the smooth functioning of the Bank by filling the vacuum created in the Assistant Governor position due to promotions and retirements during the period from May 2016 to August 2017.

Mrs. K M A N Daulagala

Deputy Secretary to the Monetary Board as the Assistant Governor in-charge of Finance Department and Staff Services Management Department in addition to her duties as the Deputy Secretary to the Monetary Board.