Purchasing Managers Indices indicated an expansion in Services activities and a contraction in Manufacturing activities in July 2023. 

Manufacturing PMI continued to decline in July 2023, recording an index value of 44.6, indicating a delay in the recovery of manufacturing activities. This setback was contributed by the subdued performance observed in all the sub-indices. 

Services sector PMI increased further to record an index value of 59.5 in July 2023, indicating continued expansion in the services activities. This was led  by the increases observed in New Businesses, Business Activities, Employment and Expectations for Activity. Nevertheless, Backlogs of Works remained contracted during the month.

The Central Bank of Sri Lanka launched the dedicated Web Portal of the Regional Development Department (RDD Web Portal) on 04.08.2023, signifying its strategic orientation towards financial inclusion initiatives.

RDD Web Portal was developed with the financial assistance of the International Finance Corporation (IFC), a longstanding partner of the Central Bank, in promoting financial inclusion since 2018. This latest initiative is part of the overall National Financial Inclusion Strategy (NFIS) for Sri Lanka – in which, IFC played a significant role to make financial services more accessible, efficient, and affordable for all households and businesses in the country.

The Central Bank under its new legislation is now vested with the responsibility of promoting financial inclusion, hence launching of the Web Portal marks an important step towards promoting financial inclusiveness in the country and is expected to facilitate all stakeholders of the country through dissemination of information on the financial inclusion efforts of the Central Bank of Sri Lanka.