Year on year industrial production decreased by 25.3 per cent

• LKR appreciated against US dollar by 0.3 per cent

Index of Industrial Production (IIP) in December 2022 decreased by 25.3 per cent to 80.2 compared to December 2021, Economic Indicators report of the Central bank stated last week.Among the major sub divisions of the manufacturing industries, Food products (-21.5%) and non-metallic mineral products (-39.9%) mainly contributed to this overall decrease, it stated.

The report further stated: During the period under review (04.02.2023 to 10.02.2023) crude oil prices largely showed an increasing trend. Prices increased on supply concerns following the shutdown of a major oil export terminal after a major earthquake in Turkey and eased concerns about future interest rate hikes. However, prices fell towards the end of the period as earthquake impact on crude oil eased.

Overall, during the period under review, both Brent and WTI prices increased by more than US dollars 4.0 per barrel. Weekly AWPR for the week ending 10th February 2023 increased by 101 bps to 25.83 per cent compared to the previous week. The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank.

The total outstanding market liquidity was a deficit of Rs. 168.934 bn by 10.02.2023, compared to a deficit of Rs. 297.619 bn by the end of last week. By 10th February 2023, the All Share Price Index (ASPI) decreased by 2.62 per cent to 8,938.48 points and the S&P SL 20 Index decreased by 3.74 per cent to 2,756.41 points, compared to the index values of last week.

During the year up to 10th February 2023, the Sri Lankan rupee appreciated against the US dollar by 0.3 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Japanese yen by 0.5 per cent, the Euro by 0.4 per cent and the pound sterling by 0.2 per cent while appreciating against the Indian Rupee by 0.1 per cent during this period.

The gross official reserves were provisionally estimated at US dollars 2,120 mn as at end January 2023 including the PBOC swap equivalent to around US dollars 1.4 bn, which is subject to conditionalities on usability.

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