Inflation ( CCPI)1.3% (Sep 2023)
GDP-3.1% (2Q 2023)
Unemployment4.7% (1Q 2023)
3M T-Bill Rate17.42%
12M T-Bill Rate13.30%
2Y T-Bond Rate14.60%/ 15.00%
4Y T-Bond Rate14.50% / 14.90%
USD/LKR322/323
Reserves $3.60Bn (Aug 2023)
Cum. Trade Deficit $2,623 Mn (July 2023 cumulative)
Cum. Fiscal DeficitLKR 1,243 Bn (June 2023)

Bank's new deposit rate continue to increase while CBSL request to avoid competition for deposits

Interest RatesDec 2, 2022
Bank's new deposit rate continue to increase while CBSL request to avoid competition for deposits

The average new deposit rate of the banks reached an all-time high of 23.22% - 23.61% in October, which is an increase little over 1%. But during the same period, the T-Bill rates (364Days) fell marginally. This prompted CBSL to warn banks to avoid competition for FDs.

But on the other hand, the 364Days T-bill rate at 29.60%, generating a 6.50% negative return for FDs over T-bills.

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