Inflation ( CCPI)0.9% (March 2024)
GDP4.5% (4Q 2023)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.90%
12M T-Bill Rate10.21%
2Y T-Bond Rate10.85%/ 11.00%
4Y T-Bond Rate12.10% / 12.20%
USD/LKR298/299
Reserves $4.951Bn (March 2024)
Cum. Trade Deficit $860 Mn (Feb 2024 cumulative)
Cum. Fiscal DeficitLKR 2,020 Bn (Nov 2023)

Global Oil prices jump after Saudi Arabia, Iraq and several Gulf states said they were cutting output

EnergyApr 3, 2023
Global Oil prices jump after Saudi Arabia, Iraq and several Gulf states said they were cutting output

Global crude oil prices surged from USD 75 to USD 84 after Saudi Arabia and other OPEC+ producers announced a surprise round of output cuts of more than one million barrels of oil a day. Sri Lanka reduced the domestic fuel price recently to reflect the reduction of global oil prices and the benefit of strengthening LKR.

Oil prices increased when Russia invaded Ukraine, but are now back at levels seen before the conflict began. Analysts expect the sudden decisions would put more pressure on inflation it will worsen the cost-of-living crisis and raise the risk of recession.

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