Inflation ( CCPI)35.3% (April 2023)
GDP-12.4% (4Q 2022)
Unemployment4.8% (4Q 2022)
3M T-Bill Rate25.60%
12M T-Bill Rate22.97%
2Y T-Bond Rate29.25%/ 30.00%
4Y T-Bond Rate27.25% / 27.35%
USD/LKR297/298
Reserves $2.75Bn (April 2023)
Cum. Trade Deficit $862Mn (March 2023)
Cum. Fiscal DeficitLKR 2,300 Bn (Dec 2022)

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
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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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