Central Bank eases monetary policy stance

Since around October 2008, the Central Bank of Sri Lanka has taken a number of steps to promote market liquidity and thereby stabilise money and credit markets, in view of the implications of the turbulent conditions that have prevailed in financial markets the world over.
Since the beginning of this year, the Central Bank has also gradually eased its monetary policy stance, in view of the improving outlook on inflation with a considerable deceleration in monetary aggregates. Inflation, on an year-on-year basis, as per the Colombo Consumers’ Price Index (2002=100) reached a five-year low of 5.3 percent in March 2009.

The expansion in the money supply has decelerated to 9.9 percent together with a sharp deceleration in credit to the private sector to 5.6 percent by February 2009.

Given the continuing decline in the general price level and the demanding conditions facing the real sector, the Central Bank is of the view that its monetary policy stance should be eased further. Accordingly, the Monetary Board has decided to reduce the Penal rate of interest charged on reverse repurchase transactions with the Central Bank by 175 basis points to 13.0 percent.

The Monetary Board has also decided to reduce its Repurchase rate by 125 basis points to 9.0 percent to encourage commercial banks to lend their surplus funds to customers rather than entering into repurchase agreements with the Central Bank. Both these measures are to take effect immediately.

The Central Bank expects that these measures would result in more active lending by commercial banks supported by a reduction in their lending rates in accordance with the reduction in policy rates, thereby augmenting credit flows to the economy.

In view of the lower than expected inflation, moderation of growth prospects and the downward revision in the Statutory Reserve Ratio (SRR) in February 2009, the Central Bank has decided to revise its reserve money targets for the last three quarters of the year 2009.

Accordingly, the targeted growth in annual average reserve money has been brought down from 5 percent to 2.8 percent. The revised targets for the three remaining quarters of the year 2009 are given below. The revised reserve money targets would provide sufficient space for the Central Bank to relax the monetary policy further, if necessary.

Rescue mission becoming success, Several thousands of civilians rescued - Puthumathalan

Sri Lankan soldiers have been able to rescue several thousands of civilians held hostage by the LTTE terrorists in the government declared No Fire Zone this morning (Apr 20).

According to the defence sources , troops have been able to open up a safe route for the civilians to come out of the NFZ after the soldiers of 58 Division successfully destroyed the LTTE fortifications in the Puthumathalan area.

Troops of 11 Sri Lanka Light Infantry (11 SLLI), 9 Gemunu Watch (9 GW), 8 Gajaba Regiment (8 GR), Special Force (SF) and Army Commandos (CR) captured 2 1/2 Km long stretch of LTTE built earth bund in the Puthumathalan area early this morning destroying the terrorists' ability to attack the civilians seeking refuge with the armed force.

According to the latest information over 10,000 civilians are trying to seek refuge with soldiers.

Rs.600 million Grant from Japan

The Government of Japan has provided a grant of Japanese Yen 520 million (approximately Rs 600 million) under its food production grant aid program to purchase agricultural machineries and equipments of Japan for use by underprivileged farmers.

The agricultural machineries and equipments will be made available to the farmers through Agrarian Service Centres of the Department of Agrarian Development, Agrarian Service Centres and Government Seed Farms through the Department of Agriculture. This will facilitate improving the quality of agricultural products of the targeted farmers. Since 1977, Sri Lanka has been a recipient of grant assistance under the food production program annually.

Part of the value of the sales proceeds of the agricultural machineries and equipments will be deposited as counterpart funds which will be utilized for financing of projects aimed at economic and social development including the increase of food production.

The signing of Exchange of Notes pertaining to the above grant took place today at the Ministry of Finance and Planning. Mr. Kaoru Shimazaki, Chargè ď Affaires a.i. of the Embassy of Japan in Sri Lanka signed on behalf of the Government of Japan. A Grant Agreement was also signed between the Government of Sri Lanka and the Japan International Cooperation Agency (JICA). Dr. Atsushi Kaneko, Chief Representative of JICA Sri Lanka Office signed on behalf of JICA. Mr. Sumith Abeysinghe, Secretary, Ministry of Finance and Planning signed both the Exchange of Notes and Grant Agreement on behalf of the Government of Sri Lanka.

Recommended Diabetic Food Intake

• Low Glycemic Index - doesn't create rapid peaks and troughs in blood glucose levels.

• Complex high-fiber carbohydrates - Scientific evidence show that diet high in dietary fiber is protective against diabetes. Fiber is capable of slowing down the digestion and absorption of carbohydrate and increasing the sensitivity of tissues to insulin, thereby preventing rise s in blood sugar. It is advisable to restrict the intake of refined carbohydrates and avoid high fat foods.

Example : Oats, cereals, legumes, wholegrain products, dried beans, peas, lentils, fruits, vegetables.

• Alpha-lipoic acid - Is a vitamin like antioxidant that enhances the glucose uptake and improves diabetes nerves damage of diabetes patient.

• Omega 3 - Protect against the hardening of arteries.

Example : Cold water fish like salmon, tuna, mackerel, herring).

• Omega 6 fatty acid - Protect against the development of diabetes neuropathy.

Example : Blackcurrant oil, primrose oil, borage oil).

• Artificial sweeteners - such as aspartame and saccharin.

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