Tea and rubber production records modest growth on year-on-year basis

During January-July of 2023, both tea and rubber production experienced only a modest growth on year-on-year basis, primarily due to the lingering effects of the fertiliser shortages that prevailed last year. Coconut production reported a decline during the period, reflecting the lag effect of dry weather conditions that prevailed during the early part of 2022, the Weekly Economic Indicators report of the Central Bank of Sri Lanka states.

It further states: “During the period under review (02.09.2023 to 08.09.2023), crude oil prices largely followed an increasing trend. Prices increased mainly owing to worries about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of 2023. However, prices fell towards the end of the period on concerns over slower global demand. Overall, both Brent and WTI prices increased by around one US dollars per barrel during the review period.”

“Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 08th September 2023 decreased by 15 bps to 15.14 per cent compared to the previous week.”

“The reserve money increased compared to the previous week mainly due to the increase in the deposits held by the commercial banks with the Central Bank. The total outstanding market liquidity was a deficit of Rs. 2.223 bn by 08th September 2023, compared to a surplus of Rs. 10.500 bn by the end of last week.”

“Treasury Bill primary market yield rates and secondary market yield rates of Treasury Bills and Treasury Bonds remained broadly stable during this week compared to the previous week.”

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Reference : The Island Online