Sri Lanka’s bank credit slows in April

ECONOMYNEXT – Sri Lanka’s bank credit private business fell to 27.4 million rupees in April 2016 from 87.8 million rupees, the lowest since 14.5 billion rupees of credit given a year earlier, official data showed.

Credit falls in April due to traditional New Year holidays and export businesses also convert dollars to pay workers.

In April 17.6 billion in central bank credit (printed money) was extended to the banking system, but credit to the state fell sharply, despite festival advances being given.

Credit to government was 5.3 billion rupees in April and state enterprise repaid 3.4 billion rupees.

Total credit given from the banking system fell to 29.3 billion rupees from 109.6 billion rupees a month earlier. (Colombo/July18/2016)

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