Sri Lanka private credit slows; state borrowings surge in Aug

Oct 30, 2012 (LBO) - Sri Lanka's loans from commercial banks fell to 14.5 billion rupees in August 2012 from 35.7 billion rupees a month year as state borrowings from the banking system surged to 35.0 billion rupees, official data shows. In July there was a net repayment of state enterprise and central government bank credit to commercial banks following the sale of a billion US dollar bond.

Central Bank credit to the banking system also fell in July with the sterilization of excess reserves in the banking system as rupee proceeds of the dollar bond flooded the banking system.

Data from the Central Bank showed that credit to private sector rose 28.7 percent to 2,285.1 billion rupees in the 12 months ending August slowing from 31.
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6 percent a month earlier.

Credit to the state grew 33.4 percent to 1,031.5 billion rupees in August slowing from 36.
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6 percent a month earlier.

Central bank credit to government (printed money) rose 231 percent in August to 316.
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5 billion rupees up from 205.7 percent a month earlier.

The nominal rise in Central Bank credit in August was due to the running down of excess rupee reserves in the banking system the built up in July from the sale proceeds of a sovereign bond, via unsterilize