Economic Capsule March 2012

< Research & Development Unit >

March 2012

ECONOMIC CAPSULE

FINANCIAL SECTOR NEWS Commercial Bank Bags “Best Bank in Sri Lanka” Award for the 14th

Time

Commercial Bank & Ceylinco Insurance in ‘Bancassurance' Deal

ECONOMIC & BUSINESS NEWS USD 45 Mn SLDB Issue Oversubscribed

The Value of the Sri Lankan Economy Tops Rs. 6.5 tn

Inflation in February 2012 Drops, Led by Low Food Prices

External Sector Performance - January 2012

Expo 2012 Begins…

World Bank Approves USD 213 Mn Loan to Support Metro Colombo Urban Development Project

Malaysian Company in USD 600mn Metro Rail Project Linking BIA with Fort

SLINTEC & Laugfs to set up First-ever Plant to Produce Titanium Oxide

ANALYSIS & FORECAST Exchange Rate

Market Liquidity

Credit Growth

Treasury Secretary’s Comments on the Current Economic Situation


SLINTEC Enters Strategic Technology Development Agreement with NFCL, India

First-ever Petrochemical Venture in Sri Lanka

Sri Lanka Tea Trade Warns of Lower Orders & Prices

GLOBAL UPDATE Views Expressed by Ms. Christine Lagarde, IMF Managing Director at

the China Development Forum 2012

The Iran Impact

Forbes Billionaires List

Hong Kong Best Place for Business – Bloomberg

C O N T E N T S

FINANCIAL SECTOR NEWS


Commercial Bank Bags “Best Bank in Sri Lanka” Award for the 14th Time

The Commercial Bank of Ceylon PLC has been chosen as the “Best Bank in Sri Lanka” for the 14th successive year by the Global Finance magazine.

Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products.

Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

According to Global Finance, the mix of these factors yields leading banks that may not be the largest, the oldest or the most diversified in a given region, but rather the best— the banks with which companies around the world would most likely want to do business.


Commercial Bank & Ceylinco Insurance in ‘Bancassurance' Deal

Commercial Bank has entered into an agreement with Ceylinco Insurance to offer the latter’s General and Life insurance products through the Commercial Bank’s islandwide network of branches.

The agreement strengthens Commercial Bank’s commitment to offer a wide choice in Bancassurance to existing and potential customers, through partnerships with the country’s leading insurance providers.

The bank’s extensive network of 214 service points enhances the convenience of purchasing insurance products of Ceylinco Insurance as well as making premium payments.

ECONOMIC & BUSINESS NEWS


USD 45 Mn SLDB Issue Oversubscribed The Central Bank of Sri Lanka, offered to issue Sri Lanka

Development Bonds (SLDBs) of USD 35 mn in 3-year tenor and USD 10 mn in 4-year tenor to eligible investors for subscription at a rate of USD 6 month LIBOR plus a margin to be determined through competitive bidding.

The offer was oversubscribed by 2.2 times with total bids received amounting to USD 100 mn.

In view of the high demand by the investors, the Government decided to accept - USD 72 mn in 3 year maturity and USD 12 mn in 4 year maturity at the market determined rates of USD 6 month LIBOR + 385 bps (weighted average margin) and 6 month LIBOR + 415 bps (weighted average margin), respectively. (The USD 6 month LIBOR rate as at 19.03.12 - 0.74%).

Date Tenor Amount Interest

March 2011 03 year 04 year

USD 99 Mn USD 93 Mn

LIBOR + 375 bps* LIBOR + 385 bps*

USD 6 month LIBOR rate was 0.46%

June 2011 03 year 02 year

USD 102 Mn USD 176 Mn



Aug 2011 05 year 04 year 03 year

USD 55 Mn USD 30 Mn USD 81 Mn

LIBOR + 390 bps* LIBOR + 375 bps* LIBOR + 365 bps*


Mar 2012 03 year 04 year

USD 72 Mn USD 12 Mn



*bps - basis points

Source: Daily FT

Source: CBSL

The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC


The Value of the Sri Lankan Economy Tops Rs. 6.5 tn The value of Sri Lanka’s economy in 2011 had crossed the Rs. 6.5

tn mark, up by 16.7% from Rs. 5.6 tn in 2010. At constant prices, the value of the GDP was Rs. 2.86 tn, up from Rs. 2.64 tn in 2010.

Sri Lankan economy recorded two successive years of 8% growth. Reflecting the new dimension in the economic landscape of Sri

Lanka, the industry sector posted its highest growth in several decades of 10.3% as against 8.4% in 2010. In addition, it increased its share of the GDP in 2011 to 29.3% from 28.7% in 2010.

Sector 2007 2008 2009 2010 2011

ServicesGrowth % 7.1 5.6 3.3 8.0 8.6Share of GDP % 59.6 59.5 59.3 59.3 59.5IndustryGrowth % 7.6 5.9 4.2 8.4 10.3Share of GDP % 28.5 28.4 28.6 28.7 29.3AgricultureGrowth % 3.4 7.5 3.2 7.0 1.5Share of GDP % 11.9 12.1 12.0 11.9 11.2GDP growth % 6.8 6.0 3.5 8.0 8.3

Source: Census & Statistics Department



PeriodCCPI (%) CCPI Core* (%)

Y-o-Y A.A. Y-o-Y A.A.

Jan 12 3.8 6.5 4.7 6.7

Feb 12 2.7 6.1 4.7 6.6

The general price level as indicated by the monthly index recorded a marginal increase of 0.4 % in February 2012 over that of the previous month, with the Index increasing in absolute terms to 155.4 from 154.8.

The increase in the Index was entirely due to the upward price revision of petrol, diesel and kerosene, bus fares and surcharge on electricity bill in mid February 2012 which had a partial impact on the CCPI.

Though the sub indices of the Transport (4.6 %); and Housing, water, electricity, gas and other fuels (1.8 %) increased during the month, the impact on the index was off-set by the substantial decrease in the Food sub index.

Improved domestic supply mainly contributed to decrease the sub category of Food and non-alcoholic beverages by 1.3 %.

More specifically, decline in prices of most varieties of vegetables and fish, rice, red onion, big onion, potato, eggs, limes and green chillies contributed towards the decrease in the sub index.

Inflation in February 2012 Drops, Led by Low Food Prices

* The price movement excluding Fresh Food, Energy, Transport, Rice and Coconut in the CCPI basket.

6.1%

2.7%

Source: CBSL



External Sector Performance - January 2012 Category

Jan. (a)2011

USD mn

Jan. (b)2012

USD mn

GrowthJan(%)

Exports 923.0 917.7 -0.6Agricultural 210.7 181.5 -13.9

Tea 128.5 103.9 -19.1Industrial 708.9 732.6 3.3

Textiles and garments 360.7 366.6 1.6 Rubber products 64.8 78.2 20.7 Food, beverages and tobacco 27.2 20.8 -23.6Mineral 2.6 2.6 0.7

Imports 1,567.9 1,883.3 20.1Consumer Goods 279.2 287.7 3.0

Food and beverages 129.7 124.5 -4.1 Other consumer goods 149.5 163.2 9.2Intermediate Goods 980.4 1,065.1 8.6

Petroleum 406.9 483.6 18.9 Textile and clothing 197.9 203.0 2.6Investment Goods 303.5 523.3 72.4

Machinery and equipment 156.2 250.3 60.2 Transport equipment 72.2 144.7 100.3 Building material 74.7 127.7 71.1Balance of Trade 644.9 965.5 49.7Workers’ Remittances 377.0 473.0 25.4Earnings from Tourism 72.0 88.0 22.9Foreign Direct Investment(FDI) 1,066.0(c) n.a n.aInflows to the Government 184.0 296.0 60.9

Source: CBSL a) Revised (b) Provisional (c) FDI for 2011

In January 2012, earnings from exports stood at USD 918 mn, indicating a marginal decline of 0.6 %, compared to that of January 2011, which was largely attributable to the decline in earnings from agricultural exports and higher base in January 2011.

– Earnings from agricultural exports in January 2012, as a result of lower performance recorded in traditional agricultural exports of tea and rubber.

– Earnings from tea exports by 19.1% (yoy), to USD 104 mn mainly due to geopolitical uncertainties in major tea importing destinations. Rubber exports as the demand from local rubber manufacturing industries remained elevated.

Meanwhile, the expenditure on imports increased by 20.1% to USD 1,883 mn in January 2012, showing a deceleration for the second consecutive month.

– Reflecting the continuous expansion in economic activities, investment goods imports by 72.4% in January 2012. All the three major categories of investment goods; transport equipment, building materials and machinery and equipment recorded healthy growth of 100.3%, 71.1% and 60.2%, respectively.

– Expenditure on intermediate goods by 8.6% to USD 1,065 mn mainly due to higher petroleum imports. Expenditure on petroleum imports by 18.9% to USD 484 mn in January 2012 compared to that of January 2011, reflecting a substantial increase in prices. The average price of crude oil imports by 21.3% to USD 115.62 per barrel in January 2012 from USD 95.33 per barrel in January 2011.

Cont…The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC


External Sector Performance - January 2012 (cont…) Sri Lanka's gross official

reserves fell to USD 5,806 mn in January 2012, from a peak of USD 8,098 mn reached in July 2011.

In terms of months of imports, gross official reserves by end January 2012 were equivalent to 3.4 months.

USD 5,806 mn

Gross Official Reserves



Sri Lanka Expo 2012, the mega trade, investment and tourism exhibition under the theme "Partnering with the hub of Asia" is to be held from March 28th – 31st, 2012 at the BMICH in Colombo.

Exhibitors: Sri Lanka Expo 2012 will provide opportunities to display and promote quality export products on a single platform and 370 Sri Lankan exporters including 70 SMEs will participate covering the entire product range of traditional and non traditional products and services.

Visitors: Over 1000 international visitors including trade buyers, members of delegations, investors and outbound tour operators are expected to attend the event.

Trade delegations: USA [35 Members], UAE [50 including a high profile Government & private sector delegation], Belgium [25 members], UK [45 Members], Representative from South Asia Experts Group on Investment and Investment Policy Think Tanks [15 – 20 members], Singapore [35 member delegation from Gems & Jewellery Association], Japan [40 Trade delegation], Thailand [40 trade delegation], Malaysia [40 Trade delegation], Korea [30 Trade delegation], China [150 Trade delegation], Pakistan [20 Trade visitors], India [120 Trade visitors], France [10 members], Russia [10 members], Germany [10 members] & Maldives(50 members).

The first two days of the exhibition will be exclusively for the foreign delegates and it will be open for public on March 30 and 31.

Expo 2012 Begins…


World Bank Approves USD 213 Mn Loan to Support Metro Colombo Urban Development Project Tenders have been called by the Defence Ministry for the USD 213 mn World Bank-funded, Metro Colombo Urban Development Project, to give Colombo a major facelift that aims to minimise floods and beautify the capital.

There are three components to the project.

I.Flood and drainage management. Beira Lake restoration and creation of linear and nodal parks, construction of Baddegana biodiversity park, restoration & creation of six lakes in the upper catchment areas of parliament etc.

II.Urban development, infrastructure rehabilitation and capacity building for Metro Colombo local authorities. Rehabilitation of R. A. De Mel Mw and Galle Road within city limits, Town Hall Square project, Water front recreation park in Crow Island, Marine drive promenade with leisure park, Pedestrian overhead bridges at Kollupitiya and Bambalapitiya, Walk-ability improvement in 10 main roads in Colombo City, Construction of 15 toilet complexes, Rehabilitation of roads in Dehiwela,, Mount Lavinia, Sri Jayawardenapura Kotte& Kollonawa areas.

III.Implementation support. < Research & Development Unit >



Malaysian Company in USD 600mn Metro Rail Project Linking BIA with Fort

Construction work is likely to start in 2013 once the feasibility study is completed by KPMG India and end in 2016.

The project would be a BOI venture and finances will be raised by selling stakes of the company’s equity to overseas companies.

According to AEARC chairman, the company would also develop a 32 floor multipurpose complex comprised of a city hotel, shopping malls, casinos, beauty parlours, massage centres, auditoriums and restaurants to facilitate the fast moving business communities. The company also plans to operat a shuttle bus service linking all major attractions and hotels in Colombo to provide a better service to tourists and local travellers.

Airport Express Air and Rail Company (AEARC) of Malaysia, announced its decision to invest USD 600 mn, on what will become Sri Lanka’s first Metropolitan Railway System, running from Bandaranaike International Airport - Katunayake to Fort, which would see the distance between the two points being covered in 25 minutes.



SLINTEC & Laugfs to set up First-ever Plant to Produce Titanium Oxide

If Sri Lanka exports a MT of ilmenite the country can earn USD 99.2 per MT. (Sri Lanka exporting ilmenite in the raw form)

Using value addition via nano technology, If SL could export Titanium Dioxide, the country could earn as much as USD 4,000 per MT(~40 times)

Furthermore, if SL exports Nano-Titanium Dioxide, SL could earn as much as USD 50,000 per MT (~500 times)

Additionally SL could export Nano Iron oxide as well from ilmenite, which will earn USD 200 per MT.

(Source: Mr. Vaeranja Karunaratne - SLINTEC)

Laugfs Holdings Limited together with the Sri Lanka Institute of Nanotechnology (SLINTEC) signed an agreement, sealing a joint venture to set up the country’s first plant to produce titanium dioxide from mineral sand.

The new venture would allow value to be added to mineral sands, which have so far been exported from the country as a raw bulk commodity.

The setting up of the plant will allow production of titanium dioxide from ilmenite obtained from mineral sands extracted from Pulmoddai.

Sri Lanka is estimated to have 18 mn metric tons of ilmenite reserves, which amounts to the ninth largest reserve in the world.

Titanium dioxide, is the naturally occurring oxide of titanium. It has a wide range of applications, from paint to sunscreen to food colouring. When used as a food colouring, it has E number E171.



SLINTEC Enters Strategic Technology Development Agreement with NFCL, India

These are next generation green products aimed at increasing productivity and income for farmers and creating a sustainable business for all the stakeholders engaged in agri-business.

As part of this strategic partnership Nagarjuna will be purchasing the first generation of nano plant nutrition products, taking it from proof of concept to proof of value for commercialisation, and entering into a long-term strategic technology development program with SLINTEC for the second and third generation nano plant nutrition products.

SLINTEC will carry out research and Nagarjuna will develop the product. The investment of the project is estimated at Rs. 800 mn.

Sri Lanka Institute of Nanotechnology (SLINTEC) has entered into a strategic collaboration with Nagarjuna Fertilisers and Chemicals Limited (NFCL) of Hyderabad, India, to develop the next generation of Nanotechnology based plant nutrition solutions.



First-ever Petrochemical Venture in Sri Lanka The Government has approved a project to build what would be

one of the world’s largest single location Polyester Bottle Resins (PET resin) manufacturing plants, in Hambantota, by a consortium of investors promoted by the Singapore-based Peak Energy Ltd.

The envisaged investment is USD 150 mn. The project, when completed by late 2013, would handle business worth USD 1 bn.

In the second phase, Hambana Petrochemicals Ltd. (HPL) will set up a one million ton PTA (Purified Terephthalic Acid) plant as part of its backward integration plant and further expand petrochemical downstream activities in country. The second phase is expected to generate revenues of over USD 2 bn.

Sri Lanka is to soon have its first-ever petrochemical venture, which given the planned mega scale, will position the country on the global map of this high tech industry.

PET, which stands for polyethylene terephthalate, is a clear, strong and lightweight plastic belonging to the polyester family.

It is typically called “polyester” when used for fibers or fabrics, and “PET” or “PET Resin” when used for bottles, jars, containers and packaging applications.

PET is the world’s packaging choice for many foods and beverages because it is hygienic, strong, lightweight, shatterproof, and retains freshness. It is most commonly used to package carbonated soft drinks and water.



Sri Lanka Tea Trade Warns of Lower Orders & Prices The Colombo Tea Traders’ Association has stated that money raised

from an export tax for tea promotion should be spent on promoting the product in new markets such as India and China as demand from traditional markets in the West and Middle East wanes.

A general trend of declining prices/demand has been experienced at the auctions over the past many months which is likely to continue in the foreseeable future.

This is mainly the outcome of the prolonged political turmoil in the West Asian and North African regions, the international trade sanctions imposed on certain countries and the economic dilemma faced by many countries world-wide.

Sri Lanka's tea trade has warned that tea export orders and prices could fall in the months ahead as crops rise and consumption falls off in key markets.


GLOBAL UPDATE


Views Expressed by Ms. Christine Lagarde, IMF Managing Director at the China Development Forum 2012

The global economy is not yet out of the danger zone: financial systems are still fragile; public and private debt is still too high; and unemployment is still a major problem. Added to that, the rising price of oil is a new threat that could derail the recovery.

The advanced economies—the European advanced economies in particular remain the epicenter of many of these pressures. While they are clearly on the right policy path, they must push ahead without delay or diffidence.

However, the emerging economies, particularly global growth leaders like China - also have a special responsibility.

They are far from immune to the weaknesses among the advanced economies. Besides, the possibility of slower growth over the medium term in some emerging economies is another source of risk to the global recovery.

If the emerging markets are to continue to prosper and help keep the global economy afloat, as they did through the depths of the crisis, they too must act not just in their own interests, but in the global interest.

“I dare not think how bad the global situation might have been if China was not the powerhouse that it is. Yet, it also makes me wonder what more China can achieve - both for the Chinese people and as a global economic leader. “I feel that the best is yet to come”. Cont…



Views Expressed by Ms. Christine Lagarde, IMF Managing Director at the China Development Forum 2012 (cont…)

The China Yet to Come…

The weak global environment has intensified the focus—both inside and outside China—on the need to accelerate efforts to transform China’s economic model.

China’s external balance has come down considerably—reflecting weaker global demand, a worsening in China’s terms of trade, and very strong domestic investment.

The current account surplus has fallen sharply from a record 10 % of GDP in 2007 to less than 3 % in 2011.

Attention is now shifting towards the growing internal imbalances and, notably, the persistent and very high levels of investment.

Domestic consumption needs now to assume an even larger role in driving growth. And that needs to happen sooner rather than later or tensions in the current growth path will become increasingly evident.

Source: The Economist

Cont…



Views Expressed by Ms. Christine Lagarde, IMF Managing Director at the China Development Forum 2012 (cont…)

Export and investment-oriented growth may have catapulted China to where it is today, but it is not sufficiently people-centered. Prosperity can only endure when it is shared more broadly among the Chinese people. And the same is true for social stability.

So, what are the policy priorities needed to propel China forward on this journey? There are three key dimensions.

The first is to boost household incomes and promote inclusiveness.

The second priority is to prepare for the coming demographic challenge.

The third, and final, priority is financial reform.


The list of 11 countries that buy Iranian oil and could be subject to U.S. sanctions unless they significantly cut purchases.

China leads the bunch with 543,000 barrels imported per day. Greece’s imports from Iran represent 53.1% of their total oil imports.

The Iran Impact

Source: Thomson ReutersThe views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC

Rank Country Score Degree of economic integration

Cost of setting up a business

Cost of labor & material

Cost of moving goods

Less tangible costs

Readiness of local consumer base

1 Hong Kong 49.0% 81.9% 34.2% 54.3% 48.0% 47.4% 40.7%

2 Netherlands 48.3% 85.4% 37.0% 48.7% 48.0% 47.1% 36.0%

3 United States 46.9% 80.6% 30.0% 56.4% 48.3% 43.8% 31.1%

4 United Kingdom 45.7% 90.2% 29.3% 44.6% 45.2% 46.8% 34.6%

5 Australia 45.6% 82.0% 30.5% 48.3% 46.1% 42.8% 38.5%

Hong Kong Best Place for Business - Bloomberg

Bloomberg Rankings measures160 markets on a scale of zero to 100 percent based on six factors. These are the costs of setting up business, hiring and moving goods; the degree of economic integration; less tangible costs such as inflation and corruption; and the readiness of the local consumer base, a category that includes the size of the middle class, household consumption and gross domestic product per person.

Source: Thomson Reuters

Source: BloombergThe views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC

ANALYSIS & FORECAST


Exchange Rate

Rate 21.11.11 (1)

09.02.12 (2)

22.03.12 (3)

Change % (2)/(1)

Change % (3)/(2)

Buying Rate 109.60 113.44 128.32 3.5 13.20

Selling Rate 111.24 115.31 132.23 3.6 14.67

Middle Rate 110.42 114.37 130.28 3.6 13.90

During 1st Jan. 2012 – 22nd Mar. 2012 the LKR had depreciated by 14 % against the USD.

The LKR was under pressure during the last few days due to heavy seasonal import demand and speculation in the market.

The rupee is expected to fall until imports becomes too expensive in rupee terms, or else until foreign inflows increase substantially.

At that point exporters who are holding onto their dollars would start converting them to rupees.



Market Liquidity

The gross official reserves of the country had fallen from USD 8.2 bn in August 2011 to USD 5.8 bn in January 2012 due to the CBSL selling dollars to keep the exchange rate stable.

With the CBSL selling dollars, rupee liquidity in the market began to erode.

This prompted the CBSL to inject LKR to the market to fill the deficit and thereby prevent further increase of rupee interest rates. These injections of LKR by the CBSL are reflected in the increase in Central Bank’s Holdings of government securities

Date Liquidity Position in the Banking Sector (Rs bn)

CBSL’s Holdings of Govt. Securities (Rs bn)

30.08.2011 55.011 0.069

30.12.2011 - 5.375 167.302

16.03.2012 3.710 248.428

22.03.2012 27.781 224.361



Credit Growth

The policy interest rates maybe increased further, thereby curbing credit growth, which in turn will check the rise in imports.



Treasury Secretary’s Comments on the Current Economic Situation:

Dr. Jayasundara, expects the exchange rate to settle down below Rs. 125 per USD. He also expects demand for forex to ease off from April onwards whilst and reserves are likely to

remain resilient with lower expenditure on imports and higher export earnings.

The governor of the CBSL expects that the LKR will recover substantially due to dollar inflows into stocks, government securities, banks, and a hotel project. According to CBSL, foreign currency inflows to the country increased substantially in recent weeks.

Net inflows to the CSE so far this year (up to 20.03.2012 ) amounting to USD 164 mn. Recent inflows in respect of investments in several commercial banks, amounting to about USD 127 mn. Investments in Sri Lanka Development Bonds (SLDBs) were made to the value of USD 87 mn, comfortably exceeding the USD 45 mn, that was maturing and was on offer for re-investment. Net investments of USD 385 mn in Treasury Bills and Bonds have been made by foreign investors so far in 2012. Further foreign currency inflows are expected in the next few weeks, which would include inflows as a result of several commercial banks raising funds abroad for their Tier 2 capital.

Source: CBSL

dollar inflows

Subject to oil prices remaining intact, Dr. Jayasundera forecasts the value of imports in 2012 to be reduced by at least USD 1 bn whilst exports are forecast to grow by USD 1 bn. Cont…



Treasury Secretary’s Comments on the Current Economic Situation: (cont…)

Justifying the correction in the rupee’s value, the Treasury Secretary has cited that in January the Central Bank is estimated to have sold USD 600 mn followed by USD 300 mn in February, whilst so far in March it stands at USD 120 mn.

FDIs will be over USD 1 bn or maximum USD 2 bn with several solid projects in the pipeline. It was pointed out that more importantly several key mega projects such as Shangri La and Colombo South Terminal are at the construction stage.

The government was planning to rollover the country’s first sovereign bond amounting to USD 500 mn, when it matures later this year. "We will first increase the tenure from five years to ten. Then we would explore the possibilities of issuing USD 500 mn, USD 750 mn or USD 1 bn. The balance we get from the rollover would be used to retire existing government debt, and the benefits would cascade down to the real economy“.

With the adjusted fuel prices the losses of the Ceylon Petroleum Corporation has been brought down to around Rs. 60 bn from Rs. 200 bn.

Economic sanctions imposed on Iran by the US have meant that Sri Lanka would have to look to other sources. "We have already had discussions with Oman and Saudi Arabia and we have been told their crude oil is compatible with our refinery".

Source: Daily FT, Island



The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information, it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence of using such information for whatever purpose.

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Economic Capsule March 2012

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