Advisory committee appointed to advise National Economic Council
The cabinet nod has been received to appoint an advisory committee to advise the National Economic Council after the council came under fire for the absence of …
Economy & Markets
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Central Bank issues new rules on repatriation of export proceeds into Sri Lanka
The Monetary Board of the Central Bank has issued new rules in respect of the receipt of export proceeds into Sri Lanka and the conversion of such export …
Central Bank indicative spot exchange rate surpasses Rs250 per USD
The indicative USD spot exchange rate of the Central Bank has surpassed 250 rupees (251.97 rupees) per dollar on Friday even though they earlier expected forex …
Will continuously support Sri Lanka’s development: ADB President
Asian Development Bank (ADB) President Masatsugu Asakawa and Sri Lanka President Gotabaya Rajapaksa met Thursday (10th) in Colombo and it was reaffirmed by the …
Bond yields to extend further surge; rate hike expectations for 2022E increased: FCR
In light of the weaker economic conditions, First Capital Research believes that the CBSL will maintain the momentum on tightening policy rates resulting in …
Ceylon Chamber welcomes CBSL move towards a more flexible exchange rate
The Ceylon Chamber of Commerce commends the Governor and his team at Central Bank for permitting greater flexibility in the exchange rate. This action has been …
Sri Lanka maintains official reserves at USD 2.3bn in February
Sri Lanka’s official reserve assets were 2.3 billion US dollars (USD 2,314mn) by the end of February, slightly down from 2.3 billion US dollars (USD 2,361mn) …
CBSL allows greater flexibility in exchange rate with immediate effect; not more than Rs 230 per USD
Sri Lanka's Central Bank says that greater flexibility in the exchange rate will be allowed to the markets with immediate effect. Releasing a statement, the …
Joint Chambers urge govt to resolve forex shortage; commence foreign debt restructuring & pursue IMF support
The Joint Chambers of Commerce met on March 3rd, 2022 and deliberated on the on-going forex crisis in the country and its impact on business activity and the …
CBSL wants govt to discourage non-essential imports; increase fuel & electricity tariffs; postpone non-urgent projects
As the Economic and Financial Advisor of the government, the Central Bank advises the Government to diligently consider a number of measures to overcome the …
Central Bank further tightens Monetary Policy Stance
The Monetary Board of the Central Bank, at its meeting held on 03 March 2022, has decided to reinforce its stance adopted in January 2022. Accordingly, it has …
IMF wants Sri Lanka to raise income tax, VAT rates, minimize exemptions & adopt cost-recovery energy pricing
IMF Executive Board encourages Sri Lankan authorities to reform state-owned enterprises and adopt cost-recovery energy pricing while raising income tax and VAT …
Ceylon Chamber seeks urgent action to restore electricity and fuel supply to avoid economic standstill
The Ceylon Chamber of Commerce notes with serious concern the adverse effects brought on its members and all sectors of the economy in general as a result of …
Central Bank requests public to provide information on unauthorized forex dealings
Central Bank requests the public to provide information on unauthorized foreign currency dealings. Accordingly, any person, institution or any other entity is …
Sri Lanka’s exports increased by 13-pct in January 2022
Sri Lanka’s merchandise exports increased by 13% to US$ 1,062.63 Million in January 2022 compared to January 2021 as per the data released by the Sri Lanka …
Opinion: Role of divestments in overcoming present economic challenges
By Imesha Dissanayake The Government of Sri Lanka (GoSL) has very ambitious plans for the country’s economic transformation including an economic growth …
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including …
Re-exportation of final 45 containers of waste material
Under the BASEL Convention, it is a direct violation to import waste between two countries, and as a result, under the initiative of the Central Environmental …
CSE enables local corporates to raise foreign currency denominated capital
The Colombo Stock Exchange (CSE) has enabled local entities incorporated or established in Sri Lanka to issue and list foreign currency denominated shares in …
Diaspora investment in Mullaitivu, Mullai Milk Processing Industries
By Jekhan Aruliah Mr S.Thavaseelan, known as Seelan, was born in Kayts a town at the Northern end of Jaffna’s Velanai Island. His father, who delivered …