Last Updated : 19-04-2014 13:37

 
 

Economy

Focus should now shift to long-term targets: Cabraal

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Sri Lanka is on course to achieve macro-economic targets in the near-medium term, and focus must now shift towards longer-term targets up-to and beyond 2030, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.
Views: 2054

March tourist arrivals up 17.5%

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Sri Lanka’s tourist arrivals rose 17.5 percent Year- on-Year (YoY) to 133,048 in March 2014, with Russia, China, Saudi Arabia and the UAE leading the list, data released by the country’s tourism authority showed. Arrivals in the first three months of the year were up 24.8 percent YoY to 421,501.
Views: 2514

CB goes public with deposit rate caps on finance companies

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The Central Bank yesterday informed the public of maximum interest rates that could be offered for deposits by finance companies, with effect from April 1, 2014.
Views: 2885

March inflation unchanged at 4.2%

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Sri Lanka’s annual inflation increased to 4.2 percent in March, unchanged from the previous month, the data released by the Census and Statistics Department showed.

Views: 2448

CCC hails finance sector consolidation

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Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), yesterday endorsed the ongoing financial sector consolidation advocated by the Central Bank of Sri Lanka.
Views: 2216

Economy grows 7.3% in 2013

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The Sri Lankan gross domestic product (GDP) grew at 7.3 percent in 2013 against a previous 6.3 percent in 2012, the data released by the Census and Statistics Departmentshowed.
Views: 2390

Retrenchment unavoidable in consolidation

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Job retrenchment and streamlining of cost structures are likely to be an inevitable by-product of consolidation in the banking and finance sector, according to Association of Professional Bankers of Sri Lanka President and Sampath Bank Managing Director, Aravinda Perera.
Views: 2681

February tourist arrivals up 24.5%

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Sri Lanka’s tourist arrivals rose 24.5 percent Yearon-Year (YoY) to 141,878 in February 2014, with India, Russia and China leading the list, data released by the country’s tourism authority showed.
Views: 2579

Third gantry cranes shipment arrives at CICT

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Mega vessel, Zhen Hua 11 recently shipped a large consignment of gantry cranes and container trailers for the newly built Colombo International Container Terminal (CICT).
Views: 4473

New tax concessions for integrated resorts

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The Cabinet of Ministers of Sri Lanka once again appears to have approved investment concessions for three super luxury integrated resort projects, the recent gazette notification published showed.
Views: 3834

Exports up 13.2% in December

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The export earnings rose 13.2 percent year-on-year (YoY) to US $ 986.1 million while the import expenditure expanded 2.1 percent YoY to US $ 1.56 billion in December2013.
Views: 4060

January tourist arrivals up 32%

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Sri Lanka received 146,575 tourists during the month of January (2014), up 32.6 percent from the corresponding month of the previous year, data released by the country’s tourism authority revealed.
Views: 4351

Rubber prices take a dip in new year

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Sri Lanka’s rubber prices have seen a considerable decline since the beginning of the new year, an analysis of the Colombo rubber auction prices by Mirror Business showed.
Views: 4617

Bloomberg forecast on SL slightly positive

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Bloomberg’s regular economic forecast on Sri Lanka showed a sense of relative optimism for 2014 on many indicators, though they remained below the Central Bank’s overly ambitious estimates for the ensuing years.
Views: 4738

City hotel occupancy down in 2013

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The average city hotel occupancy rate during the year 2013 stood at 65 percent, down from 70 percent in 2012, despite an increase in tourist arrivals, Colombo City Hotels Association Chairman M. Shanthikumar said.
Views: 4561

Lankan business environment main attraction for FDIs: CCC President

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Sri Lanka’s business climate stands as the island’s strongest attraction for Foreign Direct Investment (FDI), a factor which must be greatly improved on through targeted reforms, Ceylon Chamber of Commerce (CCC) Chairperson and Lion Brewery CEO, Suresh Shah said.
Views: 4389

Financial sector consolidation progress satisfying: CB

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Satisfactory progress has been made on the consolidation of banking and non-banking sectors of the country, Central Bank in a recent statement said.
Views: 4243

StanChart forecasts another rate cut end 1Q

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Standard Chartered Bank (StanChart) says the Central Bank is likely to further cut key policy rates if no significant improvement was recorded in private sector credit growth amid falling headline inflation.
Views: 4107

Policy rates won’t change in next 3 to 6 months: Cabraal

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Sri Lanka’s interest rates are at an appropriate level and the Central Bank probably will keep borrowing costs steady for the next three to six months if current conditions persist, Governor Ajith Nivard Cabraal was quoted as saying to Bloomberg.
Views: 4454

CB dismisses statistic manipulation charges

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The Central Bank yesterday dismissed recent allegations of manipulating economic statistics by the Department of Census and Statistics (DCS), saying that such allegations are “unfounded and baseless.”
Views: 4208

FTA with China next boost for Lankan apparel sector: JAAF

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Efforts to drive the Sri Lankan apparel sector into a new growth phase may hinge on the success of the potential free trade agreement (FTA) in the offing with China, according to Joint Apparel Association Forum (JAAF) Secretary General Tuli Cooray.
Views: 4649

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