The Board of Investment of Sri Lanka recently engaged in investment promotion at an important event held in Tel Aviv, Israel.
Sri Lanka's trade deficit narrowed 47.9 percent year-on-year (yoy) in May to US $ 393.4 million amid improved export earnings and lower imports, the data released by the Central Bank showed
External liquidity support is still very much a possibility for Sri Lanka from the International Monetary Fund (IMF) or from any other bilateral lender if such a requirement arises, according to a US-based credit rating agency.
Despite Sri Lanka currently not being in a state of war and not facing foreign invasion, the country is ceaselessly engaged in cyber warfare, and a gap in the lines may bring the country’s economy to its knees, Central Bank Governor, Ajith Nivard Cabraal said.
Sri Lanka’s year-on-year (YoY) inflation in the month of June eased to 2.8 percent from 3.2 percent in the previous month, the data released by the Census and Statistics Department showed.
Sri Lanka’s April trade deficit contracted 17.7 percent year-on-year (YoY) to US $ 682.2 million amid higher export earnings and moderate import expenditure, the latest Central Bank data showed.
The recent unfortunate incidents that erupted in Aluthgama and Beruwala areas will have an adverse impact on the country’s tourism sector in the backdrop of Middle East being the fourth largest inbound tourist market for Sri Lanka, according to tourism industry stakeholders.
The Sri Lanka Tea Board has appointed Mike Bunston OBE, an eminent personality in the international tea trade with over 56 years of experience as Honorary Te a Ambassador for Sri Lanka in the United Kingdom.
The Monetary Board of the Central Bank yesterday decided to maintain the policy rates unchanged for the month of June despite the private sector credit growing at a slower pace of 3.3 percent in April, compared to 4.3 percent in March.
The Ceylon Motor Traders’ Association (CMTA), an industry body consisting of automotive franchise holders, cried foul at the recently implemented valuation method on imported vehicles and urged the authorities to immediately withdraw the new method.
The new tank farm complex and the bunkering terminal of the Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota is set to be opened on June 22 by President Mahinda Rjapaksa, a media statement by the Sri Lanka Ports Authority (SLPA) said.
Central Bank Governor Ajith Nivard Cabraal said he would not expect the US Federal Reserve to take account of its actions on developing economies when time comes for the end of quantitative easing and every emerging market should be prepared for Fed tightening.
Despite failing to achieve the target of US $ 2 billion in foreign direct investments (FDIs) last year, Investment Promotions Minister Lakshman Yapa Abeywardena said they are confident of their ability to exceed the mark of US $ 2 billion this year.
Pakistan, Sri Lanka’s second largest trade partner in the region, has indicated interest in expanding its free trade agreement (FTA) trade with the island, creating growth in bilateral trade, which already exceeds the US $ 460 million mark, according to Sri Lanka’s trade ministry.
The total government debt increased to Rs.6793 billion in 2013 from Rs.6000 billion in 2012, according to the 2013 annual report of the Finance and Planning Ministry released yesterday.
Sri Lanka’s tea sector players are likely to benefit from the new demand coming from the ageing population in the global market place, particularly from countries such as Japan, Europe and the US, according to a recent study by the Business and Information Division of the Ceylon Chamber of Commerce.
Sri Lanka’s March trade deficit contracted 15.5 percent year-onyear (YoY) to US $ 602.2 million amid higher export earnings and moderate import expenditure, the latest data released by the Central Bank showed.
Sri Lanka’s Central Bank Governor urged top banking and non-banking sector officials to “put their thinking caps on” in order to ensure that financial sector consolidation can be a seamless transition into something new, exciting and sustainable.
Consolidation of the banking and non-banking sectors is not an ad-hoc arrangement but is part of an overall strategy and is being done at the most suitable time for the country, Sri Lanka’s Central Bank Governor, Ajith Nivard Cabraal said.
The Monetary Board of Central Bank yesterday decided to keep the policy rates unchanged with government and state-corporations borrowing less, which in return has created a favourable environment for private credit to pick up, the Central Bank said.
A sharp decline in Sri Lanka’s coconut oil production in 2013 has resulted in significantly more palm oil imports, which is a close substitute for coconut oil, the 2013 Central Bank annual report showed.
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