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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
Satisfactory progress has been made on the consolidation of banking and non-banking sectors of the country, Central Bank in a recent statement said.
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.
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.
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.”
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.
Page 1 of 27