The Central Bank is expected to keep key monetary policy rates steady, a Reuters poll showed, as it reviews the impact of policy easing in recent months.
The capital adequacy of the Sri Lankan banking sector to withstand sudden solvency risks is not as healthy as reported statistics, a top Fitch Ratings official told a recent forum in Colombo.
International Monetary Fund (IMF) said they were very concerned about the aggressive monetary policy easing pursued by the Lankan authorities to spur growth amid looming inflationary pressures.
Sri Lanka’s construction industry must look to secure contracts overseas in order to ensure longterm sustainability, according to University of Moratuwa Vice Chancellor Professor Ananda Jayawardena.
Belarus, a former Russian Federation country with an industry-driven economy has expressed interest in assembling agro-automotives such as tractors and other heavy duty automobiles in Sri Lanka.
President Mahinda Rajapaksa yesterday officially opened South Asia’s only container terminal that can handle Triple-E vessels and the new breakwater of Colombo Port stretching 400 metres to the sea.
Sri Lanka’s banking, finance, insurance and real estate sector (financial sector) will have a bleak outlook for 2013 on the back of low credit growth and deteriorating asset quality, an equities research report by a leading securities trading firm said.
A US $ 500 million Chinese-built port opens today in Colombo, giving Beijing a vital foothold on the world’s busiest international shipping lane as it seeks to secure maritime supply routes.
The growth in the Sri Lankan economy happens without the expansion of the private sector and the country does not see the private sector participation in the economy, according to a leading economist in the country.
Marking the end of the first fiveyear port development plan, the Sri Lanka Ports Authority (SLPA) has announced a seven-year corporate plan with the vision to achieve ‘logistics excellence in the silk route’, a vision established in line with Mahinda Chinthana Vision for the Future.
President Mahinda Rajapaksa who is also the country’s Finance Minister has declared Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘Free Ports’.
Similar to the banking industry embracing capital adequacy requirements under BASEL regulations, Sri Lanka’s insurance industry too is currently working towards a Risk-Based Capital (RBC) model and is set to become the next country in Asia to fully embrace the regulatory requirement, according to an international insurance professional.
Authorities must continue to take steps towards securing GSP+ facilities to Sri Lanka in order to re-energize the country’s export sector, according to outgoing Exporters Association of Sri Lanka (EASL) Chairperson, Dawn Austin.
New green power initiatives could reduce Sri Lanka’s greenhouse gas emissions by almost 20 percent by 2020, Sri Lanka’s Industry and Commerce Minister stated, referring to the Asian Development Bank’s (ADB) latest assessment on carbon footprint.
Sri Lanka will find it extremely difficult to maintain the public expenditure target of 6 percent of the gross domestic product (GDP) going forward amid revenue side pressures
Inadequate auditing and fiscal discipline in public sector enterprises has left large sums of state funds unaccounted for, according to the findings of the Committee on Public Enterprises (COPE).
The Monetary Board of t he Central Bank (CB) yesterday decided to keep the current monetary policy on hold leaving the repurchase rate and the reverse repurchase rate at 7 percent and 9 percent, respectively.
Magampura Mahinda Rajapaksa Port (MMRP) in Hambantota has received only 24 vessels in total during the years 2011 and 2012, the latest Committee on Public Enterprises (COPE) Annual Report disclosed.
Morocco has shown keen interest to boost trade and industrial cooperation with Sri Lanka.
Lanka Pay, Sri Lanka’s first Common ATM Switch connecting Bank of Ceylon and People’s Bank ATM networks was launched yesterday.
The extremely low level of unemployment and the single digit poverty in Sri Lanka have been achieved not due to a real transformation of the economy but as a result of higher temporary migration and the ever bloating public sector, a top economist in the country said.
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