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.
Sri Lanka Tourism yesterday said it had topped the arrival target of 1.2 million tourists set for 2013, after it adopted a new method of calculation.
Sri Lanka will change its inflation index to change the basket of items and broaden coverage to the whole nation rather than just the capital city, the state-run statistics office said yesterday
Sri Lanka expects a moderation in the growth of remittance inflows in the future, owing to structural changes that are expected to take place in the economy.
Sri Lanka’s second largest trade partner in SAARC is looking for more Lankan exports in the coming year, while also eyeing Sri Lanka’s sugar sector entry,
The relatively low rate at which Sri Lanka sold its latest US $ 1 billion bond issue reflects the confidence international investors have placed in the sovereign bond issuances of Sri Lanka, the Central Bank said yesterday.
Sri Lanka yesterday commenced the sale of her sixth international sovereign bond. International rating agencies Fitch, Standard & Poor’s and Moody’s rated the bond at ‘BB-(EXP)’, ‘B+’ and ‘(P)B1’, respectively, in line with their respective sovereign credit ratings assigned to the country.
The Central Bank yesterday compressed the policy rate corridor to 150 basis points (bps) from the current 200 points, by cutting the rate for the lending of overnight funds to the banking system by 50 basis points, claming “volatility in the interbank call money market has reduced substantially.”
New foreign entrants to Sri Lanka’s banking sector will be required to incorporate their businesses locally commencing from 2016, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.
Crude edged higher in Asian trade yesterday on supply concerns following escalating violence in oil-producer South Sudan, but gains were capped as dealers sat on the sidelines awaiting fresh leads after the festive season.
All Sri Lankan trade and business chambers must work together to foster improved standards of debate and discussion around economic and even social policy according to outgoing International Monetary Fund (IMF) Resident Representative to Sri Lanka and the Maldives, Dr. Koshy Mathai.
Export of Sri Lankan spices increased sharply to 40.4 percent Year-on-Year (YoY) from January to October of this year, boosted by a drastic rise in exports of pepper and Cloves, according to Spices & Allied Products Producers’ & Traders Association (SAPPTA) statistics.
Sri Lanka’s Central Bank (CB) will implement the third and the latest installment of Basel Accords— BASEL III beginning 2014, requiring the banks to further strengthen their capital buffers and also wanting them to decrease bank leverage, according to a CB official.
Sri Lanka Tourism welcomed a 13-member group from China’s ‘Travel Channel’, at the Bandaranaike International Airport, who arrived here to promote the Island aggressively in China via the Channel starting from January 2014.
The International Monetary Fund (IMF) cautioned the government for using banks and other financial institutions to borrow overseas on its behalf, as it could pose additional risks to the financial system.
The Sri Lankan government has started fresh talks with India, in a bid to bring changes to the existing Indo-Lanka Free Trade Agreement (FTA), as the controversial Comprehensive Economic Partnership Agreement (CEPA) has not come to fruition due to protest from various quarters, a top bureaucrat disclosed.
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