Tourist arrivals to Sri Lanka in the month of September rose 26.2 percent from a year ago to 89 761, Sri Lanka Tourism Development Authority statistics showed. During the first nine months of 2013, the arrivals rose 15.5 percent Year-on-Year (YoY) to 801, 210.
Labour shortages as a result of Sri Lanka’s anticipated transition into a middle-income country status will be the next major challenge for the country’s apparel and manufacturing sectors, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.
The Central Bank has appointed The Hongkong and Shanghai Banking Corporation Limited – Colombo Branch Office (HSBC) of 24, Sir Baron Jayatilaka Mawatha, Colombo 01 as a primary dealer in government securities.
Finance companies, supposedly the most penalised sector by the recent penal rate cut charged on default loans, have written to the Central Bank (CB) requesting to reconsider the new rule, Mirror Business learns.
Sri Lanka plans to strike a sales agreement with Cairn India within this year and hopes to join the natural gas producing nations club by 2017-2018, according to the head of Sri Lanka’s state-run petroleum exploration unit.
Mauritius, which is positioning itself to become an ocean economy, has expressed interest in signing an Air Services Agreement with Sri Lanka to boost bilateral trade between the two countries, a communiqué by Sri Lanka’s Industry and Commerce Ministry quoting Mauritius Foreign Minister Avin Boolell said.
A ballast train reached Pallai, in Sri Lanka’s war-torn Northern Province achieving yet another milestone of the steadily progressing Northern Railway restoration project.
Sri Lanka will find it very difficult to borrow from abroad in the future due to the Fed’s stimulus tapering that is likely to happen sooner or later, which will pull back the excess liquidity in the global economy, according to a senior economist in the country.
Japan will continue to help Sri Lanka’s economic progress by developing her infrastructure and human resources.
The International Monetary Fund (IMF) last week warned against the populist policy of import substitution as it has often proved ineffective in accomplishing economic prosperity.
Migrant worker remittances received by Sri Lanka are almost entirely spent on consumption and are not mobilized in to investment generating activities, raising concerns over its ability to provide economic value addition in the long run.
The Treasury bill yields remained more or less flat at yesterday’s auction with bids for three months and six months being rejected.
Apparel exports must be expanded to cater to the growing demand for Sri Lankan made products in the Japanese market, according to Japan’s House of Councillors Member Yamatani Eriko.
Oil majors Exxon Mobil Corp, Royal Dutch Shell PLC and France’s Total have shown interest in bidding for blocks offered in Sri Lanka’s current licencing round, the island nation’s upstream regulator said yesterday.
The International Monetary Fund (IMF) Staff Mission yesterday said Sri Lanka should keep the current policy rates on hold and called for structural changes in order to boost economic growth.
Despite Sri Lanka’s July export earnings increasing 8 percent Year-on-Year, the highest in the first seven months, the import expenditure raced ahead, recording a 20.8 percent YoY increase, Central Bank statistics showed.
Foreign Direct Inflows (FDIs) in to Sri Lanka during the first half (1H) of 2013 is up 20 percent Year-on-Year (YoY) to US $ 540.211 million, Investment Promotion Minister, Lakshman Yapa Abeywardena said.
Sri Lanka’s monetary board yesterday decided to keep the key policy rates on hold for September, unchanged during the last four months. Hence both the repurchase and the reverse repurchase rate will be maintained at current levels of 7.00 percent and 9.00 percent respectively.
Tourist arrivals increased by 26.1 percent year-on-year (YoY) to 100,244 visitors in August. The Western European region recorded the highest arrivals with 38,951 in August against 32,656 arrivals last year, with arrivals from the UK and Germany increasing by 6.9 percent YoY and 35 percent YoY, respectively to 12,353 and 8,318 arrivals each.
Sri Lanka’s troubled plantation industry is facing fresh threats in the form of eroding land ownership rights, according to the outgoing Planters Association Chairman, Lalith Obeysekera.
The reconditioned or pre-owned car market continued its recovery, recording 1,800 registrations during the month of August, against 510 registrations last year and 1,492 registrations in July 2013, an equities research firm analysis showed.
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