The Sri Lankan rupee, which hit a record low at the end August, is under appreciation pressure and the Central Bank has been intervening to curb a sharp rise, the Central Bank Governor said yesterday.
Sri Lanka’s investment promotion bureau, the Board of Investment (BoI), said it would expect at least US $ 2.0 billion worth of foreign direct investments (FDIs) in 2014 from the Commonwealth Heads of Gover nment Meeting (CHOGM) alone.
Cairn India is currently in discussions with the Sri Lankan government to commercialize the Dorado well in the Mannar Basin, probably including a pipeline from the well to Norochcholai.
Satellite imaging technology has several potential public sector applications that could help the development process of any country, according to India’s National Remote Sensing Centre Deputy Director Dr. P.G. Diwakar.
Local pharmaceutical manufacturer, Lina Manufacturing Private Limited, a subsidiary of Akbar Brothers, has offered to manufacture respiratory care products for the Indian multinational pharmaceutical giant, Ranbaxy Laboratories Limited, under a licencing agreement, according to a top official.
Sri Lanka’s trade deficit in August contracted 24.2 percent amid earnings from exports rising 10.7 percent year-on-year (YoY) to US $ 917.8 million. The import expenditure during the month fell 7.7 percent to US $ 1.61 billion.
International Finance Corporation (IFC), a member of t he World Bank Group, has invested US $ 136 million in Sri Lanka in the fiscal year 2013 to promote inclusive growth and job creation, the organisation said in a statement yesterday .
The Sri Lanka Tea Board will be releasing part of its Rs.3.5 billion marketing cess fund in order to launch an aggressive promotional campaign for Ceylon tea in key markets, according to Plantations Minister Mahinda Samarasinghe.
Amidst calls by various quarters to hold on to the current monetary policy stance due to possible inflationary fears, the Central Bank (CB) surprisingly cut its key policy rates by 50 basis points (bps) yesterday.
Amendments to Sri Lanka’s electricity tariff structure and labour laws are being sought by Sri Lankan apparel exporters in order to facilitate apparel manufacture by lowering cost of production.
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.
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