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.
Banking sector asset quality has deteriorated during the first half of this year due to the slowdown in economic activity. Sector profitability also has taken a hit from substantial impairment charges on gold loans as a result of tumbling gold prices, an earnings report showed.
The Sri Lankan economy grew 7 percent in the second quarter (2Q) accelerating from the 6 percent growth reported in the first quarter of 2013, Central Bank Governor Ajith Nivard Cabraal said in an interview with Bloomberg in Hong Kong.
Acknowledging openly that there is a liquidity issue with Sri Lanka’s bloated finance sector, the Central Bank on Saturday said it would provide liquidity to any troubled finance company with immediate effect.
At the tea auctions held on September 3, 2013, an invoice of New J.S.P. BOPF achieved an all-time record price of Rs.760 per kg for the low grown category.
A visiting Israeli business delegation has expressed interest in harnessing Sri Lanka’s free trade agreements (FTAs) to carry out trade with the countries in the Asian region, a statement issued by the Board of Investment (BoI) said.
The most popular Chinese aid comes with the condition of Chinese labour being used in those projects and the interest rates of those loans are also on the high side comparable to some other multilateral donors, according to an eminent economist.
Treasury bill yields remained flat at yesterday’s auction held to reissue Rs.9,000 million maturing bills, the Public Debt Department of the Central Bank said.
Governments must seek to improve access to the Internet and resist stifling its usage through regulations in order to derive maximum economic benefit, according to Google Asia Pacific Director Ann Lavin.
Sri Lankan businessmen travelling to countries in the South Asian Association for Regional Cooperation (SAARC) region will soon be able to travel without visa and the SAARC Secretariat has already taken measures to identify them as a separate category under its visa exemption scheme, according to a top official from the SAARC Secretariat.
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