Motor vehicle importers to meet authorities on higher import duties

The Ceylon Motor Traders Association (CMTA) will be making representations to the Finance Ministry shortly, calling for a reduction on excise duty for commercial vehicles at a time when top officials believe the majority of vehicle sales are being fueled by duty - free permits.

Lanka outpaces Maldives in tourist arrivals

Sri Lanka recorded a 16.5% Yearon-Year growth in tourist arrivals for the period from January to November 2012 attracting 883,353 tourists, outstripping Maldives, a key tourist attraction in the South Asian region.

Lankan financial system poses high risks – Fitch

Sri Lanka is among the twelve countries that has highly vulnerable financial systems and a highest risk rating, according to global rating agency, Fitch.

Lankan exporters to US told to renew FDA registration

The Embassy of Sri Lanka in Washington DC, USA yesterday drew the attention of all Sri Lankan exporters of food and beverage products to USA and asked them to renew their registration with the US Food and Drug Administration (FDA) before 31 December 2012.

Tourism arrivals hit record high in Jan - Nov

Sri Lanka’s tourist arrivals hit a record high in the first 11 months of 2012, surpassing its annual peak recorded last year, government data showed yesterday.

Lanka remains fiscal outlier – IMF Res. Rep

Though Sri Lanka has recorded GDP growth rates of 8 and 8.3 percent during 2010 and 2011, the country still remains far too distant from the other emerging markets in terms of both fiscal balance and public debt as a percentage of GDP, an International Monetary Fund official showed.

Ornamental fish exporters call for easing of rules on endemic exports

New regulations for the ornamental fish industry are crucial to the protection of Sri Lanka’s endemic species as well as the future of a potential growth industry, according to the Live Tropical Fish Exporters Association of Sri Lanka.

SL banks weak in long-term financing- IMF official

The Sri Lankan banking sector, which has an asset base of over Rs.5,000 billion and accounts for 55% of the total assets of the financial sector, is lagging behind in providing loans and advances over five years, against regional and non-regional counterparts, said a top official of the International Monitory Fund (IMF), urging the sector to address the relative lack of long-term finance in the market.

T-bill yields fall following rate cut

The Treasury bill yields at yesterday's bill auction for the re-issue of Rs.12 billion maturing bills, fell significantly amidst a policy rate cut announced by the central Bank.

Duty hike on vehicles: India mulls diplomatic effort

Clearly unhappy over the decision of the Sri Lankan government to impose fresh import duty on automobile exports from India, the Indian government indicated that it would explore the option through diplomatic channels to prevail upon Sri Lanka to bring down the import tariff as such a move could hit Indian vehicle exports to Sri Lanka.

SL’s average household size, female unemployment decline: Nielsen

Rising income levels in Sri Lanka are leading to notable changes in residential and employment demographics, according to the latest findings from Nielsen.

Monetary policy relaxed; credit ceiling to be lifted end 2012

The Monetary Board of Central Bank of Sri Lanka today reduced the policy rates by 25 basis points in view of slowing of credit growth and inflation.

ADB cuts 2013 South Asian growth outlook

The GDP growth of South Asian countries comprising of Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka for 2013 have been reduced from 6.4% to 6.2% while the growth outlook for 2012 has been cut to 5.3% from the previous estimated 5.5%. In 2011, the region grew by 6.2%.

October trade gap narrows 6.7% YOY

Sri Lanka’s trade deficit in October narrowed 6.7 percent Yearon-Year to US $ 810 million, amidst falling import expenditure and improved foreign inflows, the external performance report released by the Central Bank for the month of October showed.

Korean Air to commence Colombo flights from March

One of the most popular and prestigious airlines in Asia, Korean Air (KE) is returning to Sri Lanka in March 2013 after a lapse of 28 years. 

Airport taxes to go up by US $ 10 from January

The Treasury has instructed Sri Lanka’s Civil Aviation Authority to increase the airport tax by US $ 10 from January 1, 2013 and to revise the applicable exchange rate of US $ 1 to Rs.130.

First-ever tourism coffee table book launched

Sri Lanka’s first coffee table book on tourism, authored by former Tourism Chief and present Securities and Exchange Commission Chairman Nalaka Godahewa, was launched yesterday in a colourful ceremony attended by government ministers, ministry secretaries, hoteliers and key private sector officials.

F&V export growth to narrow in 2012

Sri Lanka’s fruit and vegetable (F&V) export ear nings growth is expected to be restrained to around 3% to 5% in 2012 amidst economic downturn, international competition, exchange fluctuation and export produce shortages, an industry official said.

GDP poised for 7.2% growth next year

Sri Lanka’s GDP is set to grow at 7.2% over the course of 2013, according to Standard Chartered Bank projections.

YoY inflation rises to 9.5% in November

Sri Lanka's year-on-year inflation rate in November rose to 9.5% against 8.9% a month ago, according to data released on Friday by the Department of Census and Statistics.

Seylan to issue debentures

The board of directors of Seylan Bank PLC informed the Colombo Stock Exchange (CSE) today the decision to proceed with a public issue of 10,000,000 (ten million) Unsecured Subordinated Redeemable Five year Debentures with a par value of Rs.100 each to raise Rs.1,000,000,000 (One billion) with an option to issue a further ten million of the said debentures  in the event of an oversubscription.

Vehicle registrations, container volumes dip

Vehicle registration in September fell 44.8 percent from a year earlier to 26,427, amidst registration of motor cars, goods and transport and dual purpose vehicles falling sharply, the latest data released by the Central Bank of Sri Lanka showed.

Government debt continues to rise

The total government debt as at end of August 2012 stood Rs.6249 billion against Rs.5059.1 billion reported in the same period of 2011, amidst rising domestic and foreign debt, the latest data released by the central Bank showed.

Industry Minister calls for further Japanese investments

As Lanka-Japan bilateral trade has crossed the huge $ 1.2 bn mark in 2011, the country is inviting top league Japanese private investments for ‘strong win-win partnerships’.

Kazakh expertise for oil, gas sectors?

Sri Lanka called on the Kazakhstan businesses to share their experience in exploration and development of gas and oil fields and set up joint ventures in the country.

Apparel exporters call for more labour reforms

Implementation of labour market reforms to boost productivity will be crucial for apparel industry’s survival over the long term, according to newly appointed chairman of the Sri Lanka Apparel Exporters Association, Yohan Lawrence.

Apparel exports dip 4.3%; exports to US up 6%

Export earnings from textile and garments declined by 4.3% during the first three quarters of this year, largely due to the declining demand from the European Union despite a growth in exports to the United States, according to a report compiled by the Ceylon Chamber of Commerce.

October tourist arrivals grow 15.5 percent; Chinese tourist inflows to Maldives continue

Tourist arrivals to Sri Lanka during the month of October increased by 15.5% Year-on-Year (YoY) to 80,379, whilst total arrivals from the start of the year increased by 16% to 774,151, the data issued by Sri Lanka Tourist Board showed.

Increased private investments would ease fiscal pressure – WB MD

If Sri Lanka wants to sustain high economic growth in future, the country should try to import more and attract more capital from credible private sector partners, a top World Bank official said.

CB keeps policy rates unchanged

The Central Bank of Sri Lanka yesterday decided to keep the policy rates on hold amidst deceleration of credit to private sector and improved trade deficit position.