CB optimistic of stability amidst ongoing economic reforms

The Central Bank of Sri Lanka sounded optimistic about Sri Lanka witnessing stability on multiple fronts, provided that the ongoing ambitious reforms and economic adjustments underpinned by the Extended Fund Facility (EFF) programme of the International Monetary Fund (IMF) continue without any interruptions.

Government delays decision on future of oil palm cultivation

The government has been sitting on an expert committee report on how to permit oil palm cultivation in identified Mahaweli areas and other areas, without deciding for nearly five months. According to the Agriculture and Plantation Industries Ministry, the ministry forwarded the report to the secretary to the Cabinet of Ministers on January 12. In November 2022, the Cabinet of Ministers decided to appoint an expert committee to explore the possibi

Oil and gas exploration halted by prolonged legal dispute

Sri Lanka’s efforts to attract and leverage international investment into the exploration of oil and gas have once again been gridlocked by legal challenges in the Court of Appeal.

Tea auction offerings decline to 4.6 MnKgs this week

At the Colombo Tea Auction, the offerings declined to 4.6 million kilogrammes this week that was met with fair demand.

SL to host global ISO review meeting for tea in July

Sri Lanka is set to host the 34th plenary meeting of the International Standards Organization Technical Committee for tea on July 24.

More than one in five cars sold worldwide in 2024 will be electric

More than one in five cars sold worldwide in 2024 will be electric vehicles (EV’s) according to the forecasts of the International Energy Agency (IEA).

CBSL announces eight new pyramid activities

Based on complaints received, the Central Bank of Sri Lanka (CBSL) has released eight other institutions and inputs identified as engaging in pyramid activities.

Boost for tourism with Shree Ramayan Trails launch

Sri Lanka’s tourism industry is anticipated to receive a boost from Indian pilgrims with the official launch of the Shree Ramayan Trails project.

Gold prices surge to all-time high

Gold prices across the globe are surging at all-time high prices amid escalating geopolitical tensions in the Middle East.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern: Analysts

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter’s subsidiary Airtel Lanka is currently a loss-making company, analysts said.

IMF urges Asian Central Banks to not follow Fed too closely

The International Monetary Fund (IMF) has urged Asian Central Banks to not follow the Fed too closely.

Port City officials frustrated over delay in duty free mall opening

Port City Colombo officials expressed frustration over delays in opening the downtown duty-free mall in Colombo.

Sri Lanka 1Q24 tea exports dollar earnings at six year high

A review of data published by Sri Lanka Customs analyzed by Siyaka Research confirms that the country shipped 62 Mnkg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg.

Climate change to cost world economy US$ 38 trillion

The global annual damage caused by climate change is estimated to be 38 trillion dollars until the year 2050, a study by a German research institute has found.

Fits Air launches new direct flights between Colombo and Dhaka from today

Fits Air is expanding its wings, adding Colombo-Dhaka direct flights from today, the Airport and Aviation Services (Sri Lanka) (Pvt) Limited announced.

March PMI indicates faster expansion in economic activities

Further strengthening the health of the economy, the Purchasing Managers’ Index (PMI) showed continuous expansion in activities across manufacturing and services sectors, rekindling hopes that the ongoing recovery is going to be durable and solid.

Tesla laying off more than 10% of staff globally as sales fall

Tesla, opens new tab is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).

Global expansion of single-origin Sri Lankan chocolate a major struggle: Mendis

Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.

Central Bank’s March dollar purchases hit record high

The Central Bank has purchased the most amount of dollars for a single month in March, a sign that the country is currently in a very comfortable position in its foreign currency liquidity, after two years into the worst currency crisis in the country.

Prioritise building inclusive social protection system: ADB tells Sri Lanka

The Asian Development Bank (ADB) stressed that for Sri Lanka, the near-term priority during economic recovery is to lay institutional and structural frameworks for an inclusive social protection system.

Central Bank further reduces policy interest rates

The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points (bps) to 8.50 percent and 9.50 percent.

Ceylon Chamber of Commerce celebrates 185 years today

The Ceylon Chamber of Commerce (CCC), the premier representative of Sri Lanka’s private sector, marks its 185th anniversary today (March 25).

IMF reaches staff-level agreement with SL on second review

The IMF team reached staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a 4-year Extended Fund Facility (EFF) arrangement.

Sri Lanka explores mining opportunities in Central African Republic

High Commissioner of Sri Lanka to Kenya, Kana Kananathan, engaged in a significant meeting with the President Faustin-Archange Touadéra of the Central African Republic at his country residence recently .

Matale district records lowest vulnerability despite persistent economic challenges

Matale District in Sri Lanka ranked the lowest in Sri Lanka’s Multidimensional Vulnerability Index (MVI) compared to national averages, recent data by the United Nations showed.

Sri Lanka’s trade deficit expands in January

Sri Lanka’s merchandise trade deficit in January widened to US$ 514 million from US$ 445 million in the corresponding month the previous year due to a higher increase in imports.

Expolanka to delist from CSE

Expolanka Holdings PLC announced today its decision to delist from the Colombo Stock Exchange (CSE).

Inflation slows down to 5.9% in February

The Colombo Consumer Price Index (CCPI), the official’s preferred inflation gauge deceased to 5.9 percent in February from the 6.4 percent recorded in January.

SLTDA provides extension for licence renewal

Tourism sector stakeholders are given an extension renewing their licenses with the Sri Lanka Tourism Development Authority (SLTDA).

Central Bank asked to provide report within one week

Amidst criticism over the exorbitant salary hike of the Central Bank employees, a top parliamentary committee has called for a report from the Central Bank on the legal provisions for such a salary increment without parliamentary approval.