SA emerging from deep Covid-19 recession, but burdened with high inflation

South Asian economies are emerging from the deep COVID-19 recession, burdened by high inflation, rising current account deficits, and deteriorated fiscal balances, which are exacerbated by the impact of war in Ukraine, the latest update by the World Bank (WB) on the regional economic outlook revealed.

SL further relaxes entry requirements for intl. travellers

Sri Lanka has further relaxed the entry requirements to the country by removing the need for on-arrival PCR tests for non and partially vaccinated travellers.

IMF says any loan to Sri Lanka requires debt sustainability

The International Monetary Fund said discussions with Sri Lanka on a potential IMF loan program are at an early stage and any deal would require ’’adequate assurances’’ that the island country’s debts can be put on a sustainable path.

MAS reiterates need for urgent action to resolve ongoing crisis

Apparel manufacturing giant, MAS Holdings today reiterated the need for immediate and decisive action to resolve the current economic and social crisis.

IMF agrees to consider SL’s RFI request

Sri Lanka’s request for a Rapid Financing Instrument (RFI) with the International Monetary Fund (IMF) has received the nod from the agency.

DFCC discontinues issuance of monthly bank account statements

Commercial and development bank, DFCC Bank PLC has urged its customers to register for the eStatement facility due to the shortage of papers.

Cabraal fails to appear in Court; overseas travel ban extended till May 2

The summons issued on ex-Central Bank Governor Ajith Nivard Cabraal were reissued today asking him to appear before the Colombo Magistrate Court on May 2, 2022.

CSE justifies market closure move

Capital market operator, the Colombo Stock Exchange (CSE) today justified the need to close the market for an additional five days after the long holiday due for the Sinhala and Tamil New Year.

UNWTO opens applications for Best Tourism Villages 2022

The United Nations World Tourism Organisation (UNWTO) announced it is now accepting applications for Best Tourism Villages 2022.

Colombo bourse trading hours restricted due to power cuts

The Colombo Stock Exchange (CSE) will operate the Colombo bourse with restricted trading hours for the remaining working days of the week.

Trading halted at CSE as S&P SL20 Index falls below 5% again

The Colombo Stock Exchange (CSE) had to halt trading in under 10 minutes after the S&P SL20 fell over 5 percent.

SL requests for another currency swap from B’Desh

Bangladesh announced today that Sri Lanka has reached out for yet another currency swap.

Trading halted at CSE as S&P SL20 Index falls over 5%

The Colombo Stock Exchange (CSE) announced that the market has been halted.

SriLankan suspends operations to Moscow

National carrier SriLankan Airlines announced today its decision to suspend operations to and from Moscow.

“Dump the rupee”: advices world renowned economist Prof. Hanke

Leading world expert on stopping hyperinflation, Steve Hanke shared that the only way to save Sri Lanka’s crumbling economy is to dump the rupee and instill a currency board.

Banks directed to sell 50% of worker remittances to CB every week

The Central Bank has directed all licensed banks to sell 50 percent of inward workers’ remittances to the Central Bank every week.

Chicken feed shortage drags down eggs production by 40%

The poultry industry is yet again faced with a shortage of chicken feed which has affected the availability of eggs in the local market.

Economic Council presented with 5-point proposal

The freshly appointed Advisory Committee to the Economic Council has put forward a five-point proposal for the revival of the national economy that is currently in turmoil.

SL ranks 2nd in Asia Pacific region for remote work

Sri Lanka ranks as the second most preferred destination in the Asia Pacific region for remote work, according to the ‘Work from Wherever Index’ from KAYAK.

IDD rate hike approved by TRCSL

International calling charges have been increased in Sri Lanka due to the floating of the Rupee.

President announces decision to work with IMF

Addressing the nation, President Gotabaya Rajapaksa today announced his decision to work with the International Monetary Fund (IMF) to explore a sustainable solution for the country to repay its foreign debt and build back its foreign reserves.

Economic Council to be assisted by 14–member advisory committee

The newly appointed 11-member Economic Council has been given a 14-member advisory committee for assistance.

Basil gets Cabinet nod to engage with IMF for technical support

The Cabinet of Ministers has taken a policy decision to let the Finance Minister Basil Rajapaksa to engage with the International Monetary Fund (IMF) to seek technical support to find solutions for the current economic crisis, says Cabinet Co-spokesperson Ramesh Pathirana.

First team of athletes arrive for Raid Amazones

The first female French athlete team for the 20th edition of Raid Amazones arrived in Sri Lanka today.

HSBC sells Greek retail bank as it sharpens Asia focus

HSBC announced on Monday it has agreed to sell its branch operations in Greece to local bank Pancreta Bank, as the lender further sharpens its focus on its biggest market Asia.

Top IMF official to visit SL this week to brief President

REUTERS: A senior International Monetary Fund (IMF) official will be visiting Sri Lanka on Monday and Tuesday to brief President Gotabaya Rajapaksa on the Fund’s assessment of the crisis-hit economy, Sri Lanka mission chief Masahiro Nozaki told Reuters.

LKR depreciates to the highest point in history

The Sri Lankan Rupee depreciated to the highest point in history today reaching Rs. 249 against the US Dollar.

Colombo Port City to add aquatic airport

The fast progressing Colombo Port City will see the addition of an aquatic airport, the Ministry of Tourism said.

Cabinet nod for nine-member Economic Council

The establishment of an Economic Council comprising of nine members received the Cabinet nod today.

Incentive for workers’ remittances increased to Rs.38

As the national economy is desperate for foreign exchange inflows, the Cabinet of Ministers today announced their decision to increase the incentive offered for foreign remittances.