Although the private sector credit growth hasn’t so far picked up to the desired levels, the Central Bank said it is hopeful that the pace of growth would improve along with the recovery in the economy as well as the easing of credit conditions, alongside the easing of interest rates.
The tea industry veterans warned that the Ceylon Tea brand would face irreparable damage in international markets, leading to both decline in auction prices and global market share, if the government forced the plantation companies, including the smallholder sector, to implement the unprecedented 70 percent minimum wage hike arbitrarily.
The Central Bank on Tuesday launched Sri Lanka’s first-ever Financial Literacy Roadmap (2024-2028), in particular targeting to promote financial literacy among the youth and women in the micro, small and medium enterprise (MSME) sectors.
The state coffers have been deprived of billions of rupees, as Sri Lanka Customs (SLC) officers enjoy unfair benefits in penalties related to customs offenses and overtime pay, a special audit carried out by the Auditor General on the management/administration of various funds in SLC revealed.
The revenue to the government, including the grants, rose by a staggering 61.8 percent in January 2024. This is a result of the government raking in billions of rupees out of people’s pockets to appease the International Monetary Fund’s revenue targets.
Despite the significant surge in adoption of digital payment in 2023, Sri Lanka is yet to reach inflection point in digital transformation as the economy still remains largely a cash-based, industry stakeholders said. In 2023, the number of dig
In line with the objectives to foster a deeper and more liquid foreign exchange market and develop adequate systems for managing exchange rate risks, the Central Bank (CB) plans to implement the FX Global Code (FXGC) in the domestic forex market by the end of this year.
The logistics sector has raised concerns over delaying tactics, as that could hinder the full adoption of the ASYCUDA World and ASYHU8S System. These systems aim to transition from cumbersome, paper-based processes to streamlin
VFS Global, which is currently facing a backlash, vows to boost Sri Lanka’s global image through a robust marketing plan with Sri Lanka Tourism. However, the details remain under wraps from the tourism authorities, Mirror Business learns.
The Planters’ Association (PA) of Ceylon representing Regional Plantation Companies (RPC) is moving ahead to object to the Rs.1700 daily wage increase proposed for plantation workers, while asserting that a final decision is yet to be reached on the matter.
The growth in exports in March outstripped the increase in the expenditure for merchandise imports for the same month, as the exports of textiles and garments showed strength once again, after losing a bit of steam in the recent months.
Tourism Minister Harin Fernando has pledged to address technical issues of the new visa system by May 7. This comes amid concerns of potential losses of 230,000 tourist arrivals and US$ 425 million in tourism earnings for the year.
The financial knowledge of Sri Lankans is at satisfactory levels when compared with the other countries but the island nation is lagging behind financial behaviour, the financial sector regulator, the Central Bank said.
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.
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
As a testament to Sri Lanka’s comeback in tourism and returning investor confidence, India’s luxury hotel giant yesterday launched its first ever international venture, US$ 500 million investment ITC Ratnadipa in the iconic Colombo
Central Bank Governor Dr. P Nandalal Weerasinghe yesterday presented its Annual Economic Review 2023 and Financial Statements and Operations to President Ranil Wickremesinghe, who’s also the Minister of Finance, Economic Stabilisation and National Policies.
Sri Lanka’s apparel sector is witnessing a resurgence of interest, as brands reassess their purchasing strategies and are on the lookout for safe and secure homes to place their orders. The Joint Apparel Association Forum (JAAF) shared that the apparel manufacturers have had several high-profile visits from brands, as buyers are returning to the country to meet with the suppliers and to work on long-range plans with their suppliers. “This augurs
A top economist yesterday raised concerns over the “loosening of fiscal squeeze” by authorities to stimulate economic growth. Since doing so could lead to potential risks of jeopardising Sri Lanka’s agreements with the International Monetary Fund (IMF).
IMF to review SL’s economic progress next week
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Island-wide canteens, restaurants to lower food prices tonight
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AIESEC Jaffna Uni Event on Gender, Mental Health on Aug 03
Supreme Court bar on IGP appointment done duly, Speaker stands firm