February industrial production slips; but apparel and textiles continue to add gain

Industrial production, which primarily measures the manufacturing heft of local factories, slipped in February from the levels seen in January, but apparel and textiles manufacturing made stronger gains continuing the momentum set forth this year.

Maldives to offer holidaymakers vaccines on arrival

Maldives will soon offer visitors vaccinations on arrival as part of its three-pronged initiative aimed at reviving the country’s hard hit travel sector, according to its tourism minister.

Rupee dips to Rs. 204.62 against dollar

The Sri Lankan rupee dipped further today against the US dollar, as the selling rate of a dollar was recorded at Rs.204.62.

Sri Lanka and India to kick off joint research in science and tech

Sri Lanka and India have taken a progressive step to integrate expertise in the area of science and technology with scientists from both the nations gearing up to undertake joint research.

Swarnamahal Financial Services business suspended

The Monetary Board of the Central Bank has suspended the business of Swarnamahal Financial Services PLC (SFSP) with effect from 5.00 p.m. yesterday (April 12) due to the company’s deteriorating financial condition and non-availability of a viable revival plan.

Rupee plunges to new low against US dollar

The Sri Lankan rupee hit a new record low today against the US dollar, as the selling rate of a dollar was recorded at Rs.203.73.

Singapore Airlines to increase flight frequency to Sri Lanka

From 01 May 2021, Singapore Airlines will increase its flight frequency to Sri Lanka from 3 times to 5 times weekly, operating the Airbus 350-900MH aircraft.

No IMF bail-out though various other discussions ongoing: CB

While Sri Lanka frequently engages with the International Monetary Fund (IMF) for technical assistance, and the two parties are also planning for the upcoming Article IV consultations towards the end of this year, the Central Bank reiterated that no discussions are held to the effect of a programme in the style of Balance of Payment support.

Proceed with caution: Is Sri Lanka’s approach to import substitution sensible?

In the immediate aftermath of the onset of the COVID-19 pandemic and the unprecedented health and economic crises it unleashed, there was a widespread backlash in sentiment against globalisation and open economic policies. The greatly increased human mobility associated with these phenomena was blamed for the rapid spread of the virus to all parts of the globe.

Managing divergent recoveries

It is one year into the COVID-19 pandemic and the global community still confronts extreme social and economic strain as the human toll rises and millions remain unemployed.

Prime lending rate touches fresh low

The prime lending rate touched a fresh low last week after the Monetary Board said it would maintain the current accommodative monetary policy, reaffirming markets that low interest rates are required to further support the current revival seen in the economy.

No talks on IMF programme though various other discussions ongoing: CB

While Sri Lanka frequently engages with the International Monetary Fund (IMF) for technical assistance, and the two parties are also planning for the upcoming Article IV consultations towards the end of this year, the Central Bank reiterated that no discussions are held to the effect of a programme in the style of Balance of Payment support.

Record penalty for Ma’s Alibaba marks tumultuous stretch for its founder

Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan (US$ 2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire.

Only 10-20% of loans coming out of moratoria deemed problematic

While a large segment of the borrowers who were under the extended moratoria have seen their cash flows being restored to a larger extent, banks sense another 10 to 20 percent of customers might still find it challenging to restart repaying their loans, according to a top Central Bank official.

CB extends further relief to finance companies on liquid assets

Central Bank has extended the relief measures afforded to licensed finance companies on mandatory liquidity standards by a further 3 months through June 30, 2021 to ride the pandemic-induced business challenges, after the earlier extension lapsed on March 31, 2021.

World Bank expects SL’s economic growth to recover to 3.4% this year

Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, said the latest World Bank Sri Lanka Development Update: Economic and Poverty Impact of COVID-19 released last Friday.

Central Bank further tweaks export proceed conversion rule

In a fresh gazette last Friday (9th), the Central Bank (CB) relaxed the earlier rule of requiring exporters to convert 25 percent of repatriated proceeds down to 10 percent, while also doubling the period given to exporters and banks to meet the directive.

Aitken Spence invests in another renewable energy project in hydropower

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC, for Rs. 900 million.

CICRA Solutions Colombo Tea e-Auction platform marks first year with Rs.175bn sales

Completing Rs.175 billion worth tea sold during 50 weekly sales, CICRA Solutions (Pvt.) Ltd’s award-winning Colombo Tea e-Auction platform is celebrating its first year of operations.

US $ 300mn boost for COVID vaccine roll out in Asia-Pacific’s developing economies

HSBC and the Asian Development Bank (ADB) this week announced a US $ 300 million financing programme to help the region’s supply chains scale-up to deliver life-saving vaccines at both volume and pace.

Hospitality veteran Mangala Wijesekera appointed as SriLankan Catering CEO

SriLankan Catering yesterday announced the appointment of Mangala Wijesekera as Chief Executive Officer of SriLankan Catering, a subsidiary of SriLankan Airlines.

Electricity consumers will be paid interest on security deposit: PUCSL

The Public Utilities Commission of Sri Lanka (PUCSL) has announced that interest will be paid to electricity consumers on their deposits made when applying for connections.

CB issues fresh warning against usage of virtual currencies

The Central Bank of Sri Lanka (CBSL) yesterday issued a fresh warning to those interested in investing in virtual currencies (VCs), stressing that currently there are no regulatory safeguards relating to the usage, investment or dealing in VCs in Sri Lanka.

Tourism industry stakeholders slam SLTDA over new Act

The key stakeholders of the local tourism industry yesterday slammed the Sri Lanka Tourism Development Authority (SLTDA) for pushing the drafting of a new Tourism Act, without consulting the private sector.

Rupee dips further against dollar

The Sri Lanka rupee dipped further to a new low today against the US dollar with the selling rate plunging to Rs.203.59 per dollar.

SriLankan Catering gets new CEO

CB issues fresh warning against usage of virtual currencies

The Central Bank of Sri Lanka (CBSL) today issued a fresh warning to those interested in investing in virtual currencies (VCs) stressing that currently there are no regulatory safeguards relating to the usage, investment or dealing in VCs in Sri Lanka.

Privatisation of public data: Sri Lanka Customs as a case in point

Data collected and held by government agencies is a valuable ‘public asset’. Properly utilised, such data can help the private and public sector better contribute to Sri Lanka’s economic growth.

Foreign reserves dwindle to US$ 4.1bn in March

The Central Bank together with the government is pursuing several avenues to prop up its foreign reserve buffers, which had by end-March depleted to US$ 4.1 billion, which is sufficient to cover only three months of imports.

Central Bank keeps policy interest rates unchanged

The Monetary Board of the Central Bank yesterday left policy interest rates unchanged at current levels as the economy appears have responded positively to earlier measures taken to provide extraordinary support to individuals and businesses beset by the pandemic.