Govt. urged to manage vehicle demand surge with phased taxation

As the importation of passenger vehicles is set to reopen with effect from 1st February, the government is being urged to adopt a tax system to address the possible initial surge in demand for vehicle imports and to minimise revenue leakage through under-invoicing.

Inflation to return to positive from 2Q before aligning with 5% target from 3Q

Sri Lanka could see the end to the current stretch of deflation in the second quarter before reaching the target level of 5.0 percent in the third, supported mainly by the accommodative monetary policy stance, which the Central Bank has been pursuing from the middle of 2023, pivoting from the bone-crushingly tight policy that decimated both demand and supply.

Sri Lanka 75% ready for digital lead: Dr. Wijesuriya

Sri Lanka possesses a strong foundation for a digital economy, with 75 percent of the necessary skills already in place, according to Chief Advisor to the President on Digital Economy Dr. Hans Wijesuriya. However, to fully capitalise on this potential, the country must bridge the remaining gap and enhance its digital competitiveness.

CSE targets 20 IPOs in 2025

The Colombo Stock Exchange (CSE) is targeting 20 initial public offerings (IPOs) this year, with the IPOs with five to six already in the pipeline, according to its Chairman Dilshan Wirasekara.

Coconut chamber demands urgent import approval to avert dual crisis

The Ceylon Chamber of Coconut Industries (CCCI), the umbrella organisation for Sri Lanka’s coconut industry, yesterday urged the government to expedite the proposal to import 200 million nuts urgently to avert a looming dual crisis.

Colombo Port sets new transshipment mark with 6.31mn TEUs in 2024

The transshipment volumes handled by the Port of Colombo jumped by 9.7 percent year-on-year (YoY) to a record high of 6.31 million 20-foot equivalent units (TEUs) in 2024, with the transshipment volumes accounting for 81 percent of the port’s container throughput during the year.

Fresh focus on bridging financial, real economy divides: Govt. 

The government announced its plans to strengthen the connection between financial markets, including capital markets, and the real economy, while integrating advancements in emerging technologies.

China further extends US $ 1.4bn currency swap

China has extended its US $ 1.4 billion currency swap arrangement to Sri Lanka, the Central Bank of Sri Lanka affirmed yesterday.

FinMin unveils SME debt relief package

Sri Lanka’s struggling businesses can find some respite as the Finance Ministry yesterday announced details of a relief package for small and medium-sized enterprises (SMEs) facing difficulties servicing their debt due to the economic crisis following the global health pandemic.

JAAF urges targeted policies for apparel trade growth

The Joint Apparel Association Forum (JAAF) yesterday reiterated the need for targeted policy initiatives that would help Sri Lanka leverage the opportunities created by the geopolitical shifts in the global apparel trade.

Wheat flour regulation hits doughy patch with industry

​Sri Lanka’s new food regulation, mandating an 80 percent extraction rate for wheat flour has raised serious concerns across the industry, with stakeholders warning that its immediate roll-out could alter consumption patterns, and in turn have adverse effects on key sectors.

Sri Lanka’s tea industry set for cautious growth in 2025: Forbes and Walker Tea Brokers

Sri Lanka’s tea industry is set for a year of modest growth in 2025, despite facing several challenges and uncertainties, an analysis by Forbes and Walker Tea Brokers showed.

Banks’ SRR under review for improved policy execution

On the heels of the Central Bank transitioning to a single policy rate from a dual policy rate structure for implementing and communicating the monetary policy, the Central Bank said it is currently in the process of reviewing the Statutory Reserve Requirement (SRR) framework in line with the Flexible Inflation Targeting framework and the international best practices.

Emirates on track to become world’s 1st Autism Certified Airline

Emirates, one of the two flag carriers of the United Arab Emirates (UAE), announced it is all set to officially become the world’s first ‘Autism Certified Airline’.

Sri Lanka aims for ‘transformative acceleration’ in post-crisis growth

As Sri Lanka has managed to brave through what was the worst economic crisis faced in history and moving towards normalcy, the island nation’s financial sector regulator yesterday said that its focus this year would be on achieving a “transformative acceleration” in the growth trajectory.

SLPA terminals achieve historic 2.4mn TEUs milestone

The Sri Lanka Ports Authority (SLPA) terminals have reached a historic milestone as of 31 December 2024, handling over 2.4 million Twenty-Foot Equivalent Units (TEUs), which is a 23 percent growth compared to the 1.9 million TEUs handled in 2023.

Govt. to tap migrant worker savings with Rs.744.75mn entrepreneurship scheme

Sri Lanka is exploring avenues to channel foreign earnings into local investments to boost its economy, with plans underway to empower the returning migrant workers to reinvest their hard-earned savings in the country.

SLGJA calls for policy reforms to revitalise SL’s gem and jewellery industry

The Sri Lanka Gem and Jewellery Association (SLGJA) has called for urgent policy reforms to accelerate growth and restore global competitiveness within the sector, aiming to once again establish Sri Lanka as ‘Ratnadeepa’ - the Island of Gems – the Jewel of Asia.

Sri Lanka ranked 33rd globally for ease of obtaining visas

Sri Lanka has secured the 33rd spot globally for its ease of obtaining visas, a key element bolstering Colombo’s reputation as a top destination in South Asia and the country’s competitiveness as a tourist destination, according to Brand Finance.

Sri Lanka’s construction chamber calls for critical policy reforms

The Chamber of Construction Industry of Sri Lanka (CCISL) has urged the government to implement a series of 17 priority policy measures aimed at revitalising the construction industry.

Trade deficit widens in November to US $ 502mn as import expenditure climbs

Sri Lanka’s trade deficit widened to US $ 502 million in November 2024, compared to US $ 390 million recorded in November 2023, due to an increase in import expenditure and a marginal decline in export earnings.

Business community welcomes New Year with positive sentiments

Sri Lanka’s private sector enters year 2025 with optimism as the island nation has somewhat managed to emerge from years of economic turbulence, supported by signs of recovery and a more stable environment.

Tourism Alliance calls for bold reforms as country surpasses 2 mn tourist arrival milestone

As Sri Lanka crossed two million milestone in tourist arrivals in 2024 for the second time in its history, the Sri Lanka Tourism Alliance cautioned the government and industry stakeholders against complacency, emphasising the need for urgent reforms and strategies to ensure sustainable growth in the tourism sector.

Sri Lanka’s MSMEs challenge Central Bank over loan relief circular

Sri Lanka’s micro, small and medium enterprises (MSMEs) have accused the Central Bank of undermining both the government assurances and industry pleas by issuing a controversial circular on loan relief, without adequate consultation.

Higher taxes and economic growth drive SL’s budget surplus

Sri Lanka’s budget is getting into fine shape with substantially higher revenues made possible from higher taxes which are further supported by the robust recovery seen in the economy this year.

Auction yields slump for third consecutive week

Market participants in the secondary market exhibited mixed sentiment, pivoting from the dull sentiment yesterday observing thin trading volumes and limited market activity.

ASPI crosses the 15,000 mark for the first time

Indices closed in green as a result of price gains in counters such as LOLC Holdings, Hatton National Bank and Hatton National Bank nonvoting with the turnover crossing Rs. 8.4 billion.

November merchandise exports slide 5.6% YoY while services sector expands 21%

Sri Lanka’s export performance for the month of November witnessed a Year-on-Year (YoY) contraction of 5.6 percent with revenue reaching US$ 943.1 million. The decrease is primarily attributed to reduced earnings from exports of Rubber-based products, Electrical and Electronic components, Food & Beverages, and Seafood.

SL gets first rating upgrade from Fitch post debt-restructure 

Santa appears to have turned a lot more generous this Christmas for Sri Lanka which went through a lot of hardship during the last few years, as the country received another gift by way of its first sovereign credit rating upgrade.

SL exits ’Restricted Default’ rating

Fitch Ratings has upgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ’CCC+’, from ’RD’ (Restricted Default).