SL’s tax revenue targets remain ambitious despite recent success: IMF

Despite the recent achievements in tax revenue, Sri Lanka’s target for the next two years still remains ambitious, with a limited number of tax policy options being available, an International Monetary Fund (IMF) official said.

Corporate earnings show mixed results in 1Q2024

Corporate earnings of Sri Lanka’s public quoted companies showed mix results in the first quarter of this year (1Q24).

Local NVOCC sector thrives in face of global conflicts: Stakeholders

Sri Lanka’s non-vessel operating common carrier (NVOCC) space is seeing high demand and rising opportunities emerging....

Sri Lanka’s border control possible sans legal changes: Shippers’ Council chief

The government has all necessary tools in its disposal to fully digitalise Sri Lanka’s corruption-ridden border control agencies....

“Sufficiently strong progress” on debt restructuring efforts: IMF

Acknowledges authorities have been holding extensive discussions and says there is strong expectation that agreements with external commercial creditors will be reached soon.

CAL sets sights on trillion dollar frontier market expansion

Colombo-based Capital Alliance (CAL), a full-service frontier capital markets solutions provider, plans to expand into other frontier markets, aiming to operate in regions with a combined GDP of US$1-1.5 trillion within the next 3-5 years.

SL unit trust industry crosses key milestones, gains traction

Amidst the declining interest rates and entrance of new funds, Sri Lanka’s unit trust industry has continued to gain traction this year. The number of unit trust holders surpassed 100,000 and the total net asset value (NAV) crossed Rs.500 billion at end-April this year.

SL’s financial market woes defy Colombo Dockyard growth targets

The global market demand for ship building and ship repairs looks promising in the near future. However, financial market problems in Sri Lanka will continue to pose a challenge to the growth targets of Colombo Dockyard PLC.

Sri Lanka leads South Asia in recruiting women for banking industry: IFC

Sri Lanka surpasses all its South Asian counterparts in recruiting women at entry level in the banking sector, a recent report by the International Finance Corporation (IFC) highlighted.

Exports continue to do well in April narrowing trade deficit

The growth in merchandise exports outstripped the growth in imports to help narrow the trade deficit in April compared to a year ago levels, but the cumulative four months deficit stands higher compared to the corresponding period of last year signalling an expanding economy.

Colombo inflation cools to 0.9% in May

The Colombo district inflation eased further to 0.9 percent in May, from 1.5 percent in April, as both food and non-food prices continued their months-long streak of declines,

CSE sees growing trend among listed entities adopting ESG standards

Having nearly one third of listed entities adopting Environmental, Social and Governance (ESG) principles in their business models and reporting, the Colombo Stock Exchange (CSE) Chief acknowledges a growing interest among listed entities to adopt ESG principles.

Central Bank hopeful of faster recovery in credit to private sector

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.

Central Bank stays pat on rates

As widely expected, the Central Bank left its key policy rates unchanged at the policy meeting held this week.

Industry fears wage hike impact on Ceylon Tea brand

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.

Tea smallholders express grave concerns over unprecedented wage hike

Alarmed by the government’s move to increase the minimum daily wage without additional revenue streams and with no industry consultation, Sri Lanka’s tea smallholders....

CB launches SL’s first-ever Financial Literacy Roadmap

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.

JKH records strong Q4 2023/24 with recurring EBITDA growth

Premier bluechip, John Keells Holdings PLC, recorded a strong fourth quarter, which contributed to satisfactory financial performance for the 2023/2024 financial year. During the fourth quarter, the

State coffers lose billions as Customs officers enjoy unfair benefits

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.

Govt. revenue in January surge 62% on economic turnaround, higher taxes

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.

IMF commends SL’s progress achieved thus far

The International Monetary Fund (IMF) this week commended the progress achieved by Sri Lanka thus far in rolling out the economic reforms, the majority of which have been rather painful to the general public.

SL’s digital transformation lags behind despite online transaction surge: Industry

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

Rupee expected to dip to Rs.310-320 range later this year: FCR

The Sri Lankan rupee is likely to depreciate in the range of Rs.310-320 against the US dollar in the latter part of the year, First Capital Research (FCR) said.

FX Global Code to be rolled out by end 2024

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.

Central Bank advises businesses to grasp current exchange rate mechanism

The Central Bank emphasised the importance of businesses in Sri Lanka understanding the current exchange rate system.

SL to see an increase in automobile assembly plants

Sri Lanka will see the addition of automobile assembly plants, as four are set to begin operations within the next three months and another 11 have been registered by the Industries Ministry.

Digitised maritime trade adoption Logistics sector concerned about delaying tactics

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

Exporters demand swift action from government

The senior representatives of Sri Lanka’s key export sector came on to one platform this week to shed light on their list of woes, which only seems to be getting longer, with little being done to address the challenges faced.

Gross official reserves surpass US$ 5bn mark

Sri Lanka’s gross official reserves have continued to increase through the end of April topping the US$ 5.0 billion level for the first time since December 2020 when the country was coming out of the second wave of the virus outbreak.

VFS gears up to promote Sri Lanka amid visa woes

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.