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Mon, 20 May 2024 Today's Paper
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 t
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.
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
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.
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 t
The Central Bank emphasised the importance of businesses in Sri Lanka understanding the current exchange rate system.
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.
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
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.
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 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 Colombo Stock Exchange (CSE) remains bullish on adding 10 new equity listings to the exchange by end ....
The highly debated Minimum Room Rate (MRR), which has the tourism industry divided, would be removed the end of this month, Tourism Minister Harin Fernando confirmed.
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 th
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 Internatio
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
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 Nation
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 app
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 Fu
The consumer prices measured by the broader National Consumer Price Index (NCPI) continued to soften in March, as the non-food prices cooled sharply while the food prices remained unchanged from a year ago.
The often watched market lending rate, which guides the rest of the rates on loans to small businesses to mortgages to consumers, touched a two-year low last week continuing its descent.
The International Monetary Fund (IMF) this week commended Sri Lanka for going forward and being successful to a great extent to implement the “ambitious” programme; however, it cautioned that the road ahead is till bumpy. IMF Director Asia and Pa
Possible delays in reaching an agreement (in principle) with private bondholders is unlikely to impact the disbursement of the third tranche under IMF’s US$ 3billion bailout package, given negotiations are moving ahead in good faith, Former Gover
The mounting tensions in the Middle East that are becoming increasingly unpredictable are likely to impact the Ceylon Tea cuppa, the industry stakeholders said, especially since over 50 percent of the island nation’s tea is exported to that region.
Economists yesterday cautioned that Sri Lanka failing to reach an agreement with its bondholders on restructuring terms within the set deadline....
Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooper
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