With State-owned Ceylon Petroleum Corporation (CPC) struggling to finance fuel imports amid steep losses, Sri Lanka has returned to a cost-reflective fuel pricing formula partially ending an uneven subsidy regime after over two years, resulting in a

Despite the multiple challenges from fuel and power shortages to social unrest, Sri Lanka’s merchandise exports set a new record in April, recording the highest ever export value for the month supported by the floating of rupee exchange rate in the

The Central Bank will soon issue legislation declaring holding any type of foreign currency notes equivalent to the value of more than US$ 10,000, illegal.

The Planters Association of Ceylon yesterday expressed fear in the fate of Ceylon Tea being similar to that of the tourism sector, as the relevant authorities continue to fail to acknowledge, let alone manage the hardships faced.

World’s leading tour company, TUI will stop all tours to Sri Lanka due to the ongoing economic and political turmoil in the island nation.

The Colombo bourse bounced back yesterday strongly on the back of renewed optimism amid prospects for political stability in the country with the appointment of United National Party Leader Ranil Wickremesinghe as the new Prime Minister.

Re-channeling foreign exchange flows into the formal banking sources alone could solve the bulk of the problems in the domestic foreign exchange market liquidity as over 25 percent of foreign currency transactions take place outside the banking syste

The Central Bank yesterday made a fervent appeal from all elected representatives, including Executive President Gotabaya Rajapaksa, to make way to establish political stability, rule of law and civic order immediately, to ensure that people’s econ

Sri Lanka is likely to face complications and delays pertaining to its talks with the International Monetary Fund (IMF) for a rescue package amid the resignation of Prime Minister Mahinda Rajapaksa.

After two years of massive budget deficits, Sri Lanka is on its way to record another blowout budget deficit in the current year, with the deficit estimated for 2022 at 10.2 percent of gross domestic product (GDP), the estimates by the Central Bank s

Sri Lankan’s tourism sector has lost whatever the little prospects it had for recovery and revival as the government has hit the final nail in the coffin for the industry with emergency declaration.

As matters are becoming increasingly ugly between the Sri Lanka Tourism leadership and private sector stakeholder, the Tourism Ministry has sternly requested the two parties to immediately put a stop to the public mudslinging.

Sri Lanka lost about a million taxpayers in the two years through 2021 since the government slashed taxes in late 2019 in its failed attempt to spur economic growth.

Presenting what could be the most honest account by a ruling party member of the depth of the economic crisis faced by Sri Lanka at present, Finance Minister Ali Sabry yesterday proposed a slew of policy reforms capable of correcting the course of th

As Sri Lanka is now compelled to make some tough choices to put its economy back on track, both the Finance Ministry and Central Bank officials are calling for higher taxes as part of a crucial fiscal reforms package, while the talks with the Interna

In a bid to restore normalcy in the domestic foreign exchange market and thereby enhance its liquidity, the Central Bank could relax the mandatory conversion requirement on foreign currency in place for merchandise exports and services.

The Central Bank yesterday announced a slew of measures in a bid to ride the current economic emergency, caused by the severe dearth in foreign currency in the domestic market, until any deal could be struck with the International Monetary Fund (IMF)

Adding to the ways and means, which Sri Lanka could explore to restructure its foreign currency debt, the country has been presented with the option to forgo part of its debt in return for its aggressive commitment towards environmental conservation

Sri Lanka’s import cover of usable external reserves has fallen into a deeply scarier level of just three days, even after the country suspended foreign currency obligations earlier this month.

The National Agribusiness Council (NAC) yesterday issued a fresh warning that Sri Lanka is on the brink of experiencing disruptions to food supply as no proper solutions have been found to ensure food security.

The poverty rate in Sri Lanka will witness further increase in 2022, as the country’s economic crisis worsens.

The International Monetary Fund (IMF) releasing a statement during the weekend after the first round of technical level talks with Sri Lankan authorities in Washington, expressed its willingness to engage with Sri Lanka for a medium term economic sta

Sri Lanka yesterday received the much-required breathing space in managing its foreign reserves with neighbouring giant India continuing to lend a helping hand to help brave through the worst economic crisis faced since independence.

Authorities need to expedite the process of finding solutions to the country’s economic issues if the hardships faced by people currently are to be eased at the earliest, according to Verité Research chief Dr. Nishan de Mel.

The International Monetary Fund (IMF) said discussions with Sri Lanka on a potential IMF loan programme are at an early stage and any deal would require “adequate assurances” that the island country’s debts can be put on a sustainable path.

In a letter addressed to President Gotabaya Rajapaksa, Sri Lanka’s private sector represented by the joint chambers yesterday urged the President to immediately initiate legislative action to repeal the 20th Amendment to the Constitution, to end th

With a view to mitigate the pressure on forced selling, following Sri Lanka’s decision to opt for a pre-emptive default on its external debt, the Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC) are in the process of relaxi

A debate has been sparked by the stock market watchdog Securities and Exchange Commission’s (SEC) decision to close the market for five days starting from today at the request of the board of directors of the Colombo Stock Exchange (CSE) and some s

Weighing in on the recent rupee float, which has caused severe hardships to people, as prices rose by many multiples within a matter of weeks, the newly-appointed Central Bank Governor Dr. Nandalal Weerasinghe said how it was done raises questions at