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Sat, 29 Jan 2022
The local small and medium enterprises (SMEs) will receive fresh impetus to enter the European Union (EU) market, with Sri Lanka being selected as one of the four hubs to launch the Import Promotion Desk (IPD).
Sri Lankans may need to brace for a new wave of consumer price pressures from around April with the one-off taxes proposed in the budget for this year coming into effect, according leading finance professionals and tax experts in the country.
As a large amount of the initial public offering (IPO) shares of companies get often allocated to so-called undisclosed eligible investors, market participants are calling for the disclosure of such shareholders in a bid to bring in transparency to t
Following the repayment of half a billion dollar bond last week, the Central Bank Governor Ajith Nivard Cabraal this week expressed confidence in settling the billion dollar sovereign bond maturing this July.
Sri Lanka’s Small Hydro Power Developers Association (SHPDA), which boats a combined installed capacity of 440MW, seeks a reasonable upward revision to feed in tariff to realise the remaining 150MW potential in the small and medium-scale hydropower
Access Engineering Group plans to build Sri Lanka’s largest warehousing complex in Ekala with an overall estimated investment of US$250 million, which will be leased out to a leading multinational company.
The Central Bank of Sri Lanka (CBSL) announced a fresh round of incentives to migrant workers this week, an effort to increase the flow of foreign exchange into the country.
The Central Bank yesterday tightened monetary policy for the second time in five months to tame the soaring consumer prices and also alongside took a host of other measures to ameliorate the foreign exchange situation, which fell to crisis proportion
The government is projecting a 20-25 percent loss in the country’s agricultural output, as a direct result of its ill-thought-out, ambitious organic agriculture drive.
The country’s exporters yesterday expressed their frustration over continued challenges faced by them in carrying out day-to-day activities with unannounced power cuts.
As Sri Lanka avoided an immediate debt default, averting a massive crisis, the country’s policymakers should now make use of the breathing space provided by the Indian credit lines to the tune of US $ 1.9 billion to engage with its creditors,
The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday said importing of medicines to Sri Lanka is now done on the availability of foreign currency and not on the needs of the country or its patients.
S&P Global Ratings (S&P) downgraded Sri Lanka’s sovereign credit rating yesterday, citing heightened conditions for a foreign debt default in the next 12 months, becoming the third rating agency to strike against Sri Lanka’s waning external finan
Marking a milestone in Sri Lanka’s shipping industry, President Gotabaya Rajapaksa is scheduled to inaugurate the construction of East Container Terminal (ECT) of the Port of
Sri Lanka’s private sector employers, led by the Employers’ Federation of Ceylon (EFC), yesterday urged the government to refrain from forcing them to pay the Rs.5000 allowance to their employees and said their financial difficulties have been wo
Contradictory as it may sound, senior economist Dr. Nishan de Mel said the settlement of the dollar bonds would plunge Sri Lanka and its people into further abyss and therefore the government should default on its debt come due next week, as debt rep
The key trade unions representing the private sector employees have requested Labour Minister Nimal Siripala De Silva to extend the Rs.5,000 allowance announced for the public sector last week to the private sector employees as well, through legislat
A state of confusion appears to have been created by the instructions issued to banks by the Central Bank with regard to conversion of bank balances of resident Sri Lankans who earn in dollars and Lankan migrant workers who remit money to their forei
Already entrapped in high inflation, Sri Lanka runs the risk of runaway prices in the coming months, as the government this week unveiled a surprise stimulus package worth of Rs.229 billion, without explaining how it will be financed.
The government’s New Year bonanza to the people announced by the Finance Ministry this week could be looked at as a blessing at a time of hardship. However, looking beyond the attractive packaging makes one question if it’s a curse that wou
Finance Minister Basil Rajapaksa yesterday evening announced a massive relief package to the tune of Rs.229 billion (US $ 1.15 billion), aimed at easing the burden faced by the public, due to the soaring consumer prices and shortages of essential com
Year 2021 became a banner-year for Initial Public Offerings (IPOs) with 13 companies raising nearly Rs.12 billion in fresh equity on the Colombo Stock Exchange (CSE), while majority of them closed the year above offer prices last Friday.
Sri Lanka’s shares closed at a record high yesterday, logging their best year since 2010, in a year battered by the COVID-19 pandemic, Reuters said in the stock market story.
A section of the political fraternity has repeatedly called for Sri Lanka to opt for rationing system for food and fuel to ensure equal access.
In accordance with the repeated assurances given by the officials to their ability to increase the country’s foreign currency reserves up to US $ 3.0 billion by the end of the year, the Central Bank yesterday said that the reserves had reached to a
The Central Bank yesterday ordered the licensed banks to surrender 25 percent of the foreign currency they receive from a variety of sources on a weekly basis, raising the hitherto prevailed requirement of 10 percent and 20 percent in certain cases.
The fiscal deficit continued to expand in the nine months through September 2021 on the back of revenue shortfalls, which were sharper than expected due to the pandemic-induced economic restrictions and sweeping tax cuts in 2019, and the expenses whi
The revised export proceeds repatriation and conversion rule that came into effect end of October appears to be bringing the desired outcomes as Central Bank is seeing the reparations of dollars from exports having doubled during November.
The authorities were urged yesterday to take immediate remedial actions to rectify the current foreign exchange crunch faced by Sri Lanka, as the country’s private sector appears to be running out of patience with the government’s mishandling of
Licensed banks have been asked to offer extra Rs.10 for foreign currency notes “held in hand”, as part of a broader incentive package offered to encourage the general public to channel all their foreign currency through the formal banking system.
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