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

Sri Lanka’s headline inflation could peak at 28 percent in the next couple of months from the 18.7 percent in March, as the full effects of the rupee float and the festive demand amid higher global commodities prices could set off a lengthy stretc

The Monetary Board of the Central Bank under the newly-appointed Governor Dr. Nanadalal Weerasinghe yesterday delivered a whopping 700 basis point policy rate hike, though many expected a milder hike in the range of 200 to 300 basis points.

A letter has been sent to Speaker of Parliament by 38 private sector business chambers and associations that represent vital sectors of the economy calling for an interim government to end the ongoing social, political and economic instability.

Moody’s Investors Service yesterday warned that prolonged political uncertainty and the resignation of key officials could hinder Sri Lanka’s ability to obtain external financing to repay its sizeable foreign debt, thereby exacerbating the risk o

Sri Lanka’s power sector crisis cannot be resolved in the immediate future nor in the short-term while no amount of dollars would end the daily power cuts that are currently in force, according to a leading power and energy sector expert.

With the government resorting to anti-democratic measures to curb the wave of protests emerging across the country against the mishandling of the economy, Sri Lanka’s hopes for economic stability under an International Monetary Fund (IMF) programme

Aviation and Export Zones Development State Minister D.V. Chanaka assured the power disruptions and fuel shortages faced by the companies in the BOI Export Processing Zones would come to an end shortly. He shared that the shortages are likely to come

The Ceylon Chamber of Commerce yesterday reiterated the need for the government to address the foreign exchange shortage urgently by expediting the debt restructuring process as it will halt any future principal and interest payments of debt and allo

As industries are on the brink of cracking under the pressure of having to deal with the ongoing fuel shortages and power cuts, Sri Lanka’s apparel sector has extended a proposal to the authorities to procure diesel paying on US dollar.

Sri Lanka’s economy grew 3.7 percent in the year 2021, with the fourth quarter growth coming at 1.8 percent, the data released by the Department of Census and Statistics (DCS) yesterday, showed.

The Sri Lanka Tourism Development Authority (SLTDA) has overestimated the revenue generated by the sector for the first two months of the year, the latest Weekly Economic Indicators report by the Central Bank revealed.

Worker remittances income sank to a fresh low in February, continuing its poor performance for the ninth consecutive month, but the flexibility introduced to the exchange rate on March 7 gave is expected to reverse this trend at least to some extent

Despite having grappled with the new working patterns that companies were pushed to take up due to the COVID-19 pandemic, Sri Lanka’s formal private businesses appear to lag in the adoption of modern technology in business operations.

As Sri Lanka is gearing up for a major exercise with the International Monetary Fund (IMF) to restructure its debt, the government must be firm in its negotiations with the multilateral lender to avoid any proposals to restructure its domestic debt,

Sri Lanka’s willingness to accept expert assistance to come out of the worst economic crisis since its independence puts the country on the right track but any positive outcome will not be reaped before a tough and painful journey, opine two leadin

In line with the policy decision taken to seek International Monetary Fund’s (IMF) assistance, the government is moving to hire an international law firm on long-term basis to obtain technical assistance to restructure the country’s external debt

Sri Lanka appears to be entering into an era of extremely high inflation and low growth, stoking serious concerns of stagflation, as the policymakers seem to have lost their grips on the economy, which is now going haywire with endless shortages of c

In the two months to February, the Central Bank had sold nearly US$ 600 million in foreign currency to maintain the currency peg with the United States dollar at 198/203 levels before letting it go from March 7, as maintaining peg at that level becam

The International Monetary Fund (IMF) made a formal announcement this week stating that it intends to kick off discussions with Sri Lanka to support the national economy.

Sri Lanka has reported a record balance of payment (BOP) of US$ 3, 961 million for 2021, nearly doubling from US$ 2, 328 million in 2020, as the country’s merchandise import bill surged to a three-year high while it lost key tourism and remittance

Addressing the nation, President Gotabaya Rajapaksa yesterday announced his decision to work with the International Monetary Fund (IMF) to explore a sustainable solution for the country to repay its foreign debt and build back its foreign reserves.

The average lending rate of commercial banks jumped above 10 percent in the final week of January, well ahead of the March policy rate hike, indicating that the era of single-digit interest rates is effectively over for Sri Lanka after a short-lived

Central Bank Governor Ajith Nivard Cabraal refuted claims made by foreign media that Sri Lanka is going to talk to the International Monetary Fund (IMF) for a rescue package and the Fund-led debt restructuring.

The local tourism should brace itself to face a major impediment in relation to outbound travel and prolonged absence of tourists, especially from Russia and Ukraine, due to the ongoing conflict between the two countries.

The payment holidays on loans of the pandemic-affected borrowers and other relief afforded to them during the pandemic, which were extended a few times, will expire effective from April 1 and specific instructions to banks in this regard will be issu

The Central Bank in a late night policy announcement yesterday devalued the rupee to Rs.230 against the US dollar despite Central Bank Governor Ajith Nivard Cabraal three days ago saying that the prevailing exchange rate was appropriate.

The Central Bank is still disinclined to recommend to the government to seek International Monetary Fund (IMF) support for a rescue package and foreign currency debt restructuring even amid the country in a deeper foreign exchange crisis, which has

The Central Bank of Sri Lanka (CBSL) raised its key policy rates by 100 basis points, delivering its highest rate hike in more than a dozen years and raised selected administrative rates by 200 basis points effective immediately.

The International Monetary Fund (IMF) said Sri Lanka must raise interest rates and taxes, gradually float the exchange rate, market price utilities and reform unproductive State enterprises to reduce debt burden, rebuild reserves to come out of the p