All Blogs
UNP declares Sajith Premadasa as their Presidential candidate
Sep 26, 2019 (LBO) – Sri Lanka’s ruling United National Party at the working committee meeting unanimously decided to field Minister Sajith Premadasa as the candidate for the upcoming presidential election. UNP leader Prime Minister Ranil Wickremesinghe recommended Premadasa’s name at the working committee meeting. After the event, Presidential candidate Sajith Premadasa said he is […]
India blocks Sri Lankan exports of spices using non-tariff barriers: SAPPTA
Sep 26, 2019 (LBO) – India has imposed an unrealistic Minimum Import Price (MIP) on Sri Lanka pepper and arecanuts resulting in negligible exports, the Spices & Allied Products Producers’ & Traders’ Association (SAPPTA) said. Sri Lanka exported around 75 percent of pepper exports and almost 100 percent of its arecanut exports to India. The […]
”’ mall to open November 8th
September 26, 2019 (LBO) – In an opening that will transform the retail sector in Sri Lanka, Shangri La has announced it will open its shopping mall called ‘One Galle Face’ on November 8th. Sri Lanka has never seen a commercial development of anything close to the size of what Shangri La has done in […]
Sri Lanka reserves at USD 8.3bn at end Jul 2019
Sep 26, 2019 (LBO) – Sri Lanka’s gross official reserves stood at US 8.3 billion dollars by end July 2019, equivalent to 4.9 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector amounted to US 11.0 billion dollars as at end […]
Sri Lanka trade deficit widens in July; export earnings decline
Sep 26, 2019 (LBO) – The trade deficit widened in July 2019 as exports fell more than the decline in imports, new data shows. Export earnings recorded a decline of 7.0 percent (year-on-year) after a steady growth for several months while import expenditure declined by 2.2 percent (year-on-year) in July 2019, data from the Central […]
IMF Executive Board selects Kristalina Georgieva as Managing Director
The Executive Board of the International Monetary Fund (IMF) today selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019. Ms. Georgieva, who succeeds Christine Lagarde, is the first person from an emerging market economy to lead the IMF since its […]
”s Future of Tourism
September 25, 2019 (LBO) – Delivering a keynote address to tourism industry leaders in Sri Lanka, CNN Travel Correspondent Richard Quest addressed the audience on the major trends and issues in the global tourist industry. In an address that was specific and relevant to Sri Lanka, Quest highlighted issues of security, the environment, and over-tourism. […]
Central Bank withdraws order on maximum interest rates on deposits
Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019. The decision has been taken after the issuance of the […]
International expert calls for policy recalibration to support property development
Sep 25, 2019 (LBO) – The future of Sri Lanka’s economic development hinges on how domestic policies towards real estate evolve, particularly with respect to supporting the massive demand for vertical living in Colombo and its suburbs, an international expert said. Malayasin property expert Michael Yam said that he sees major emerging opportunities in Sri […]
IMF says end-June fiscal target missed by a large margin; earlier targets no longer within reach
Sep 25, 2019 (LBO) – The International Monetary Fund (IMF) says that the protracted impact of the 2018 political crisis and the Easter attacks are significantly impacting the fiscal performance of Sri Lanka. According to the IMF, the end-June fiscal target was missed by a large margin, due to frontloading of spending from the clearing […]