Author: lbostgadmin
Federal Reserve should wait to reduce its policy rate until at least late 2024, recommends IMF staff mission
Despite the important progress to-date in returning inflation toward its 2 percent goal, the Federal Reserve should wait to reduce its policy rate until at least late 2024, concluding a 2024 Article IV Staff Mission, the IMF said. “This provides significant room for maneuver within the Fed’s mandate of price stability and maximum employment. Given […]
Opinion: Establishing a Climate Change Fund – A Crucial Step for Sri Lanka’s Economic Future
By Jithendra Antonio Sri Lanka is at a critical juncture. Ranked 116th out of 182 countries on the climate vulnerability index, the nation faces escalating threats from climate change, including frequent droughts, floods, and other extreme weather events. These climate-induced disruptions pose significant risks to economic activities, potentially stalling progress and destabilizing key industries. In […]
SLBA rejects “misconceived” diatribe against lending and debt recovery practices of banks
The Sri Lanka Bank’s Association (SLBA) has rejected a reported recent tirade against banks by two senior lawmakers, describing their remarks as “misconceived, inaccurate, misleading and unhelpful.” The SLBA, which represents all banks licensed by the Central Bank of Sri Lanka (CBSL) including state banks, public listed companies and branch offices of international banks, said […]
Administrative penalties imposed by FIU on Financial Institutions from Jan 1st to Apr 30th 2024
By virtue of the powers vested under Section 19(1) read together with section 19(2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are imposed on Institutions for non-compliance with the provisions of the FTRA. The penalty may be prescribed taking into consideration the nature and gravity of relevant non-compliance of […]
Special Statement by President Ranil Wickremesinghe
Following is the special statement delivered by the President : Today marks a significant milestone in the recent history of our country, a special juncture reflecting the hard work and dedication of our efforts. Our country is now reaping the positive results of our persistent endeavours over the past years. This morning in Paris, […]
Sri Lanka concludes negotiations with Official Creditor Committee & China Exim Bank
Sri Lanka has concluded negotiations with the Official Creditor Committee (OCC), marking pivotal strides towards stabilizing its financial footing amid recent economic challenges, the President’s Media Division said in a statement. Sri Lanka also reached a final agreement with China’s Exim Bank on debt restructuring today (26) in Beijing. Full Statement In a significant milestone […]
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FitchRatings has downgraded the Maldives’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-‘. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Ratings Downgrade: The downgrade of the Maldives’ […]
CA Sri Lanka and SLIIT forge a new path for Accounting education excellence
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Sri Lanka Institute of Information Technology (SLIIT) recently forged a new path in accounting and IT education excellence by signing a Memorandum of Understanding (MoU) for the first time in history aimed at advancing and collaborating in professional education. Mr. Heshana Kuruppu, […]
Sri Lanka’s May Exports Up 9-pct from April
As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in May 2024 amounted to US$ 960.2 million, recorded an increase of 9.4 % compared to the preceding month, April 2024. Furthermore, export performance in May 2024 decreased by 5.81 % compared to May 2023. The estimated value of services […]
‘s Peak
This year, Siddhalepa Ayurveda proudly celebrated its 46th consecutive year of conducting a health camp at Adam’s Peak. Since 1978, they have been at the forefront of supporting pilgrims, demonstrating a long-standing commitment to their well-being and environmental conservation with placing dustbins, placing sign board, offering Lakpeyawa, Siddhalepa Balm and Pain Relief Spray to visitors. […]
CPC Management Discuss Implementation Timeline for Reforms
A discussion on the timeline and process for implementing the reforms took place with the senior management of CPC and Refinery yesterday. “The CPC current approved carder & salary structure will also be revised & digital platforms will be introduced for multiple functions & services,” Power and Energy Minister Kanchana Wijesekera said. “Under the CPC […]
Foreign Minister Ali Sabry to undertake an Official visit to Japan
On an invitation extended by Japanese Foreign Minister Yoko Kamikawa, Foreign Minister Ali Sabry is scheduled to undertake an official visit to Japan from 01July 2024. During this visit, the Foreign Minister will engage in bilateral discussions with his Japanese counterpart which will focus on making further progress on the outcome of the latter’s official visit to Sri […]