Author: lbostgadmin
Ceylon Chamber gravely concerned about consequences of recent actions
The Ceylon Chamber of Commerce is gravely concerned about the far-reaching adverse consequences of certain actions being taken by the Government on economic activity such as tourism, trade, exports and e-commerce dependent on social media platforms, while appreciating the need to maintain law and order and public security in the country. The adverse coverage Sri […]
PUCSL files FR petition against CEB, CBSL, Finance Ministry & Power Minister
The Public Utilities Commission of Sri Lanka – the electricity sector regulator, filed a Fundamental Rights petition in the Supreme Court today (1st April 2022) naming the following Respondents; the Ministry of Finance, the Minister of Power and Energy, Monetary Board, Governor of the Central Bank, the Electricity Board and all other stakeholders of government […]
IMF to initiate discussions with Sri Lanka for support & financial program in coming days
The International Monetary Fund will initiate discussions with Sri Lankan authorities for new support & financial program in the coming days, IMF spokesperson Gerry Rice said on Thursday. “The Sri Lankan authorities have expressed interest in an IMF support and financial program. The answer is yes. On the status of that discussion, we plan to […]
Ceylon Chamber reiterates the need to fast-track the process of debt restructuring
The Ceylon Chamber of Commerce notes with serious concern the continuous deterioration in the fuel and electricity availability in the country, hampering daily operations of businesses and activities of the general public. The Chamber believes there is a need to maintain a sufficient stock of fuel to balance both transport and power generation needs. Further, […]
SLIBTEC, USAID to establish SL’s first ‘Biotechnology Innovation Park’
The Sri Lanka Institute of Biotechnology (SLIBTEC) will collaborate with the U. S. Government’s development arm, the U. S. Agency for International Development (USAID), to promote innovation in the biotechnology sector by establishing Sri Lanka’s first Biotechnology Innovation Park. The SLIBTEC Biotechnology Innovation Park will be a 13.2-acre facility in Pitipana, Homogama that will house […]
Revenue from export of minor crops last year USD 450Mn: Plantation to report USD 600Mn
Plantation Minister Dr. Ramesh Pathirana says the country earned US 450 million dollars from the exportation of minor export crops including cinnamon, pepper and cardamom. He also said that the plantation sector is expected to earn around US $ 600 million this year. He was speaking at the opening of the Spice House and the […]
Visa launches exclusive offers platform for cardholders in Sri Lanka
Visa today announced that it has introduced a new platform showcasing exclusive Visa offers made available in Sri Lanka for its cardholders. As the festive season commences to celebrate the Sinhala & Tamil New Year, it usually means consumers look for better value for money and special offers on their cards; hence, this new platform […]
Currency Board: A Solution to Sri Lanka’s Economic Crisis?
By Dr Asanka Wijesinghe: On 08 March, Sri Lanka devalued the rupee against the US dollar, entering into a floating exchange rate regime. The Central Bank of Sri Lanka had to abandon the pegged exchange rate as defending the rupee with dwindling reserves was impossible. The inter-bank exchange rate shot up once the banks were […]
Harsha wants a complete overhaul of Central Bank Monetary Board
Basic economic theory states that the main factor determining the efficiency of a market is confidence and with this, in mind, this government is clearly unable to manage the economy any further, Opposition Parliamentarian Harsha de Silva said. Speaking at a press briefing he said that the public confidence, as well as international investor confidence […]
VIDEO: Why Global Supply Chains May Never Be the Same
Every day, millions of sailors, truck drivers, longshoremen, warehouse workers and delivery drivers keep mountains of goods moving into stores and homes to meet consumers’ increasing expectations of convenience. But this complex movement of goods underpinning the global economy is far more vulnerable than many imagined.
‘s exports increased by 9.9-pct in February 2022
Sri Lanka’s merchandise exports increased by 9.91% to US$ 1,046 Million in February 2022 compared to February 2021 as per the data released by the Sri Lanka Customs. Further, it is a 5.8% increase when compared to February 2020. Sri Lanka’s Merchandize Exports has maintained the above $ 1 billion mark continuously since the beginning […]
Clarification Regarding the Forex Sales by Banks to the Central Bank
The Central Bank clarifies that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from 21.03.2022, is exclusively applicable to banks and that will not have any impact on the prevailing requirements for the foreign exchange earnings of expatriate workers and export proceeds of […]