Category: Economy
Sri Lanka official reserves improve to USD8bn by end 2017
Jan 12, 2018 (LBO) – Sri Lanka’s gross official reserves have improved to 7,952.58 million US dollars by the end of last year from 7,319.40 million dollars in November 2017, official Central Bank data showed. By the end of 2016, country’s gross official reserves were stood at 6,062.71 million US dollars. Foreign currency reserves were […]
“Enterprise Sri Lanka” to be launched in March: Fin Min
Jan 12, 2018 (LBO) – Sri Lanka’s Government will disburse 60 billion rupees through state and private banks while the Treasury will set aside 5 billion rupees to reimburse interest to banks as part of the Budget 2018’s “Enterprise Sri Lanka” program to create new entrepreneurs. Minister of Finance and Mass Media MangalaSamaraweera said that one of the […]
Governor received bond commission report yesterday: Central Bank
Jan 11, 2018 (LBO) – Central Bank revealed Thursday that the secretary to the President has handed over a copy of the bond commission report to the Governor of Central Bank yesterday. Central Bank said that it has already implemented some of the recommendations, while measures have already been initiated to implement most of the […]
IFC, CB partner to create Sri Lanka’s first national financial inclusion strategy
Jan 09, 2018 (LBO) – IFC, a member of the World Bank Group has partnered with the Central Bank to develop the country’s first National Financial Inclusion Strategy (NFIS). The strategy will promote a more effective and efficient process to improve financial inclusion across Sri Lanka. IFC, over the course of the project, will provide […]
Sri Lankan Banks to Step up Basel III Tier 2 Issuance: Fitch
Jan 08, 2018 (LBO) – Sri Lankan banks are likely to significantly boost issuance of Basel III-compliant Tier 2 instruments in 2018, says Fitch Ratings. Most banks will need to raise capital to meet higher Basel III requirements that take full effect in January 2019, and to support balance-sheet expansion, the rating agency said issuing […]
Proposed digital economy to uplift GDP by 1 to 3-pct in 2019: McKinsey
Jan 08, 2018 (LBO) – McKinsey & Company, a worldwide management consulting firm has confirmed that the proposed digital economy for Sri Lanka could uplift country’s GDP by 1 to 3 percent in 2019. Issuing a press release, Policy Development Office said McKinsey & Company has confirmed this while presenting their inception report for developing […]
Rajagiriya flyover to open today, speed of vehicles to increase eight-fold
Jan 08, 2017 (LBO) – President Maithripala Sirisena will declare open the Rajagiriya flyover on January 08, providing long term solutions for the heavy traffic congestion in the area. Issuing a statement the Presidents media unit said that during the times of heavy traffic congestion in Rajagiriya, the speed of the vehicles moving on this road […]
‘s Pvt sector has 5Mn employees and 500,000 vacancies: report
Jan 08, 2018 (LBO) – Around five million people were engaged in employment Sri Lanka’s private sector currently while around 500,000 vacancies are there in various job categories, a new report shows.. The highest number of employees was reported in the services sector and among the occupation group the highest number of employees was reported […]
Central Bank extends suspension of Perpetual Treasuries for 6 months
Jan 05, 2018 (LBO) – Monetary Board of the Central Bank has decided to extend the suspension of Perpetual Treasuries Limited from carrying on the business and activities of a primary dealer for a period of six months. The Central Bank said this extension will be effective from today, in order to continue the investigations […]
US GSP withdrawal not country-specific, Impact on total exports small: AmCham
Jan 05, 2018 (LBO) – The American Chamber of Commerce says the decision to withdraw the GSP form Sri Lankais not being country-specific and is one stemming from the US Congress simply not re-authorizing the program before adjourning for the year 2017. With effect from the 1st of January 2018, the United States’ Generalized System […]
If we are going for a sovereign bond, better to go early: CB Governor
Jan 04, 2018 (LBO) – Central Bank Governor Indrajit Coomaraswamy says if Sri Lanka wants to issue a sovereign bond this year, it is better to issue it as early as possible for three reasons. “One is that there are maturities at the beginning of the year in terms of ISBs,” Coomaraswamy told reporters Wednesday. […]
Sri Lanka to raise USD5Bn from Sovereign and Development Bonds in 2018
Jan 04, 2018 (LBO) – Sri Lanka’s cabinet of ministers have given approval to raise up to US 2 billion dollars through foreign commercial borrowings and a further US 3 billion dollars from Sri Lanka Development Bonds (SLDB) to raise the funds for loan repayment and financing of development projects. The proposal was put forward by […]