Category: Economy
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]
Sri Lanka exports, imports decline; BOP in surplus
Oct 17, 2016 (LBO) – Sri Lanka’s exports fell 4.4 percent to 891.2 million US dollars in July, while imports also fell at a faster 6.6 percent to 1,432.8 million US dollars from a year earlier, official data showed. The trade gap shrank 10 percent to 541.6 million US dollars from a year earlier. Exports […]
New opportunities for Sri Lankan companies in India
Oct 17, 2016 (LBO) – There are new opportunities for Sri Lankan companies in India, with several internal changes going on in the country, an official of a visiting Indian business delegation said. “Within India, there are so many economic changes that could be advantageous for Sri Lanka. What is important is that this is […]
Sri Lanka wants to move up 40 steps in ease of doing business
Oct 13, 2016 (LBO) – Sri Lanka is expected to reach 60th or a higher place in the world ease of doing business index in two years, a minister said. State Minister of International Trade Sujeewa Senasinghe told the World Export Development Forum that the government wants to create a conducive environment for local businesses. […]
‘s Rebrab to build euro 150 mln sugar refinery in Sri Lanka
Oct 13, 2016 (LBO) – The ninth wealthiest businessman in Africa, and the founder of Cevital, Issad Rebrab, will invest in Sri Lanka in a sugar refinery and a vegetable oil plant in the Southern Province, the Daily News reported. Fortune 500 ranked Rebrab said Cevital will invest 150 million Euros to build the sugar […]
Inclusive capitalism requires not just promises but action: IMF Head
Oct 11, 2016 (LBO) – The Head of the International Monetary Fund (IMF) says to pull the world economy out of the “new mediocre” efforts to lift growth and support inclusion are critical and complementary priorities. “Alongside stronger policies, the role of business is key. Enterprise not only benefits from greater inclusion, but is uniquely […]
Japan provides Rs 46bn for ongoing development in Sri Lanka
Oct 11, 2016 (LBO) – The Japan International Cooperation Agency (JICA) will provide a loan of 46.6 billion rupees to Sri Lanka to maintain financial stability and continue the development agenda within the next five years. Yen 10,000 million out of the total loan has been provided as development policy loans, Sri Lanka’s Finance Ministry […]
Sri Lanka’s Central Bank says leaked report on Perpetual not final
Oct 10, 2016 (LBO) – Sri Lanka’s Central Bank on Monday said a complaint has been made to law enforcement authorities to inquire into the unauthorized release of a draft report on Perpetual Treasuries. There have been media coverage regarding a report related to the examination of Perpetual Treasuries conducted by the Central Bank as […]
‘s Fitch ratings summary as of October
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Sri Lanka foreign reserves drops USD154mn in Sept: Central Bank
Oct 08, 2016 (LBO) – Sri Lanka’s official reserves dropped 153.8 million US dollars to 6.5 billion dollars in September, down from 6.6 billion dollars at the end of August, official Central Bank data showed. Foreign currency reserves were 5.4 billion US dollars, and reserves in Gold were 0.95 billion US dollars. The Central Bank’s […]
Sri Lanka to sign ETCA by end 2016: PM at India Economic Summit
Oct 07, 2016 (LBO) – Sri Lanka expects to sign the Economic and Technology Co-operation Agreement (ETCA) with India by the end of this year, Prime Minister Ranil Wickremesinghe said. Addressing the India Economic Summit 2016, Prime Minister Wickremesinghe said it will help Sri Lanka to strengthen economic ties. “The proposed ETCA will be signed […]
Central Bank, immigration office to tackle money laundering
Oct 06, 2016 (LBO) – Sri Lanka’s Central Bank has joined with the immigration office to receive information in order to facilitate investigations and prosecutions on money laundering and terrorist financing. The bank’s Financial Intelligence Unit recently entered into a Memorandum of Understanding with the Immigration and Emigration Department in this regard in terms of […]