Category: Economy
Sri Lanka’s cabinet approves VAT increase: State Finance Minister
Sept 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the VAT increase in principle as required by the Supreme Court judgment, State Finance Minister Lakshman Yapa Abeywardena said. The Supreme Court issued an interim order in July preventing the government from implementing the 4 percent VAT increase until the consent of the cabinet and […]
‘s unemployment 4.2-pct in first quarter 2016
Sep 13, 2016 (LBO) – Sri Lanka’s unemployed is estimated as 349,686 during the first quarter 2016 and the unemployment rate was 4.2 percent, marginally down from the average 4.6 percent in 2015. According to the latest data the estimated economically active population is about 8.3 million in the first quarter, of which 63.3 percent […]
Sri Lanka foreign reserves up USD125mn in August: Central Bank
Sept 12, 2016 (LBO) – Sri Lanka’s official reserves rose 124.7 million US dollars to 6.6 billion dollars in August, up from 6.5 billion dollars end of July, official Central Bank data showed. Foreign currency reserves were 5.6 billion US dollars, and reserves in Gold were 0.94 billion US dollars. Central Bank has purchased 190.8 […]
‘s CCC and Police to discuss law enforcement matters
Sept 08, 2016 (LBO) – The Ceylon Chamber of Commerce, the National Police Commission and the Sri Lanka Police says they will will hold a seminar with the participation of the corporate sector representatives to discuss ‘law enforcement matters’ in the country. The seminar will focus on how to collaborate between the police and the […]
LBR LBO Infrastructure Summit 2016 to focus on transformative power of “Western Region Megapolis Project”
Sep 08, 2016 (LBO) – Leading local and foreign urban planners, legal experts, technology professionals, policy makers, academics, researchers and senior corporate thought leaders will take the stage at the 2016 edition of “LBR LBO Infrastructure Summit. With an objective of creating a multi-stakeholder conversation on the transformative opportunities of the Western Region Megapolis Project, […]
Opinion: Big banks exploit countries like Sri Lanka, probe finds
Sept 07, 2016 (LBO) – Big banks have turned to the powerful worldwide legal system and commandeered it for profit, exploiting countries like Sri Lanka in the process, according to a Buzzfeed probe. In 2006, big international banks presented officials who ran Sri Lanka’s state oil venture with a way to hedge against further price […]
Sri Lanka’s Finance Ministry denies resignation claims of treasury officials
Sept 06, 2016 (LBO) – Sri Lanka’s Finance Ministry on Tuesday denied recent media reports that there was a mass resignation and stepping down of directors from SoEs. The Finance Ministry said that all their nominees who have been appointed as Directors to the boards of the State Owned Enterprises (SoEs) are continuously serving in […]
Sri Lanka seals USD100mn credit from World Bank for economic reforms
Sep 05, 2016 (LBO) – Sri Lanka signed a 100 million US dollar credit from the International Development Association (IDA), an arm of the World Bank, today to support economic reforms in the island. “This program will support the Sri Lankan Government’s commitment to unleash the potential of Sri Lankan enterprises to grow, become more […]
Sri Lanka exports fell 5-pct in June, trade gap widens 6-pct
Sept 05, 2016 (LBO) – Sri Lanka’s exports fell 5.0 percent to 897 million US dollars in June 2016, while imports dropped a slower 0.2 percent to 1,676 million US dollars from a year earlier, official data showed. The trade gap further widened 6.0 percent to 779 million US dollars from a year earlier due to […]
‘s industrial production shows growth in May, June
Sept 05, 2016 (LBO) – Sri Lanka’s index of industrial production showed a pick up in May and June, the Department for Census and Statistics said, in its tentative release of the index on a quarterly basis. “The Index of Industrial Production (IIP) … can be used to identify the turning points in economic development […]
Sri Lanka expected to hold rates steady in 2016: Stan Chart
(Corrected to reflect typo in report. USD/LKR seen at 152 by end 2017) Sept 02, 2016 (LBO) – Sri Lanka is expected to hold interest rates steady for the rest of 2016 as the impact of two previous rate hikes kick in, Standard Chartered said in a report analyzing the economies of Sri Lanka and […]
Sri Lanka’s CCPI inflation down 1.5-pct points in August 2016
Sept 01, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo accelerated 4.0 percent in August 2016 from a year earlier, down from 5.5 percent in July, the state statistics office data showed. Year on year inflation of food group has decreased from 8.1 percent in July to 5.6 percent in August and nonfood […]