Category: Economy
‘s exports expected to surpass USD 12bn by end 2021; records USD 1.2bn in November
Sri Lanka’s merchandise exports increased by 55.11% to US$ 1,215.6 Million in November 2021 compared to November 2020 as per the data released by the Sri Lanka Customs. Exports maintained above one billion dollars for the fifth consecutive month in November this year. EDB Chairman & CE, Suresh D. de Mel said, “Sri Lanka’s exports […]
Sri Lanka headline inflation increased to 11.1-pct in November
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index, increased to 11.1 percent in November 2021 from 8.3 percent in October 2021 driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 16.9 percent in November 2021 from 11.7 […]
Sri Lanka disputes rating downgrade by Fitch Ratings
Downgrading Sri Lanka’s international sovereign rating resembles the recent unwarranted downgrade by Moody’s Investors Service a few days prior to the announcement of the National Budget 2022, Sri Lanka’s Central Bank said. Releasing a statement the bank said the sense of urgency on the part of an internationally recognised rating agency to downgrade Sri Lanka […]
Sri Lankan economy contracted by 1.5-pct in 3Q 2021
Sri Lanka’s Department of Census and Statistics revealed that the economic growth rate for the third quarter of 2021 is estimated as a negative growth rate of 1.5 percent amidst the third wave of the Covid-19 pandemic. In the third quarter of 2021, the overall Agricultural activities recorded a slight positive growth of 1.7 percent. […]
Sri Lanka is being pushed towards bankruptcy; budget does not address any burning issues: Eran
The country has plunged into a massive financial crisis, with all sectors including the economy collapsing but the budget 2022 has no proposals to resolve any of the burning issues said Eran Wickramaratne addressing the final debate of the budget 2022 held in Parliament on Friday. “At a minimum this government should properly identify the […]
Sri Lanka Economic Summit 2021 at a glance: Findings and Way Forward
Summary of the main points elicited during the sessions of the Sri Lanka Economic Summit 2021 held on December 6 and 7. DOWNLOAD
Sri Lanka official reserves down to USD 1.6bn in November, confirms Central Bank
Sri Lanka’s official reserve assets were 1.6 billion US dollars (USD 1,587.0mn) by the end of November, down from 2.3 billion US dollars in October, the latest Central Bank data showed. By the end of November, the foreign currency reserves were 1,009.5 million dollars while the reserve position in the IMF was 67.0 million dollars. […]
CCPI inflation increases to 9.9-pct; annual average rises to 5.3-pct in November
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index, increased to 9.9 percent in November 2021 from 7.6 percent in October 2021. Meanwhile, the CCPI measured on an annual average basis, increased to 5.3 percent in November 2021 from 4.8 percent in October 2021. Inflation was driven by monthly […]
“Dark future looming as foreign reserve drop to USD 1.5Bn, lowest in history” Eran
The opposition alleged in Parliament that foreign reserves have dropped to US 1.5 billion dollars which included the gold reserves of US 300 million dollars. The Govt. did not refute the opposition claim that the available cash reserve was only USD 1.5 billion less than one month’s import payment, lowest in history. He told a […]
Policy interventions require that may be unpopular, says President at Export Awards
President Gotabaya Rajapaksa said that in the future too many unpopular decisions will have to be taken to overcome the global economic challenges and to keep the country on the path to prosperity. Even though the people criticized these interventions, the country and the people would reap the benefits in the near future, the President […]
Inflation Is a Greater Policy Test for Emerging-Market Sovereigns: Fitch Ratings
Higher inflation is generally credit negative for sovereigns, but presents particular risks for emerging markets (EMs), as they often face higher and more volatile inflation than developed markets (DMs), and are exposed to greater currency instability, says Fitch Ratings. Fitch believes global goods price pressures will ease from early 2022, but inflation could remain elevated […]
CBSL maintains policy rates; further acceleration of headline inflation expected
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 percent and 6.00 percent, respectively. The Board noted the recent acceleration of inflation, driven mainly by supply disruptions and the surge […]