Category: Economy
No new restrictions for making payments in foreign exchange on credit or debit cards: Central Bank
The public is informed that the Central Bank has not introduced any new restrictions on the use of EFTCs, i.e., credit cards, debit cards and other stored value cards, and holders of such cards are permitted to use them to make payments to persons resident outside Sri Lanka in respect of current transactions of personal […]
CBSL tightens monetary policy to curb inflationary pressures; rectify external sector imbalances
Sri Lanka’s Central Bank has tightened its monetary policy stance to address the imbalances in the external sector and to preempt the buildup of excessive inflationary pressures over the medium term. Accordingly, the Monetary Board of the Central Bank has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate […]
Licensed Banks have not been asked to “Devalue” Sri Lanka Rupee: Central Bank
The Central Bank said it has observed messages being circulated claiming that licensed banks have been officially asked to devalue the Sri Lanka rupee with immediate effect. “The general public is hereby informed that there is no basis whatsoever for such claims, and the CBSL has not made any change to its stance or the […]
China Development Bank agrees to provide RMB 2Bn term facility to Sri Lanka
China Development Bank and Sri Lankan Government have entered into an agreement of RMB 2 Billion (approx LKR 61.5 Billion) Term Facility today, the Chinese Embassy in Sri Lanka said. The facility is to be used to support Sri Lanka’s COVID-19 response, economic revival, financial stability, and livelihood betterment.
Transforming Sri Lanka into a Startup Nation
Post COVID19, Sri Lanka will be in an ideal position for a major pivot away from its old safety net of traditional investments. With global trends currently favoring new investment opportunities, smart investors will do well to consider alternatives such as venture funding in startups to further add value to their portfolios, to ensure they […]
Omani Investor delegation concludes visit to Sri Lanka with signing of MoU
Sri Lanka Embassy in the Sultanate of Oman organized a successful visit of investor delegation to Sri Lanka from Omani Shumookh International LLC which is an investment arm of Madayn – the Public Establishment for Industrial Estates of the Sultanate of Oman, under the investment bubble concept from 20-26 July 2021. The delegation led by Shumookh […]
All public servants to be called to duty as usual from Monday; WFH circulars revoked
Secretary to the President P.B. Jayasundera has informed the Secretary to the Ministry of Public Services, Provincial Councils, and Local Government, J.J. Rathnasiri, that all public servants be called to duty as usual from August 2, 2021 (Monday) in accordance with Covid-19 Health Guidelines. The Secretary to the President has also informed to revoke all […]
‘s Weakening External Finances to Pressure Corporate Ratings: Fitch Ratings
Sri Lankan corporates could face rating pressure should the government further restrict imports amid weakening external finances, Fitch Ratings says in a new report. Fitch expects corporates that import finished goods in sectors that are considered non-essential to be more affected than those that import raw materials for local value addition. Consumer durable importers are […]
Sri Lanka records USD 978Mn exports in June 2021; maintains its upward trend
As per the latest statistics released by the Sri Lanka Customs, the export sector performance has been able to maintain its upward trend in June 2021 with exports increasing by 9.41 % to US$ 978.2 Mn compared to June 2020. This upward trend was evident year-on-year for the last four months. Sri Lanka’s merchandise exports […]
”s Caa1 rating under review for downgrade
Moody’s Investors Service (“Moody’s”) has today placed the Government of Sri Lanka’s Caa1 foreign currency long-term issuer and senior unsecured debt ratings under review for downgrade. The decision to place the ratings under review for downgrade is driven by Moody’s assessment that Sri Lanka’s increasingly fragile external liquidity position raises the risk of default.This assessment […]
In Sri Lanka Cash Transfers Give Essential Support to People Hit Hardest by COVID-19: World Bank
When the first lockdown was imposed in March 2020, Nayani’s financial woes worsened overnight. Struggling with partial loss of sight and Chronic Kidney Disease (CKD) the 36-year-old’s meagre savings evaporated like smoke from the incense sticks she sells to make a living. Nayani’s husband is blind and the couple struggled to make ends meet, especially […]
Online platform launched for Sri Lankan exporters seeking access to Chinese market
The Sri Lanka Embassy in Beijing assisted the Hairong Technology Co. Ltd organised the introduction of the “Sri Lanka Platform” along with an investment promotion seminar (SEIC 2021) at the Embassy on 11 July 2021. The main objective of the event was to provide an online platform for Sri Lanka exporters seeking to access the […]