Category: Economy
‘s export earnings amounted to USD 932Mn in December
The US$ 13.5 billion export target set for merchandise export sectors in early 2020 remains challenging, requiring not only strong efforts from local enterprises, but also the recovery of global demand amid complicated Covid-19 situation. Amid severe impacts of the Covid-19 pandemic, Sri Lanka’s merchandise exports remain at US$ 9.9 billion in 2020, which is […]
Gross official reserves estimated at USD 5.7bn at end 2020
Sri Lanka’s gross official reserves were estimated at US dollars 5.7 billion at the end of 2020, with an import cover of 4.3 months, the Central Bank said continuing its accommodative monetary policy stance. The trade deficit is expected to have narrowed by over US dollars 2.0 billion in 2020 in comparison to the previous […]
SEC welcomes market performance; low bank interest rates attract local investors to CSE
The Securities and Exchange Commission of Sri Lanka (SEC) welcomes the record-breaking performance of the Colombo Stock Exchange (CSE). Bloomberg has identified the CSE as the second best performing equity market in the world. On 15th January 2021, the CSE saw 61,722 trades which is the highest number of trades ever in a single day […]
European Union provides LKR 8.26 billion in grants to Sri Lanka
The European Union (EU) announced the signing of three grants worth EUR 35.75 million (LKR 8.26 billion) which will support Sri Lanka’s justice sector, help improve food safety, and strengthen efforts to mitigate climate change. The grants were signed on behalf of the Government of Sri Lanka by Secretary to the Treasury, Mr. S.R. Attygalle […]
Asia Securities forecasts strong growth trajectory for equities in 2021
Following a year of volatility, leading stockbroking firm Asia Securities (Pvt) Ltd, notes that the road ahead for Sri Lanka’s capital markets is optimistic, with the ASPI expected to reach 7,400-7,600 in 2021. The Sri Lankan stock market marked a V-shaped recovery in 2020, seeing one of its strongest rallies to recover all losses suffered […]
‘s Human Development Index ranked 72 out of 189 countries; highest in South Asia
Jan 05, 2021 (LBO) – Sri Lanka is in the high human development category, positioned 72 out of 189 countries, and is the highest in the South Asian region, handing over the Global Human Development Report 2020 to Prime Minister, UNDP Resident Representative Robert Juhkam said. The Human Development Report (HDR), is the annual flagship […]
Restrictions on outward remittances on capital transactions extended by 6 months
Jan 05, 2021 (LBO) – The Central Bank says that the restrictions imposed on outward remittances on capital transactions have been extended by a further six months to preserve the foreign currency reserve position of Sri Lanka. Accordingly following restrictions on outward remittances on capital transactions will be effective till 1 July 2021. Suspension of […]
Sri Lanka to review performance of open economy policies introduced from 1977
Jan 04, 2021 (LBO) – Sri Lanka will review the performance of the open economy policies introduced from 1977 allowing the country to follow a focused approach to becoming an industrial economy. Introducing the monetary and financial sector policies for 2021, the Central Bank Governor W D Lakshman said that a policy framework with long-term […]
Central Bank to revise investment guidelines in line with latest market developments
Jan 04, 2021 (LBO) – The Central Bank who manages the Employees’ Provident Fund (EPF), expects to revise its Investment Guidelines to be in line with the latest market developments. Presenting the Road Map for 2021, Governor W D Lakshman said that the intention is to facilitate a more prudent investment decision making process, while […]
CBSL to establish permanent single-digit interest rate structure in economy
Jan 04, 2021 (LBO) – Capitalising on the achievement of 12-years of single-digit inflation, the Central Bank intends to establish a permanent single digit interest rate structure in the economy, Governor W D Lakshman said. Introducing the monetary and financial sector policies for 2021, Governor said that they will remain focused on maintaining market interest […]
Fallout from Pandemic prompts an unprecedented rate cut: FCR
Jun 30, 2020 (LBO) – First Capital Research (FCR) believes that there is a higher likelihood of 90% that CBSL may provide a rate cut to ensure the continued supply of credit at a low cost of funding. The firm also believes that there is a probability of 40% for a 100bps rate cut to […]
CBSL implements Credit Guarantee & Interest Subsidy Scheme for businesses
Jun 28, 2020 (LBO) – Sri Lanka’s Central Bank has decided to implement a Credit Guarantee and Interest Subsidy Scheme to accelerate lending by banks to businesses adversely affected by the COVID-19 pandemic. The Monetary Board of the Central Bank, at its meeting held on 26 June 2020 has decided that this scheme, which will […]