Category: Economy
Sri Lanka Central Bank hikes interest rates by 50 bp
Feb 19, 2016 (LBO) – Sri Lanka’s Central Bank hiked interest rates after a monthly policy meeting due to risks to the macroeconomy from excessive money supply growth and a continued trend in inflation, a statement said. The decision surprised the market, with 10 out of 14 economists not expecting rates to go up, according […]
ADB to lend USD 500Mn, shifting focus in Sri Lanka lending
Feb 19, 2016 (LBO) – The Asian Development Bank will lend 505 million dollars to Sri Lanka in 2016 and focus on new areas like private sector development, knowledge solutions, and development of advanced infrastructure, a new report said. “ADB will continue to support Sri Lanka in new areas such as private sector development, knowledge […]
Elusive global outlook requires urgent policy response, says OECD
Feb 19, 2016 (LBO) – Achieving strong growth in the global economy remains elusive, with only a modest recovery in advanced economies and slower activity in emerging markets, according to the OECD’s latest Interim Economic Outlook. “The world economy is likely to expand no faster in 2016 than in 2015, its slowest pace in five […]
Sri Lanka to collect corporate taxes online from next month
Feb 19, 2016 (LBO) – Sri Lanka’s state tax collector will gradually move out of manual tax administration by launching the first phase of RAMIS next month. Starting from March, six tax types namely VAT, SVAT, CT, NBT, PAYE and WHT will be collected under the Revenue Administration Management Information System (RAMIS). The Inland Revenue […]
Perpetual Treasuries lead sponsor Investment Summit in Singapore
Feb 18, 2016 (LBO) – Sri Lankan primary dealer Perpetual Treasuries said it will be one of the lead sponsors of the Sri Lanka Investment Summit to be held in Singapore on March 15. This inaugural summit presented by FinanceAsia will be conducted with the objective of enhancing the image of Sri Lanka as a […]
One-fourth of Sri Lanka’s population will be over 60 by 2050: WB
Feb 18, 2016 (LBO) – Sri Lanka will witness dramatic impacts on aging and urbanization contrary to the demographics of most South Asian economies, the World Bank said in a recent report. By 2050, it is projected that more than 25 percent of the population will be over 60, up from 13.4 percent in 2015. […]
Everjobs to expand job opportunities to smaller Sri Lanka towns
Feb 18, 2016 (LBO) – Everjobs, a Rocket Internet company subsidiary, wants to expand beyond Sri Lanka’s main cities this year and encourage more local firms and job seekers to opt for cost effective options. “The cost of online recruitment is only about 10 percent of the cost of an offline option,” the company said, […]
Crowdfunding platform Crowdisland.lk launched for Sri Lankan start ups
Feb 18, 2016 (LBO) – Sri Lankan start ups will be able to utilize a new crowdfunding platform, crowdisland.lk, launched on Wednesday with the backing of an experienced group of investors famiiiar with Sri Lankan companies, its founders said. Crowdfunding is the process of raising money to fund a project or business venture through many […]
Sri Lanka’s five challenges for development: World Bank
Feb 16, 2016 (LBO) – Sri Lanka’s has five main challenges that need to be addressed In order to sustain progress and fulfill development potential, the World Bank said. Releasing the Systematic Country Diagnostic report for Sri Lanka the World Bank said the country has ample opportunities to build on its success due to its […]
Poverty in Sri Lanka down, revenue shortfall a concern: World Bank
Feb 16, 2016 (LBO) – Sri Lanka has reduced poverty to below 7 percent of the population but future prosperity will depend on addressing chronic revenue short falls and fostering a more competitive and inclusive economy, the World Bank said in research findings announced today. “The Sri Lanka poverty assessment has found that the falling […]
Global stocks rebound, eyes on Saudi, Russia Oil meeting
Feb 16, 2016 (LBO) – Global stocks rebounded on chances equity markets have been oversold with China opening up two percent after Japan’s seven percent surge on Monday. Negative interest rates in Japan pushed Japan’s government pension fund to consider making higher allocations to its equity market, as Mark Mobius said China’s irrational market now […]
‘s visit
Feb 15, 2016 (LBO) – Sri Lanka’s President Maithripala Sirisena is on an official visit to Germany and Austria with the aim of further strengthening the economic and trade cooperation between the island and the two countries, a statement said. A special discussion between the President and the German Economic Affairs Minister is scheduled to […]