Category: Economy
Paypal to discuss Sri Lanka inward payments
Feb 01, 2016 (LBO) – The regional head of PayPal is to have discussions with Sri Lanka’s officials over freeing Paypal inward payments for citizens in the country, Telecommunications and Digital Infrastructure Minister Harin Fernando said. “Regional head of PayPal will visit Sri Lanka this Wednesday. He is scheduled to have talks with Central Bank […]
Vietnam can access South Asian markets through Sri Lanka: Harsha
Jan 31, 2016 (LBO) – Sri Lanka’s Deputy Minister of Foreign Affairs said the island intends to strengthen and forge stronger economic links with Vietnam while the nation could enter the South Asian market through investments here. “More and more Vietnamese business ventures could explore the potential of Sri Lanka’s business and market environment where […]
Sri Lanka deepening trade agreements, exploring China FTA: Malik
Jan 29, 2016 (LBO) – Sri Lanka is deepening its free trade agreements with India and Pakistan, and negotiating an FTA with China, Malik Samarawickrama, minister of development strategies and international trade, said. “PM Modi’s ‘Make in India’ strategy will create opportunities for linking into new and expanding value chains in domestic as well as […]
Colombo inflation drops below 1-pct in January
Jan 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has dropped to 0.9 percent in January 2016 from a year earlier, down from 2.8 percent in December 2015 with the inflation index dropping 0.2 percent in the month, the state statistics office said. The CCPI for all items for the month of […]
Sri Lanka trade deficit widens 1 pct in 11 months to Nov
Jan 28, 2016 (LBO) Sri Lanka’s trade deficit for the first eleven months of 2015 marginally increased by one percent to 7.6 billion dollars, the central bank said. Worker remittances declined 7.2 percent to 574.5 million dollars in November 2015, year-on-year, although cumulative inflow from remittances was up marginal 0.8 per cent to 6.4 billion […]
Sri Lanka foreign reserves estimated at USD7.3bln end Dec: CB
Jan 28, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 7.3 billion US dollars by end December 2015, the Central Bank said. The figure remained unchanged from end November equivalent to 4.6 months of imports, while total foreign assets amounted to 9.1 billion US dollars, equivalent to 5.7 months of imports. During […]
Chances of March Fed rate hike drop after FOMC statement
Jan 28, 2016 (LBO) – The chances of a U.S. Fed rate hike in March dimmed after a FOMC policy statement on Wednesday acknowledged global economic risks, as analysts interpreted the carefully worded statement. The FOMC decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent after a two-day […]
OPA worried about professional services agreement with India
Jan 27, 2015 (LBO) – The Organisation of Professional Associations (OPA) in a statement yesterday said it was deeply concerned about Sri Lanka’s intended bilateral agreement with India named “Economic Technology Cooperation Agreement (ETCA).” “OPA with 46 Associations of professionals of the country, having substantial professional resources in the country in any discipline, is of […]
‘t cause recession: BofA
Jan 27, 2016 (LBO) – Whatever does cause the next global recession, it probably won’t be China, according to Bank of America Merrill Lynch. Their analysts believe the world’s second-largest economy will avoid a hard landing and risks from financial market turbulence can be contained by the Chinese government, according to a Bloomberg report. “We […]
‘s Rebirth, blog by Joseph E Stiglitz
By Joseph E. Stiglitz COLOMBO – Sri Lanka has been deservedly praised for the progress it has made since the end of the war against the separatist Tamil Tigers in 2009. The economy has grown at an average annual rate of 6.7%, and education and health statistics are impressive. All developing countries face myriad challenges, […]
Opinion: Rite of passage, boom and bust cycle of the economy
By Ashini Samarasinghe Where economic performance is concerned, Sri Lanka tends to emphasize on the importance of economic growth or GDP growth over other economic indicators. This has led to expectations of consistently higher growth rates over time. However, we have not as yet been able to maintain high growth rates over a long period […]
New ministry to restructure rather than run public enterprises: Kabir Hashim
Jan 26, 2016 (LBO) – The mandate of Sri Lanka’s new Public Enterprise Development ministry is restructuring rather than running the country’s large portfolio of state-owned enterprises, Kabir Hashim, Sri Lanka’s minister of Public Enterprise Development, told the publishing and consultancy firm Oxford Business Group. “The main objective is to reduce the burden SOEs place […]