Category: Economy
Sri Lanka official reserves fall to USD 7.2bn by end April; YTD rupee appreciation 3.7-pct
May 18, 2019 (LBO) – Sri Lanka’s gross official reserves were 7,212.7 million US dollars by the end of April, down from 7,621.9 million US dollars in March, latest Central Bank data showed. By the end of April, foreign currency reserves were 6,325.2 million dollars while the reserve position in the IMF was 66.3 million […]
Sri Lanka bombings increase economic, external risks; IMF key: Fitch Ratings
May 17, 2019 (LBO) – The tragic Easter bombings in Sri Lanka will result in lower economic growth this year and could increase external financing pressures, Fitch Ratings says. Full Statement: Fitch Ratings-Hong Kong/London-16 May 2019: The tragic Easter bombings in Sri Lanka will result in lower economic growth this year and could increase external […]
Sri Lanka projected to grow 3.6-pct in 2019; reach 5-pct over medium term: IMF staff report
May 17, 2019 (LBO) – Sri Lanka’s economic growth is projected to recover to 3.6 percent in 2019, and gradually reach 5 percent over the medium-term, with inflation in the mid-single digits, the IMF staff appraisal revealed. Inflation is expected to rise to 4.5 percent by end-2019, as economic activity recovers and food prices stabilize, […]
IMF approves extension & USD164mn disbursement; grants waivers to Sri Lanka for performance criteria
May 14, 2019 (LBO) – The Executive Board of the International Monetary Fund has completed the fifth review of Sri Lanka’s economic performance under the program supported by an extended arrangement under the Extended Fund Facility (EFF). Completion of this review, upon the granting of waivers of nonobservance for the end‑December 2018 performance criteria on […]
Govt announces debt relief for tourism sector
May 08, 2019 (LBO) – Sri Lanka’s government and cabinet yesterday gave a heads up for a ‘relief package’ to strengthen the tourism industry affected by the Easter Sunday attacks. “The Central Bank is now in the process of issuing circulars in this regard to banks,” State Minister for Finance Eran Wickramaratne told reporters in […]
Sri Lanka tourist arrivals decline 7.5- pct in Apr 2019 : Q1 up 2.2-pct
May 07, 2019 (LBO) – Sri Lanka’s tourist arrivals declined 7.5 percent during April 2019, latest data from the Tourisum Ministry show. However, a growth of 2.2 percent was shown in the 1st quarter compared to 2018. The total number of international tourist arrivals to Sri Lanka during April 2019 was 166,975.In comparison to April […]
Prime Minister urges business community to place their trust in government
May 03, 2019 (LBO) – Prime Minister Ranil Wickremesinghe urges the business community to place their trust in the government and says steps have been taken to resolve the current situation as early as possible and ensure the smooth flow of economic activity. A delegation of the Ceylon Chamber of Commerce led by Chairman Rajendra Theagarajah […]
Ceylon Chamber proposes action points for reviving Sri Lanka
May 02, 2019 (LBO) – Ceylon Chamber of Commerce has proposed several action points for reviving the Nation following the acts of terrorism which occurred on Easter Sunday. Consequent to concerns discussed at its April meeting of the Chamber Committee, the Ceylon Chamber of Commerce has sought meetings with President and Prime Minister to discuss matters relating […]
LAUGFS officially inaugurates operations of S Asia’s largest LPG transshipment terminal
May 02, 2019 (LBO) – LAUGFS Terminals Ltd officially inaugurated operations of its LPG transshipment terminal at the Hambantota international Port. It is the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan flagged vessel Gas Success, part of LAUGFS Maritime’s own LPG vessel fleet. […]
Finance Minister leads Sri Lankan delegation to 52nd AGM of ADB
Apr 30, 2019 (LBO) – Finance Minister Mangala Samaraweera will lead the Sri Lankan Delegation to the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank to be held in Nadi, Fiji from 2nd to 5th May 2019.The Annual Meeting of the ADB Board of Governors provides opportunities for member governments […]
‘s housing market is gearing to meet economic, environmental and social challenges
Apr 30, 2019 (LBO) – Sri Lanka’s Landmark Group, a real estate development company bent on challenging traditional approaches to the island’s housing and property market says it is now gearing up to meet the economic, environmental and social challenges facing the industry. The real estate company is run by leading businesswoman Neelangani Hapangama and managed by […]
Central Bank wants to reduce lending rates to SMEs by 200 bps in near term
Apr 29, 2019 (LBO) – Sri Lanka’s Central Bank expects the lending rates to reduce by around 200 basis points to SMEs in the near term that would reduce excessive cost of funds borne by the financial sector. The Central Bank said it observed high interest rates charged on lending products and excessively high interest rates […]