Category: Economy
‘s rupee hits record lows as Central Bank hold rates
Sept 21, 2018 (LBO) – Sri Lanka’s rupee hit an all time low of 168.65/169.00 to the US dollar at the close of day Thursday down from 167.10 the day before as the Central Bank of Sri Lanka held rates. Sri Lanka’s Minister of Finance Mangala Samaraweera releasing a statement said that Sri Lanka has been […]
World Bank says action needed to prevent impacts from climate change in Sri Lanka
Sept 20, 2018 (LBO) – Rising temperatures and changing rainfall patterns pose a threat to Sri Lanka and could reduce GDP and living standards, a new World Bank report says. The report South Asia’s Hotspots: The Impact of Temperature and Precipitation Changes on Living Standards flags that almost half of South Asia’s population now lives in vulnerable […]
‘s fruits and vegetables
Sept 20, 2018 (LBO) – A Memorendem of Understanding has been signed between the Ministry of National Policies and Economic Affairs and the Government of India, to commence the construction of the largest cold storage in Sri Lanka for vegetables and fruits. According to the MoU signed at the Indian High Commission in Colombo, with […]
Cabinet nod for 500MW LNG plant in Kerawalapitiya
Sept 20, 2018 (LBO) – – The Ceylon Electricity Board has been given cabinet approval to sign an agreement with India’s NTC to build and 500 Meggawatt liquefied natural gas power plant, a cabinet statement said. The new LNG plant will be built in Kerawalapitiya and is an agreement between the two governments. The cabinet proposal was […]
Margin deposit requirement against LCs opened with commercial banks for vehicles
Sept 20, 2018 (LBO) – The Monetary Board of the Central Bank of Sri Lanka imposed a 100 per cent margin deposit requirement against Letters of Credit opened with the commercial banks for the import of motor vehicles,which are generally used for non-commercial purposes,with immediateeffect.Accordingly, Letters of Credit for the importation of these vehicle categories […]
Colombo City Centre Mall to opens doors today
Sept 19, 2018 (LBO) – Sri Lanka’s Colombo City Centre mall by Abans and NextStory Group will open to the public at 4.30 pm today. Conveniently situated by the scenic Beira Lake at the heart of the city, this ultra-modern lifestyle destination has been billed as Sri Lanka’s first international fashion mall. The mall will […]
Sri Lanka records GDP growth of 3.7-pct
Sept 19, 2018 (LBO) – Sri Lanka has recorded a growth of 3.7 percent in Gross Domestic Product in the second quarter of 2018. Growth in the first quarter was slightly lower at 3.5 percent. The GDP at constant (2010) prices for the second quarter of 20 18 recorded as 2, 264,445 million rupees, and GDP […]
‘s rooftop solar power project
Sept 19, 2018 (LBO) – The Enterprise Sri Lanka projects which was launched by the Ministry of Finance has received Rs 8 billion ( USD 50 Million) from the Asian Development Bank for the rooftop solar power generation project. The main objective of this project is to support government’s “Battle for Solar Power Programme” to achieve […]
‘s real-estate
Sept 18. 2018 (LBO) – Singapore based property developer, Iconic said they are planning to invest US 50 million dollars in Sri Lanka’s luxury/semi luxury and affordable real-estate projects. “We want to deploy an additional fund of US 50 million dollars in Sri Lanka’s real-estate market and are looking at two major verticals,” Rohan Parikh, Managing Director, Iconic […]
Sri Lanka rupee falls to new record low: ASPI down by 1.0-pct
Sept 18, 2018 (LBO) – Sri Lanka’s rupee hit an all time low of 166.60/65 to the US dollars in mid-day trading while the islands stocks also fell below 6,000 points, Tuesday. Colombo’s All Share index fell to its lowest recorded for 2018 to 5,973.33, down 55.16 points or 0.93 percent. Market turnover was 753 million rupees, a […]
Sri Lanka tops South Asia in human development index 2017
Sept 18, 2018 (LBO) – Sri Lanka has been classified under the “High Human Development” category, with a Human Development Index value of 0.770 , and ranked 76 out of 189 countries in 2017, a statement said. Between 1990 and 2017, Sri Lanka’s HDI value increased from 0.625 to 0.770, an increase of 23.2 percent. […]
Sri Lanka Govt. cuts VAT on imported fabric by 5-pct
Sept 18, 2018 (LBO) – Sri Lanka’s Finance Ministry issuing a gazette amended the Value Added Tax (VAT) act further to reduce the VAT on imported fabric to 5 percent in a bid to help small scale industrialists under the enterprise Sri Lanka scheme.“The Minister of Finance and Mass Media MangalaSamaraweera considering the requests made […]