Category: Economy
Sri Lanka targets USD2.5Bn FDI in 2018
Oct 05, 2018 (LBO) – Sri Lanka is targeting 2.5 billion US dollars worth of foreign direct investments (FDI) for 2018 from 1.63 billion US dollars in 2017, a senior official said. “Our target is 2.1 billion US dollars and we are trying to stretch it to 2.5 billion US dollars,” Mangala Yapa, member, Board of Directors, Board […]
President, NEC hold discussions on devaluation of rupee and economy
Oct 05, 2018 (LBO) – Special attention was drawn at a discussion regarding the promotion of Sri Lanka’s export sector and managing the devaluation of the rupee by the National Economic Council, headed by President Maithripala Sirisena. The NEC gathered under the patronage of President Maithripala Sirisena at the Presidential Secretariat, Wednesday with the participation […]
Sri Lanka tea prices marginally up in Sept 2018
Oct 04, 2018 (LBO) – Auction average for the month of September 2018 totalled Rs.537.77 compared to Rs.534.02 of August 2018 showing a marginal increase of Rs.03.75 month on month, a new report said. “However in comparison to September 2017 average of Rs.635.40 it shows a substantial decrease of Rs.97.63,” Forbes & Walker Tea Brokers said […]
‘s consumer durable retailers
Oct 03, 2018 (LBO) – Sri Lanka’s consumer durable retailers’ operating cash flow is likely to weaken following new government regulations that impose a 100 percent cash margin on the import of most types of consumer durables, Fitch Ratings says. The credit profiles of rated retailers, such as Singer (Sri Lanka) PLC (A-(lka)/Stable) and Abans […]
Govt. expenditure for 2019 Rs.4,376Bn : Budget deficit 4.1-pct
Oct 02, 2018 (LBO) – As per the Appropriation Bill, which was presented to the Cabinet recently by Finance and Media Minister, Mangala Samaraweera, next year’s annual state expenditure will be 4,376 billion rupee.The budget deficit will be 644 billion rupees, 4.1 percent of Gross Domestic Product, the Finance Ministry said issuing a statement. The Government […]
Sri Lanka reserves at USD7.3bn; used only USD184mn YTD to defend rupee
Oct 02, 2018 (LBO) – Sri Lanka’s Central Bank says the country currently has 7.3 billion US dollars worth foreign reserves and expects to close this year with around 8.3 billion dollars of reserves. Senior Deputy Governor Nandalal Weerasinghe said that at the beginning of this year they expected to end the year with close […]
Sri Lankan rupee depreciates 9.7-pct YTD; CB says observed stabilizing exchange rate
Oct 02, 2018 (LBO) – Recent measures are expected to ease the excessive demand for foreign currency and therefore the pressure in the domestic foreign exchange market as already observed in the stabilizing exchange rate, the Central Bank said releasing its monetary policy review. In line with several other peer countries such as India, Philippines, […]
Central Bank of Sri Lanka maintains policy interest rates at current levels
Oct 02, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 01 October 2018, has decided to maintain policy interest rates at their current levels. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank will remain at 7.25 […]
Sri Lanka restricts vehicle imports for MPs, Ministries, state sector employees & others
Sept 29, 2018 (LBO) – Sri Lanka’s government in order to ease the pressure on the Sri Lankan rupee has decided to take the following measures temporarily effective from midnight today (29). – Issuing of Vehicle permits to Members of Parliament will be suspended for a period of one year. – Importation of vehicles for […]
Opinion: Central Bank intervention likely to exacerbate foreign selling of Sri Lanka bonds
September 29, 2018 (LBO) – The main subject of discussion on the Colombo cocktail circuit has been the Sri Lanka Rupee (LKR) and its significant recent weakness against the U.S. dollar (USD). The LKR seems to have halted its slide, hovering just under Rs170 to the dollar. This recent price stability in the LKR is […]
IMF staff mission concludes visit to Sri Lanka; stresses on reforms
Sept 28, 2018 (LBO) – Authorities should accelerate reforms to strengthen the Sri Lankan economy’s resilience to domestic and external shocks, given still significant vulnerabilities, concluding a recent visit, an IMF staff mission said. The IMF staff mission led by Manuela Goretti said the authorities should sustain reform efforts to support trade, investment, and inclusive […]
ADB provides USD300Mn for elevated highway
Sept 28, 2018 (LBO) – The Asian Development Bank’s (ADB) has approved a US 300 million dollar loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected […]