Category: Economy and Markets
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written by Migara Rodrigo Sri Lanka has a whopping 527 state-owned enterprises[1] (SOEs). The 55 SOEs classified as “strategically important” alone employ 10% of the public sector workforce[2], or about 1.9% of all workers. Such a large number of SOEs are not the norm globally[3]; many other countries (such as India) have been reducing their […]
Double digit growth in taxi hailing industry but single digit increase in new driver partners joining
With fuel prices at the pump increasing and commodities set to take another bump, PickMe says it is vital not to take our eyes off the ball. “Despite all shortcomings, the wheels of the economy must not stop turning,” says Zulfer Jiffry, CEO of PickMe. The company has increased incentives to their driver partners in […]
Central Bank revises maximum interest rates on foreign currency deposits
The Monetary Board has issued an order on maximum interest rates to be paid in respect of foreign currency deposit products of licensed commercial banks and the National Savings Bank. Maximum interest rates on FCY deposits The maximum interest rates that shall be offered or paid by a licensed commercial bank and the National Savings […]
Galle Face Icon partners with Sampath Bank as exclusive project funding partner
Galle Face Properties Ltd, a subsidiary of conglomerate Renuka Holdings, recently partnered with Sampath Bank as the exclusive project funding partner for the development of the Galle Face Icon, a 30-storey building with grade A office space, amenities, serviced suites and recreational areas located between the Beira Lake and Galle Face Green. Commenting on the […]
‘s official reserves position has reached around USD 3.1bn: Central Bank
Sri Lanka’s Central Bank says that with the receipt of recent inflows, the official reserves position has now reached around US dollars 3.1 billion, and is expected to remain at such level by end of 2021. Releasing a statement, the Central Bank said that the foreign currency inflows in connection with several other facilities that […]
Sri Lanka is swept away by an economic tsunami as a result of mismanagement by a family: Eran
Sri Lanka is the only country in the world amidst the Covid pandemic that has faced unprecedented price increases, gas and fuel shortages, and a dangerously low foreign reserve position. Even the countries in the Asian region have recorded a positive GDP growth, FDI, and foreign reserves said Eran Wickramaratne MP at a press conference […]
SEC wants to finalize implementation mechanism for Central Counterparty in 2022
The new Securities and Exchange Commission of Sri Lanka (SEC) Act which came into force on 19th September 2021 contains provisions that enable the setting up of a Central Counterparty (CCP). Further, the need for setting up a CCP in order to enhance the efficiency of post-trade risk management had been spoken of for a […]
VIDEO INTERVIEW: What will the year 2022 look like for Sri Lanka? W A Wijewardena
“Sri Lanka will have a very gloomy future in 2022. If the government is interested in avoiding it, it has to immediately change the present economic policy Unless the government does that, we are heading towards a major disaster in 2022.” Dr. W A Wijewardena, Former Central Bank Deputy Governor
VIDEO INTERVIEW: What will the year 2022 look like for Sri Lanka? W A Wijewardena
“Sri Lanka will have a very gloomy future in 2022. If the government is interested in avoiding it, it has to immediately change the present economic policy.buy amoxicillin generic over the counterUnless the government does that, we are heading towards a major disaster in 2022.” Dr. W A Wijewardena, Former Central Bank Deputy Governor
CSE to extend trading hours; revise index calculation methodology of ASPI
The Colombo Stock Exchange (CSE) is revising the index calculation methodology of the All Share Price Index (ASPI) from full market capitalization-weighting to free float-adjusted Market Capitalization weighting. The Index methodology has been published on the CSE website.The Implementation of the said revision is scheduled to take place on 24 January 2022 (with effect from […]
Sri Lanka expects USD 2bn SWAP facilities from Middle Eastern & other regional central banks
The Central Bank says that the measures being taken at present will ensure that by end of 2021 official reserves will remain above US dollars 3 billion. Releasing a statement, the bank said that major foreign exchange inflows to the Central Bank include SWAP facilities with Middle Eastern and other regional central banks amounting to […]
Joint Chambers express concern on impact of currency shortage; request to engage with IMF
Statement issued by the following Institutions: We wish to draw the attention of the Government to the difficulties faced by our member companies and the broader private sector in obtaining foreign currency to finance much needed imports due to the prevailing situation with regard to the lack of availability of foreign currency. This will affect […]