Category: Economy and Markets
Domestic smartphone consumers garnered access to quality assured mobile imports
TRC issues Gazette Extraordinary 2196/51 ensures consumer protection against illegal smartphone trade The smartphone customers of Sri Lanka is protected from illegal smartphone imports owing to a revolutionary gazette issued by TRCSL (Telecommunication Regulatory Commission of Sri Lanka). The Gazette Extraordinary 2196/51, issued in December 2020, stipulates that the Type Allocation Code (TAC) letter issued […]
INSEE cement commits to Environment with new mangrove restoration project
Continuing with its efforts to protect and restore our environment, INSEE Cement, Sri Lanka’s only fully-integrated cement manufacturer, recently kicked of its latest Mangrove Restoration Project. This new initiative will work to restore 1 hectare of natural mangrove forest in the vicinity of the Searakkuliya Lagoon, Aruvakkaru, in the Puttalam District. Adding to INSEEs ongoing […]
‘s Six-Month Road Map at a glance
Sri Lanka’s Central Bank on Friday outlined the key measures and tools they will use to ensure macroeconomic & financial system stability in the country for the next six months. • Intervene in the FX market by providing the funds to finance the country’s energy bills, and thereby to infuse liquidity • Promote investments in […]
Central Bank removes cash margin deposit requirement on non-essential imports
Sri Lanka’s Central Bank has decided to discontinue the 100 percent cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature with immediate effect. The decision to impose a cash margin deposit requirement was expected to support the efforts to preserve the stability of the exchange rate and foreign currency market liquidity, […]
Central Bank requests Govt to tax export profits at 28-pct where forex is not repatriated & converted
Sri Lanka’s Central Bank requests the government to tax profits of exporters at 28 percent and not 14 percent where forex is not repatriated & converted. Unveiling the Six-Month Road Map for Ensuring Macroeconomic & Financial System Stability, Governor Ajith Nivard Cabraal said that there will be specified limits. Service related foreign exchange inflows will […]
JKH: CSE disclosure regarding development of West Container Terminal-1 in Colombo Port
We write with reference to our disclosure dated 15 March 2021 regarding the JKH investment in the development of the West Container Terminal-1 (WCT-1) in the Port of Colombo, as the local partner of Adani Ports and Special Economic Zone Limited (APSEZ). Pursuant to the receipt of the said LOI on 15 March 2021 from […]
Sakurai Aviation Academy produces youngest female private pilot license holder
Breaking all the stereotypes and barriers related to aviation training in Sri Lanka, Sakurai Aviation Academy has produced the Youngest Female Private Pilot License (PPL) Holder at the age of 17. She is also one of the very few pilots in the world to achieve the said feat. “I have been an aviation enthusiast since […]
ADB Annual Meeting 2022 in Sri Lanka; MoU signed
Sri Lanka’s government and the Asian Development Bank (ADB) today entered into a Memorandum of Understanding to hold the 55th Annual Meeting of the ADB in Colombo, Sri Lanka next year. It was signed on behalf of the Asian Development Bank by its Director General, South Asia Department, Kenchi Yokoyama, and SR Attygalle on behalf […]
CBSL to announce 6-month road map for ensuring macroeconomic & financial stability on Friday
The Central Bank is to announce “A Six-Month Road Map for Ensuring Macroeconomic & Financial System Stability” on Friday, 01 October 2021. Accordingly, Governor Ajith Nivard Cabraal will announce the road map to the officials of the Government and the financial sector institutions. Due to the prevailing COVID-19 pandemic situation and in keeping with required […]
Sampath Bank payment gateway enhances eCommerce with acceptance of UnionPay
Sampath Bank today announced that the Sampath Bank Payment Gateway, the only online solution which provides the most cost-effective and secure payment authorization and processing service, now accepts UnionPay credit and debit cards. This new development in the eCommerce industry of Sri Lanka will further empower merchant websites and consumers alike, with a wider range […]
Not a single instance of wrongdoing in forensic audits by Gov Cabraal
The Auditor General was not given the assignment to carry out the Forensic Audits, a recently released statement from the Central Bank said. “But instead, two dubious Accountancy firms from India who were under a serious cloud in India were entrusted the task at a huge fee,” it added. “After doing the audit, Forensic Auditors […]
Central Bank recommends complete repatriation of export proceeds within reasonable period
Steps must be taken to strengthen the systems to ensure monitoring and to implement measures that lead to the complete repatriation and conversion of export proceeds within a reasonable period, the Central Bank said. Releasing an information series note on the current status of the export earnings, the Central Bank justified that it would be […]