Category: Economy and Markets
Export Advisory Committees appointed covering 24 sectors for 5 years
Export Advisory Committees have been appointed by the trade minister covering 24 sectors for a period of 5 years (from 2021 to 2026). In terms of Section 10 of the Sri Lanka Export Development Board (EDB) Act No 40 of 1979, the minister in charge of the EDB, on the advice of the Board, is […]
Experts discuss framing a green development pathway for Sri Lanka
Experts from the government, private sector, UN agencies, think tanks, and other development partners, came together at this week’s kickstarter sessions of the Colombo Development Dialogues on Green Development, held on 12 and 14 October 2021. With over 450 participants joining in virtually, they sought to come to a common understanding of a localised, Sri […]
State Minister Balasuriya and BOI woo French investment to Sri Lanka
State Minister of Regional Cooperation Tharaka Balasuriya, along with the Chairman of the Board of Investment Sanjay Mohottala, carried out a series of business meeting in France last week on the sidelines of the IFTM TopRESA Travel mart that took place in Paris. This included a series of high level meetings with a number of […]
USAID’s Private Sector Development project signs MOU with HNB to expand financing to MSMEs
The U.S. Agency for International Development’s (USAID) Private Sector Development project signed a Memorandum of Understanding (MOU) with Hatton National Bank PLC (HNB) to expand financing to micro, small, and medium enterprises (MSMEs) in Sri Lanka. “Partnerships like this can dramatically enhance economic and social impact more than any of us could achieve on our […]
CBSL maintains policy rates; near term supply side developments do not warrant policy tightening
The Monetary Board has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 percent and 6.00 percent, respectively. The Board said it arrived at this decision after considering the macroeconomic conditions and expected developments on the domestic and […]
Central Bank may consider maintaining policy stance: First Capital Research
First Capital Research believes that the Central Bank may consider maintaining the same policy stance in this policy review but given the considerable improvement in high-frequency indicators to prevent an overheating of the economy, there is a considerably high probability that CBSL may hike its policy rates. “We believe that there is a significant probability […]
‘s reserves down to USD 2.6bn in September; YTD rupee depreciation 8.2-pct
Sri Lanka’s official reserves were 2.6 billion US dollars (USD 2,581.3mn) by the end of September, down from 3.5 billion US dollars in August, the latest Central Bank data showed. By the end of September, the foreign currency reserves were 2,006.4 million dollars while the reserve position in the IMF was 67.4 million dollars. Special […]
UNDP introduces Colombo development dialogues on green development
Rapid socio-economic, technological, environmental, and other changes around the world have posed unprecedented challenges to us all. These challenges are especially pertinent against the backdrop of climate change, increased urbanization and widening inequalities, coupled with the ramifications of the COVID-19 outbreak. However, this has also amplified the need for countries to re-align their economic recovery […]
Legal validity of digital signatures highlighted
Digital Signatures have been in use in Sri Lanka since 2009, however, due to the outbreak of the pandemic and travel restrictions, signing documents physically has found to be challenging. Hence, the requirement for digital signatures among many segments of the community has soared in the recent past. In view of raising awareness about Digital […]
Interview: Futureproofing banking sector through digital-first mindset
There is a good reason why digitalisation is a top priority for banking. When done correctly, it enables paradigm shifting improvements in customer experience and accessibility. For the average customer, it means, they are able to utilize the full range of our products and services seamlessly, through the platform of their choice. While prior to […]
First Capital’s ‘Performance First’ culture now certified by great place to work
The ‘Performance First’ work ethic embraced by First Capital Holdings PLC, a Janashakthi Group Company, received industry validation recently as it was certified as a great workplace by the independent analysts at Great Place to Work® in Sri Lanka. First Capital employees engaged in a multi-faceted anonymous survey conducted by Great Place to Work® on […]
ADB to promote SME sector in Sri Lanka
Asian Development Bank (ADB) Director General for South Asia Department Kenichi Yokoyama has assured President Gotabaya Rajapaksa that the ADB will support the promotion of Small and Medium Scale Enterprises (SMEs). The Asian Development Bank (ADB) provided a US 750 million concessional loan last year for projects in Sri Lanka. Yokoyama said that the ADB […]