Category: Economy and Markets
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Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. KEY RATING DRIVERS: Sri Lanka’s ‘CCC’ rating reflects a challenging foreign-currency sovereign external debt repayment burden over the medium term, low foreign-exchange reserves and high and rising government debt that gives rise to sustainability risks. External liquidity pressures have eased somewhat […]
Sri Lanka’s official reserves down to USD 4bn by end May; YTD rupee depreciation 6.7-pct
Sri Lanka’s official reserves were 4 billion US dollars (USD 4,018.1mn) by the end of May, down from 4.5 billion US dollars in April, the latest Central Bank data showed. By the end of May, the foreign currency reserves were 3,530.7 million dollars while the reserve position in the IMF was 69.1 million dollars. Special […]
Interview: CIAM; Challenges, opportunities and utilising it to meet evolving customer needs
Prabath Siriwardena, Vice President and Deputy CTO – Security Architecture at WSO2 discusses some of the challenges, opportunities and points to note surrounding the current environment of CIAM implementation. 1) What does Customer Identity and Access Management mean? Customer Identity and Access Management (CIAM) has become a bit of an overloaded term over time. There […]
Orient Finance records threefold increase in net operating income
Orient Finance PLC reported a profit before tax of LKR 193 Mn for the 2020-21 financial year, reflecting a year-over-year growth of 144 per cent. The company’s net operating income also increased 148 per cent from LKR 0.47 Bn to LKR 1.17 Bn during the year under review. This performance was despite the Company foregoing […]
Luxury SUVs for MPs while imports for doctors, general public held indefinitely: CMTA
The Ceylon Motor Traders Association (CMTA) has expressed its concerns on the decision the Government has taken to import 400 vehicles – including 227 luxury SUVs – to a value of Rs. 3.7 billion through the Bank of Ceylon. The Government reversed its earlier decision to cancel the order, citing the fact that the Letters […]
World Bank approves $40 mn financing to improve water & sanitation services in Sri Lanka
The World Bank’s Board of Executive Directors approved $40 million in additional financing for Sri Lanka to expand water supply, sanitation, and hygiene services in 7 districts through the Water Supply and Sanitation Improvement Project (WASSIP). The project will also increase septage facilities in the more populated part of the country in Western, Southern and […]
Sri Lanka Investment Forum concludes with over 4500 participants
The 2021 Invest Sri Lanka Forum, organized by the Board of Investment, The Ceylon Chamber of Commerce and the Colombo Stock Exchange, which commenced on Monday, 7th June concluded successfully on Wednesday, 9th June. Asia’s first ever virtual investment forum was held with foreign participation of 2,200 from 85 countries and 2,500 local participants. The […]
SL is a strategically located strong economy with access to emerging and established markets : BOI Chief
Sri Lanka is a skills powerhouse, with the best living environment in South Asia, a senior official said. Additionally, Sri Lanka is the place to work, live and enjoy life, Sanjaya Mohottala, chairman of the Board of Investment tolad a forum Wednesday. “We have an extremely educated, trainable and capable workforce,” “Digital literacy is close […]
Sri Lanka vehicle registration decline in Apr 2021
Total vehicle registrations for the month of April declined to 2,418 units from 3,556 units the previous month – the comparative month 12 months ago was zero due to the first lockdown, a new report shows. Data compiled by JB Securities equities research shows that April has many holidays and there was a semi lockdown in place […]
FCR recommends investors hold on to equity allocation & begin exiting beyond 8,000
Considering the fact that the market has already reached the 7,500 range, First Capital Research (FCR) recommends investors hold on to the equity allocation and begin exiting beyond 8,000. “Despite the significant risk in the system due to the uncertain economic environment, the higher liquidity in the system, and cheaper valuations due to healthy earnings, […]
Central Bank invites private sector to raise offshore funding; zero-cost swap facility available
Sri Lanka’s Central Bank with a view of encouraging foreign currency inflows to the country, invites the private sector to pursue avenues to raise offshore funding leveraging on its strengths, with the consent of the Finance Minister and in line with provisions of the Foreign Exchange Act. In this regard, to hedge the foreign exchange […]