Category: Economy and Markets
Sri Lanka calls for stronger regional cooperation for building back better from pandemic
Speaking on the theme ‘Building back better from crises through regional cooperation in Asia and the Pacific’ Prime Minister Mahinda Rajapaksa at the inauguration of the 77th Session of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) outlined Sri Lanka’s successful approach in controlling the COVID-19 and called for renewed “South-South” […]
Citizen or Not: Process and concerns of buying property in Sri Lanka as an expat
By Lanka Property Web With the recent changes in the law welcoming expat Sri Lankans to purchase property in the country, LankaPropertyWeb interviewed Attorney at Law Saminda Jayasekara regarding the feasibility of this option and the barriers to overcome in the process. As a local, there are no restrictions on purchasing property in the country. […]
Sri Lanka needs resilient logistics system: World Bank
By Winnie Wang , Senior Transport Specialist, World Bank Logistics carry dreams. Back in 2007, when I applied to graduate schools in the United States, nothing could beat the excitement of handing over my applications to FedEx, clinging to the receipts with precious tracking numbers, and checking them a hundred times a day until I got confirmation that […]
State Minister Cabraal visits Qatar to explore means to expand economic cooperation
A Sri Lankan delegation headed by the State Minister of Finance, Capital Market and State Enterprise Reforms Ajith Nivard Cabraal visited the State of Qatar recently. The Embassy of Sri Lanka in Doha organized a series of meetings for the State Minister Cabraal and the accompanying Sri Lankan delegation from the Central Bank of Sri […]
Seylan Bank records Rs.1Bn PAT in 2021 Q1 despite Covid challenges
Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1Bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic. Statement of Financial Performances Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a […]
Sri Lanka surpasses USD 1Bn exports in March 2021 after six months
Sri Lanka surpassed US$ 1 billion in exports in March 2021 after a lapse of six months period, the Export Development Board said. As per the Customs statistics, earnings from merchandise exports recorded double-digit growth of 62.47% in March 2021 on y-o-y comparison – the March figure being US$ 1,066.1 Mn. Earnings from merchandise exports […]
ADB projects Sri Lanka’s economic growth to rise to 4.1-pct in 2021
The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad. ADB projects Sri Lanka’s economic growth to rise to 4.1% in 2021 and moderate to 3.6% in […]
Prime Lands Residencies announces virtual investor forum for upcoming IPO
Prime Lands Residencies, the condominium property arm of Prime Group, announces the first ever Virtual Investor Forum for its upcoming Initial Public Offering (IPO). Extending its invitation to investors and market participants, the Prime Lands Residences Virtual Investor Forum will be held via Zoom on the 28 th of April 2021, 4.00pm onwards. The Initial […]
World Bank reassures support for Sri Lanka to build back better from COVID-19
The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka Sunday where he reiterated the Bank’s commitment to support the islands efforts towards recovery and to build back better from the COVID-19 shock. Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory […]
Sri Lanka’s tech startup program spiralation opens for 2021 applications
Sri Lanka’s apex Government body in driving the tech-startup ecosystem, the Information and Communication Technology Agency of Sri Lanka (ICTA) is now calling applications for its national startup initiative ‘Spiralation’ for the ninthyear running. The Spiralation series has so far supported more than 90 successful startups across multiple industry verticals -including health, finance, agriculture, education […]
ICRA Lanka: Low-interest rates, Who are the winners and losers?
Key Takeaways § Price increase in treasuries have helped primary dealers and banks to realize substantial capital gains as much as 40-to-60 percent from March 2020 price levels. § Equities attracted a large number of local investors, as historically low interest rates on fixed income assets prompted them to seek alternative investments. Investors saw their portfolio valuations […]
ComBank becomes Sri Lanka’s first carbon-neutral bank
The Commercial Bank of Ceylon has become the first Sri Lankan bank to achieve carbon neutrality for the entirety of its operations, encompassing all 268 branches and its head office – a monumental milestone in the Bank’s commitment to the environment. Becoming a net-zero carbon company was one of Commercial Bank’s Green Goals, to be […]