Category: Economy and Markets
Rupee dips further; domestic players dominate equity market
Forex Market The USD/LKR TT buying and selling exchange rates on 8th April 2021 were marked at LKR.199.21 and LKR.203.5 respectively. The indicative USD spot exchange rate which depicts the average rate of all USD/LKR spot transactions that were executed throughout the previous business day in the local inter-bank foreign exchange market was recorded at […]
Prime Lands Residencies expected to make IPO bid soon
Prime Lands Residencies (Pvt) Ltd, the condominium property arm of Prime Group, recently celebrated a milestone achievement upon the completion of its 35th property project. Issuing a statement to mark this occasion the firm says it will be making it’s Initial Public Offering (IPO) in the near future. This development, the company says will certainly […]
Aitken Spence acquires Waltrim Energy for Rs.900Mn
Aitken Spence PLC has acquired 100 percent of shares of Waltrim Energy Limited, a sub-subsidiary of Sunshine Holdings PLC, for a total consideration of 900 million rupees, a company statement said. The company in a stock exchange filing by Aitken Spence, Waltrim Energy operates three hydropower generation plants in Nuwara Eliya, with a total capacity […]
Advocata Institute launches tool to track everyday food price changes
Advocata’s latest policy product tracks the average retail prices of a basket of goods and provides an indication of how much prices have changed over time. With the use of such tools, anyone including policymakers and politicians alike has access to track price fluctuations. This could enable anyone to see if policies have direct or […]
Optimism among Swedish companies doing business with Sri Lanka
Growth over the past five years, negative development in 2020 and optimism for 2021. These are some of the key takeaways from the Sweden-Sri Lanka Business Council’s membership survey for 2021. Among the members’ most prioritized issues are simplified visa rules to Sri Lanka and to Sweden, increased attention for Sri Lanka from the Swedish […]
‘s gross official reserves estimated at USD 4.1bn at end March 2021
Sri Lanka’s gross official reserves were estimated at US dollars 4.1 billion (excluding the swap facility with the PBOC), with an import cover of 3 months, at the end-March 2021, the Central Bank said. Recently, the Central Bank entered into a bilateral currency swap arrangement with the People’s Bank of China (PBOC) amounting to CNY […]
Central Bank continues its accommodative monetary policy stance
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) at their current levels of 4.50 percent and 5.50 percent, respectively. The Board has arrived at this decision after carefully considering the macroeconomic conditions and expected developments on the domestic and […]
”; Outlook stable
Fitch Ratings has affirmed Sri Lanka-based consumer and healthcare company Hemas Holdings PLC’s National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook. The affirmation reflects the defensive nature of Hemas’ operating cash flows stemming from its pharmaceutical trading and manufacturing, and fast-moving consumer goods (FMCG) businesses, which account for more than 90% of the group’s […]
From mine to market – showcasing Sri Lanka’s jewellery legacy to the world
The Sri Lanka Gem and Jewellery Association (SLGJA) hosted their second Key Person’s Forum for the industry recently, with the objective of facilitating the industry during this pandemic period and boosting overall tourism in collaboration with the Ministry of Tourism. The forum was conducted with Prasanna Ranatunga, State Minister of Tourism, Lohan Ratwatte, State Minister […]
‘Bath Curry Indicator’ by Advocata Institute will be launched tomorrow
Food inflation has risen over the last year, although the overall inflation is low. According to the National Consumer Price Index, overall prices rose by 3.7% between January 2020 and January 2021, but food inflation rose by 5.9%. While this is a matter of concern to the public, items like turmeric and green gram, which […]
Validity period to open Special Deposit Accounts extended; USD 360mn deposited so far
The Cabinet has approved a proposal tabled by the Prime Minister as the Minister of Finance to extend the validity period and to issue orders in accordance with the provisions of the Foreign Exchange Act to encourage the parties who wish to deposit money in Special Deposit Accounts. The validity period for openings of the […]
Vidullanka to restructure operations; amalgamate its subsidiary Walagamba Balashakthi
Vidullanka PLC has resolved to amalgamate its fully owned subsidiary, Walagamba Balashakthi (Pvt) Limited with Vidullanka PLC, the company said in a stock exchange filing. The amalgamation is to be carried out without any consideration, and as per the provisions of section 242 (short form amalgamation) of the Company’s Act. Presently, Walagamba Balashakthi (Pvt) Limited […]