Category: Economy and Markets
WB says as SL should focus on competitiveness and debt sustainability to ensure resilient rebound
Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, says the latest World Bank Sri Lanka Development Update: Economic and Poverty Impact of COVID-19 released today. The Sri Lanka Development Update (SLDU) notes that the country, hit with an unprecedented economic […]
PROVIDORE, Sri Lanka’s newest grocery tech platform, partners with EFutures – to leverage companywide operations as well as customer experience.
Specializing in groceries and essential items, N7T partnered with EFutures to build a holistic and inter-connected digital presence via e-commerce platform PROVIDORE. The concept was founded on the ambition to create the most user-friendly and functional technology to alleviate the hassles of traditional grocery shopping. “Customer experience shouldn’t be a compromise when shopping online”, says […]
No regulatory safeguard for virtual currencies in Sri Lanka, CBSL raises awareness
“Virtual Currencies (VCs)” are digital tokens created by private entities that can be obtained online through mining, Initial Coin Offerings (ICOs) or through Virtual Currency Exchanges. VCs are also commonly referred to as cryptocurrencies. Popular VCs include Bitcoin, Ethereum, Litecoin. While VCs have their own value denominations such as bitcoins for Bitcoin and ethers for […]
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 […]