Category: Economy and Markets
All possible measures are taken to ensure safety of deposits: CB Governor
Jun 07, 2020 (LBO) – Sri Lanka’s Central Bank assures the general public that it will continue to take all possible measures to ensure the safety of public deposits. Releasing a statement, the Governor of the Central Bank Professor W.D. Lakshman said that they remain committed to keeping the deposits of the general public safe […]
Sri Lanka’s budget transparency: improving but still behind international standards
Jun 05, 2020 (LBO) – The Open Budget Survey (OBS) scores countries on the openness of their budget process and is the world’s only independent assessment of information disclosure in public budgets. The survey is conducted every two years. The 2019 cycle of the OBS has placed Sri Lanka 54th out of 117 countries, with […]
First phase of compensation payment for The Finance Company depositors
Jun 04, 2020 (LBO) – The Central Bank has taken steps to pay compensations up to 600,000 rupees to all insured depositors of The Finance Company (TFC) as per the Regulations of Sri Lanka Deposit Insurance and Liquidity Support Scheme. The Central Bank said in a statement that the balance amount if any will be […]
Economic Zone:A catalyst for modern services in Sri Lanka
Jun 03, 2020 (LBO) – The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI), is set to discuss the topic of “Port City Special Economic Zone– A Catalyst for Modern Services in Sri Lanka” on Thursday, 04 June 2020, during a webinar titled “Colombo Port City: Potential growth impact for Sri Lanka” hosted […]
‘s construction projects expected to pickup and stick to timelines:ICRA
Jun 3, 2020 (LBO) – Sri Lanka’s construction sector is expected to demonstrate resilience compared to other economic sectors, a new report said. The construction projects are expected to gradually pickup pace and broadly stay within the original timelines, ICRA Lanka said. “Current domestic raw material production level and inventories are expected to sustain ongoing […]
SEC approves rules for digitalization of Colombo Stock Market
Jun 02, 2020 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) has approved amendments to the Stockbroker Rules, Central Depository Systems (CDS) Rules and Listing Rules submitted by the Colombo Stock Exchange (CSE), which will enable the stock market to transition from a paper-based to an electronic-based environment. Under the amended rules, […]
Sri Lanka export earning drop 42.3-pct in Mar 2020
Jun 02, 2020 (LBO) – The deficit in the trade account narrowed in March 2020 to US dollars 549 million, from US dollars 592 million in March 2019, as the decline in imports in value terms exceeded the decline in exports, the Central Bank said. However, on a cumulative basis, the trade deficit widened to […]
How can we adjust our capitalist system to face post COVID-19 challenges?
An article by Tharaka Balasuriya With the chaos resulting from Covid 19, many have questioned the effectiveness of the neoliberal economic model. A debate about the negative impacts of the open economic system has been on going in Sri Lanka ever since the introduction of free market reforms in 1977. Although successive governments have experimented […]
SLT Rainbowpages.lk further boost businesses in the post Covid-19 era
SLT Digital Info Services (Pvt) Ltd (SLTDS), the Digital Marketing and Directory Information Services arm of Sri Lanka Telecom PLC (SLT), is proud to announce that it’s SLT RAINBOW PAGES (RBP) national business directory information search facility has been improved tremendously, both in online and offline mediums. As a result of the technological advancement in […]
ComBank raises another Rs.10Bn to support COVID-19 affected SME exporters
Jun 01, 2020 (LBO) – The Commercial Bank of Ceylon has announced the commitment of approximately Rs 10 billion to a Bank-funded COVID-19 Support Loan Scheme to assist affected SME enterprises. This assistance would be in addition to the working capital loans scheme implemented under a credit line provided by the Central Bank of Sri […]
Reducing health costs and increasing Government revenue beyond COVID-19: Raising cigarette taxes
Harini Weerasekera and Chamini Thilanka The susceptibility of smokers to contract COVID-19 has been recognised by the World Health Organisation (WHO) and other medical authorities. In Sri Lanka, concerned parties have called for a temporary ban of cigarette sales as a measure to contain the spread of the virus – a commendable move. However, beyond […]
Fitch recalibrates Sri Lanka National Rating Scale
May 28, 2020 (LBO) – Fitch Ratings says that it has recalibrated its Sri Lanka National Rating scale to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the country’s sovereign rating to ‘B-‘ from ‘B’ on 24 April 2020. The Outlook on Sri Lanka’s Long-Term Issuer Default Rating is […]