Category: Economy and Markets
Emirates SkyCargo supports Sri Lankan exporters’ supply chain
Emirates SkyCargo, the freight division of Emirates, has helped Sri Lankan exporters despatch nearly 100 tonnes of local produce to markets in Europe, the Middle East and Asia over the past two weeks, keeping supply chains and revenue flows open despite the suspension of scheduled passenger flights from Colombo. The cargo airline deployed two Boeing […]
Central Bank imposes maximum interest rates on pawning advances of banks
Apr 27, 2020 (LBO) – Sri Lanka’s Central Bank has decided to impose maximum interest rates on pawning advances of licensed banks. The decision has been taken after considering the necessity to provide relief to low income individuals who are pawning gold jewellery to meet their short-term financing needs due to the adverse economic situation […]
Opinion: Building wealth amid COVID-19
By Blue Ocean Group of Companies Time in the Market Is Better Than Timing the Market The COVID-19 pandemic has swept across the world, not merely spreading disease but diffusing tough luck for the global economy, global health, our communities, our economies and our investments in a forceful defensive stance. Hastily the real estate and […]
Dialog Axiata pledges Rs. 200Mn for ICU capacity development
Apr 26, 2020 (LBO) – Dialog Axiata pledged 200 million rupees for urgently required ICU capacity development in hospitals selected by the Ministry of Health (MOH). This will be utilised for expanding healthcare systems to provide critical care services and provide accessibility to intensive care for patients. There is an ever-increasing requirement to expand the […]
Union Bank to cease its operations as a Primary Dealer
Apr 24, 2020 (LBO) – Monetary Board of the Central Bank of Sri Lanka has granted approval for Union Bank of Colombo to cease its operations as a Primary Dealer with effect from 01 May 2020. Union Bank will continue to function as a Dealer Direct Participant in the LankaSettle system and transact in scripless […]
WTO, IMF call on countries to remove recent trade restrictions
Apr 24, 2020 (LBO) – The World Trade Organization (WTO) and The International Monetary Fund (IMF) call on governments to refrain from imposing or intensifying export and other trade restrictions and to work to promptly remove those put in place since the start of the year. Releasing a joint statement on trade and the COVID-19 […]
”; outlook negative
Apr 24, 2020 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘B-‘, from ‘B’ with a negative outlook. Full statement KEY RATING DRIVERS The downgrade of Sri Lanka’s IDRs reflects the following key rating drivers. The shock to Sri Lanka’s economy from the coronavirus pandemic will […]
SL appoints Presidential task force on economic revival and poverty eradication
Apr 23, 2020 (LBO) – President Gotabaya Rajapaksa has appointed a Presidential Task Force in charge of Economic Revival and Poverty Eradication. It has been established under the powers vested in the President by the Constitution. The Task Force is responsible for reviving the economy and eradication of poverty while paying special attention to the […]
Chair of SL Tourism requests banks and fin institutions to give full support to industry
Apr 23, 2020 (LBO) – Sri Lanka Tourism plans for an early revival post-COVID-19, as the country starts opening up gradually from this week. A major step was the Cabinet approval of the critical five-year global promotion initiative last week and plans are underway to finalize the Terms of Reference and appointment of the Procurement, […]
‘s headline inflation decreased in March
Apr 22, 2020 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index has decreased to 7.0 percent in March 2020 from 8.1 percent in February 2020. As per the Statistics Department, this was driven by a monthly decrease in prices of the items in the Food […]
Sri Lankan consumer retail, construction, hotels most affected: Fitch Ratings
Apr 22, 2020 (LBO) – Fitch-rated Sri Lankan corporates in consumer goods retail, construction and hotels will be among the most affected by the coronavirus pandemic in Sri Lanka, says Fitch Ratings. Full statement Companies in consumer goods retail and construction-related activities also have lower rating headroom than in most other sectors. The ultimate impact […]
SriLankan Airlines special flights to bring back stranded in India, Pakistan and Nepal
Apr 21, 2020 (LBO) – SriLankan Airlines will operate special flights from India’s Amritsar, Coimbatore, Pakistan’s Karachi, Lahore and Nepal’s Kathmandu to bring home 433 Sri Lankan students who have been stranded overseas due to the prevailing travel restrictions imposed in view of the COVID 19 pandemic. These special flights are being operated as part […]