Category: Economy and Markets
Sri Lanka can boost its development tapping agriculture and new technology : WB
Feb 05, 2020 (LBO) – The World Bank reaffirmed its continued support to Sri Lanka’s growth and development for the benefit of all its people, as World Bank Vice President for South Asia, Hartwig Schafer concluded a four-day visit. During his visit, Schafer gained a better understanding of the country’s development priorities under the new government and how the World […]
Crysbro energises sustainable farming practices with solar power
Feb 03, 2020 (LBO) – In a major step in its continual efforts to embrace sustainable farming practices across all layers of its operations, leading Sri Lankan poultry producer Crysbro successfully completed the installation of a mega solar power generation system at its Galgamuwa Farm. This latest development saw Crysbro install nearly 1,200 solar panels […]
President orders full probe into allegations over Airbus deal
Feb 03, 2020 (LBO) – President Gotabaya Rajapaksa has ordered a comprehensive investigation into reports of allegations over financial irregularities said to have committed during the deal between SriLankan Airlines and Airbus SE for the purchase of aircrafts. An English language weekly and few websites have published reports describing alleged misdeeds relating to the transaction […]
Colombo consumer price based inflation increased to 5.4-pct in January
Feb 01, 2020 (LBO) – Headline inflation as measured by the year-on-year change in the Colombo Consumer Price Index increased to 5.4 percent in January 2020 from 4.8 percent in December 2019, Statistics Department data showed. This was driven by the monthly increase of prices of items in both Food and Non-food categories. Food inflation […]
World Bank identifies new areas of cooperation in Sri Lanka
Jan 31, 2020 (LBO) – The World Bank and Sri Lanka has identified several new areas of development cooperation in addition to the World Bank-funded existing projects. They are renewable energy, garbage disposal, watershed management, plantation for export, easing traffic congestion and pedestrian and road safety. This understanding has been reached during a discussion that […]
Central Bank refrains from commenting on contents of forensic audit reports
Jan 30, 2020 (LBO) – Sri Lanka’s Central Bank on Thursday refrained from commenting on the contents of the forensic audit reports as these reports may be subjected to judicial proceedings in the future. Responding to queries by journalists at the monetary policy press briefing, the Deputy Governor of Central Bank Dr. Nandalal Weerasinghe said […]
Central Bank expects economic growth to exceed 4-pct this year
Jan 30, 2020 (LBO) – Sri Lanka’s economic growth will exceed 4 percent in 2020 as there has been a notable improvement in business confidence caused by political stability and targeted measures taken by authorities to boost demand, the Central Bank Governor said. “Revival in economic activity & confidence, fiscal measures, and credit relief package, […]
Current trends may lead to undesirable turnaround in market lending rates
Jan 30, 2020 (LBO) – Market lending rates have adjusted downwards, in response to monetary and regulatory measures taken by the Central Bank, but the pace of reduction has decelerated. The Central Bank said the reduction in lending rates thus far, except for the Average Weighted Prime Lending Rate (AWPR), has been less than envisaged. […]
‘s private sector credit growth picks up in December
Jan 30, 2020 (LBO) – Growth of credit extended to the private sector has picked up in December 2019, on a year-on-year basis, following a continued slowdown since December 2018. Driven by domestic credit expansion, broad money growth (year-on-year) also picked up in December 2019, the Central Bank data showed. However, the absolute expansion in […]
Central Bank of Sri Lanka reduces its policy interest rates by 50 basis points
Jan 30, 2020 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 6.50 percent and 7.50 percent, respectively. Statutory Reserve Ratio (SRR), however, will remain unchanged at 5.00 percent. The board said they arrived […]
Colombo Chamber submits proposal to effectively implement SME moratorium
Jan 29, 2020 (LBO) – Colombo Chamber of Commerce has decided to submit several proposals for the effective implementation of the moratorium for SMEs and achieve its desired objectives. Full statement PROPOSALS OF COLOMBO CHAMBER OF COMMERCE ON BEHALF OF SMEs OF SRI LANKA FOR THE EFFECTIVE IMPLEMENTATION OF CIRCULAR NO.01 OF 2020 DATED 13 […]
Maldivian hotels resume operations, Avg room rates above expectations: JKH
Jan 29, 2020 (LBO) – Sri Lanka’s diversified John Keells Holdings says that all four of their Maldivian hotels are now in operation with the completion of the partial refurbishment of Dhonveli and the reconstruction of Hakuraa Huraa in December 2019. Following the refurbishment of Ellaidhoo Maldives and the water suites at Dhonveli Maldives last […]