Category: Economy and Markets
China reaffirms steadfast support to Sri Lanka
Jan 16, 2020 (LBO) – The Chinese Foreign Minister and State Councilor Wang Yi met with the Minister of Foreign Relations Dinesh Gunawardena recently and reiterated its solidarity and support to the new Government of President Gotabaya Rajapaksa. Welcoming Minister Wang Yi, Foreign, Minister Dinesh Gunawardena thanked China for its consistent contribution to Sri Lanka’s […]
Central Bank issues circular to banks about new credit support scheme for SMEs
Jan 14, 2020 (LBO) – Sri Lanka’s Central Bank says that based on the discussions they had with banks, it is observed that the proposed credit support scheme may not cause an undue level of stress or threaten the stability of the banking system. Issuing a circular, the Central Bank said that all parties have […]
World Bank forecasts Sri Lanka’s growth at 3.3-pct in 2020
Jan 14, 2020 (LBO) – The World Bank has forecast Sri Lanka’s economic growth for 2020 at 3.3 percent, the bank said in a statement. In its latest report of “World Bank’s January 2020 Global Economic Prospects,” the World Bank said for 2021 and 2022, it maintains the same forecast of 3.7 percent of economic […]
President requests Japan to invest in high tech assembly plants in Sri Lanka
Jan 13, 2020 (LBO) – Measures will be taken to further strengthen long-standing bilateral relations between Japan and Sri Lanka, Japanese State Minister for Regional Revitalization Kozo Yamamoto said. Minister Yamamoto made these remarks when he paid a courtesy call on President Gotabaya Rajapaksa at the Presidential Secretariat today (13). Sri Lanka is secured and […]
Sri Lanka official reserves improve to USD7.6bn by end December
Jan 09, 2020 (LBO) – Sri Lanka’s gross official reserves were 7,638.5 million US dollars by the end of December last year, up from 7,520.4 million US dollars in November, the latest Central Bank data showed. By the end of December, the foreign currency reserves were 6,609.1 million dollars while the reserve position in the […]
‘s John Keells Holdings
Jan 09, 2020 (LBO) – Institutional brokerage services provider Citigroup Global Markets Ltd has purchased the entire stake from Broga Hill Investments, broker CT CLSA Securities said in a stock exchange filing. Accordingly, Citigroup Global Markets Ltd agency trading prop securities A/C has acquired 141,854,717 shares of JKH, at 160.00 rupees per share, representing 10.76 […]
Broga Hill Investments sells its stake in John Keells Holdings
Jan 09, 2020 (LBO) – Special-purpose investment vehicle of Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, Broga Hill Investments Limited has sold its stake in John Keells Holdings for 22.6 billion rupees. 141,854,717 shares equivalent to 10.8 percent of John Keells Holdings has sold to a foreign buyer today morning at 10.03 am. Broga Hill […]
ICRA Lanka reaffirms long-term & short-term ratings of First Capital Holdings
Jan 09, 2020 (LBO) – ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has reaffirmed the issuer rating of [SL]A- with stable outlook for First Capital Holdings (FCH). ICRA Lanka has also reaffirmed the [SL]A2+ rating for the LKR 1,500Mn commercial paper programme of FCH. ICRA Lanka has also […]
Sri Lanka unemployment up to 5.1-pct in Q3 2019
Jan 08, 2020 (LBO) – T h e n u m b e r o f unemployed persons is estimated as 437,797 or 5.1 percent during the third quarter 2019, latest data show. Overall unemployment rate reported for female is 8.5 percent and 3.3 percent for male, the Sri Lanka Labour Force Survey (LFS) says. […]
LankaPropertyWeb sets up new Property Centre
Jan 08, 2020 (LBO) – Following over a decade of successful operation of helping people find, sell and rent property in Sri Lanka, LankaPropertyWeb.com which has become the most popular place for properties along with House.lk started a new chapter in its journey by establishing a ‘Property Centre (PC)’ in Colombo. In a prime location […]
Sri Lanka achieves 1.9Mn revised tourists arrival target for 2019: SLTDA
Jan 07, 2020 (LBO) – Despite 2019 being a tough year for the tourism industry, Sri Lanka has achieved the revised tourists’ arrival target for 2019 which stands at 1,913,702 as of 31st December. It is a decline of 18 percent from 2018 when 2,333,796 of tourists had visited the country during the same period, […]
‘s new Banking Act to facilitate banks in Colombo Intl. Financial Centre
Jan 06, 2020 (LBO) – Sri Lanka’s Central Bank has initiated drafting a new Banking Act and expects to complete its enactment in 2021. The new Banking Act will contain provisions to extend regulations for banks, which are to be established in the Colombo International Financial Centre. Key concepts of the proposed Act include provisions […]