Category: Economy and Markets
Govt provides sovereign guarantee to RDB Bank to obtain USD 50mn loan from ADB
Jun 15, 2019 (LBO) – Government has facilitated the Pradeshiya Sanwardana Bank, by providing a sovereign guarantee, to obtain a loan amounting to 50 million US dollars from the ADB which is operating islandwide providing financial and advisory services to Micro, small and medium enterprises. The Finance Ministry said the project will increase employment opportunities […]
First Capital upgrades exchange rate outlook for 2019E to LKR 180 from 194
Jun 13, 2019 (LBO) – Sri Lanka’s First Capital Research has upgraded their exchange rate outlook for 2019E to 1 USD: LKR 180 from 194 as their 65 percent base case scenario. The firm has also introduced a 12-month target for Jun 2020E of 1 USD: LKR 185 as a 60 percent base case scenario. […]
CA Sri Lanka members can now obtain AICPA international associate membership
Jun 12, 2019 (LBO) – The Institute of Chartered Accountants of Sri Lanka continued to make inroads across the global accounting arena, as it signed yet another Memorandum of Understanding (MoU) with the Association of International Certified Professional Accountants (AICPA), which aims to strengthen the standing of CA Sri Lanka members internationally. The MoU signed […]
Sri Lanka launches National Digital Roadmap
Jun 12, 2019 (LBO) – Sri Lanka Telecom yesterday marked a special milestone in the country’s digital journey towards SMART Sri Lanka with the launch of the National Digital Roadmap at the Nelum Pokuna Theatre, under the patronage of President Maithripala Sirisena. Also in attendance at the event was Telecommunication, Foreign Employment and Sports Minister […]
Japanese investor reiterates confidence in Sri Lanka
Jun 12, 2019 (LBO) – President of Tosslec Co. Ltd, Kyoto, Japan Jitsuo Mikasa, a Japanese investor has reaffirmed that his company would continue to invest in Sri Lanka without any break or disruption. Tosslec Co. Ltd’s subsidiary Tos Lanka Co.(Pvt) Ltd has been in operation in the Biyagama Export Processing Zone since 1995 and […]
Employee group opposes alleged privatisation of profitable Litro Gas
Jun 12, 2019 (LBO) – The Litro Surakime Jathika Ekamuthuwa (LSJE) or Litro Surakeeme National Unity, a newly formed employee union, has intensified its agitation against the Finance Minister and other connected parties’ move to privatise Litro Gas Lanka Ltd. by filing a case in the Court of Appeal. The case was filed following a […]
Sri Lanka growth may come down to about 2.9-pct in 2019: Central Bank Chief
Jun 11, 2019 (LBO) – Sri Lanka’s economic growth adversely affected by Easter Sunday bombings is expected to slow to around 2.9 percent this year, the Central Bank Governor Indrajit Coomaraswamy revealed. The Central Bank, however, projected the economic growth for this year to be around 4 percent, at the beginning of the year. “The […]
Sri Lanka petrol price raised to Rs138 per ltr
Jun 11, 2019 (LBO) – Sri Lanka’s government will increased the price of 92 Octane petrol by three rupees to 138 rupees for a litre from midnight yesterday. The price revision was done under a pricing formula introduced by the Finance Ministry in 2018. Prices of three other fuels remained unchanged, according to a statement. […]
Sri Lanka Government signs Statement of Corporate Intent with 10 SOEs
Jun 11, 2019 (LBO) – Sri Lanka’s Government today signed the Statement of Corporate Intent (SCIs) with ten selected State-Owned Enterprises (SOEs) with the view of enhancing the performance of these SOEs. The Department of Public Enterprises (PED) introduced the concept of SCI in 2017 and the concept was approved by the Cabinet of Ministers […]
Mahaweli Coconut Plantations Ltd commences trading on CSE
On 3rd June 2019, the shares of Mahaweli Coconut Plantations Limited (MCPL) commenced trading on the Colombo Stock Exchange (CSE). MCPL is the first company to be listed on the CSE after a lapse of 15 months. MCPL was listed on the CSE through an Introduction which was managed by Merchant Bank of Sri Lanka […]
‘s bonds after CBSL cuts rates
June 8, 2019 (LBO) – Sri Lanka’s government bond market saw net foreign outflows of US$20mn in the week after the Central Bank of Sri Lanka (CBSL) cut interest rates. These outflows reversed all the inflows that were seen in the previous two weeks and sent net foreign outflows for the year 2019 to an […]
Sri Lanka official reserves fall to USD 6.7bn by end May from 7.2bn in April
Jun 07, 2019 (LBO) – Sri Lanka’s gross official reserves were 6,732.4 million US dollars by the end of May, down from 7,212.7 million US dollars in April, latest Central Bank data showed. By the end of May, foreign currency reserves were 5,824.3 million dollars while the reserve position in the IMF was 65.9 million […]