Category: Economy and Markets
The UK-Sri Lanka Trade Mission Highlights Export Potential of Women-Led Businesses in Jaffna
The United Kingdom (UK)-Sri Lanka Trade Mission, co-organized by the International Trade Centre (ITC) and the Sri Lanka Export Development Board (EDB), successfully concluded its Jaffna program on 4th December 2024. This initiative highlighted the export potential of women-led businesses in Sri Lanka, particularly in the Northern region. The programme, part of the UK Government-funded […]
‘s Exports Surge by 18-pct in October 2024
As per the provisional data released by the Sri Lanka Customs, the country’s merchandise export performance in October 2024 reached an impressive US$ 1,097.1 million. This marks an 18.22% increase compared to October 2023, mainly driven by growth in the export of Apparel & Textiles, Tea, Rubber-based products, Coconut-based products, and Spices & Concentrates. Notably, […]
“If it doesn’t kill you, it makes you stronger” Jaffna’s 3AxisLabs’ journey into Artificial Intelligence.
By Jekhan Aruliah “If it doesn’t kill you, it makes you stronger”. This slogan could have been written for Artificial Intelligence. Actually it was coined over a hundred years ago by the nineteenth century German philosopher Nietzche. Coined at a time when intelligent robots were the stuff of science fiction and baloney. Nowadays the upsides […]
Delmege Insurance Brokers secures number one position in the business
Delmege Insurance Brokers Ltd, a trailblazer in the insurance brokerage sector, has proudly achieved the coveted position of being the highest ranked company in the Overall Insurance Brokering Business according to the Global and local Insurance Outlook 2023 published by the Insurance Regulatory Commission of Sri Lanka. This remarkable milestone underscores the company’s commitment to […]
”s long-term foreign currency issuer rating on review for upgrade
Moody’s Ratings (Moody’s) has announced a review for a potential upgrade of the Government of Sri Lanka’s Ca long-term foreign currency issuer rating, which was previously assessed as stable. Accordingly, Moody’s has assigned (P)Caal foreign currency senior unsecured ratings to Sri Lanka’s new USD-denominated issuances in its exchange offer. These include the macro-linked bonds (MLBs), […]
Ambeon Holdings makes a strategic investment in Seylan Bank for LKR 1.4 Bn
Ambeon Holdings PLC, a diversified conglomerate reputed for its market dominance across sectors such as financial services, real estate, technology, and strategic investments, made a significant strategic move in the financial services sector by acquiring a 7.63% stake in Seylan Bank PLC, further increasing its investments in the banking industry. This investment comes on the […]
SLIIT Northern Uni, ICT and Business Management Degrees in Jaffna
By Jekhan Aruliah I often walk past the SLIIT Northern Uni building in Jaffna at the junction of Arasadi and Palaly Road on my way from my place to Jaffna Town. I watched last year, 2023, with great interest as the foundations were laid, the columns and slabs were poured, the glass was fitted. There […]
IMF Managing Director Kristalina Georgieva Issues Statement to Financial Community on Sri Lanka
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement about Sri Lanka to Members of the Financial Community today: “The Sri Lankan authorities have been implementing an ambitious economic reform program supported by the IMF, which aims to restore debt sustainability and external viability, underpin broad macroeconomic reforms, and strengthen […]
Central Bank of Sri Lanka further eases its monetary policy stance
The Monetary Policy Board of the Central Bank of Sri Lanka has decided to further ease the monetary policy stance and set the newly introduced Overnight Policy Rate (OPR) at 8.00 per cent. With this change, the effective reduction in the policy interest rate would be around 50 basis points from the current level of […]
CBSL implements Single Policy Interest Rate Mechanism by Introducing Overnight Policy Rate
The Monetary Policy Board of the Central Bank of Sri Lanka has decided to implement a single policy interest rate mechanism transitioning from its dual policy interest rate mechanism, with effect from 27 November 2024. Accordingly, the Central Bank introduces the Overnight Policy Rate (OPR), as its primary monetary policy tool to signal and operationalise […]
Local Consortium of SL Commits to Supporting Govt’s International Sovereign Bond Restructuring
The Local Consortium of Sri Lanka (the “LCSL”), comprised of domestic commercial banks and financial institutions, commits its full support for the Exchange Offer and Consent Solicitation launched today by the Government of Sri Lanka (the “Government”) to restructure the US$12.55bn in outstanding International Sovereign Bonds (“ISBs”) including terms tailored for local holders (the “Local […]
Ceylon Chamber of Commerce Welcomes Staff-Level Agreement for Third Review of IMF Program
The Ceylon Chamber of Commerce welcomes the announcement of a staff-level agreement for the third review under the International Monetary Fund (IMF) Extended Fund Facility program for Sri Lanka. This agreement underscores the progress the country has made in implementing structural reforms and achieving fiscal sustainability during this critical period of economic recovery. While acknowledging […]