Category: Economy and Markets
Sri Lanka to raise USD1000mn via ETFF to finance budget expenses
Mar 27, 2018 (LBO) – Government says it intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in US Dollars or Japanese Yen or Euro or their combinations up to 1,000 million dollars or its equivalent in 2018.The FTFF is expected to be raised at a fixed rate or a floating rate, linked […]
CB requests CIFL depositors to submit their details of deposits
Mar 26, 2018 (LBO) – Sri Lanka’s Central Bank has requested all CIFL depositors to submit the details of deposits that they have placed with the finance firm and loans obtained from them in a bid to consider the repayment of insured deposits. Central Bank said the purpose of this is to obtain the details […]
‘s Port of Colombo: 13th best connectivity in world
Mar 26, 2018 (LBO) – Port of Colombo has been ranked the 13th best connectivity port, up five places in the Drewry Port Connectivity Index for the 4th quarter in 2017. According to the rankings the Port of Colombo is also the top best connectivity port in South Asia. The Index recently announced the top 20 ports […]
‘s residential and retail markets beyond 2019: JLL
Mar 26, 2018 (LBO) – Sri Lanka’s residential real estate sector, especially high end condominiums,faces over supply challenges, with the recent re-imposition of 15 percent VAT on condominium sales, denting sentiment while retail markets too demonstrate less sustainability, real estate consultancy Jones Lang La Salle (JLL) said. JLL recently announced the company’s predictions for Sri Lanka’s […]
Sampath Bank and Ustocktrade LK link to simplify investment in foreign securities
Mar 26, 2018 (LBO) – Sampath Bank PLC has entered into a Memorandum of Understanding (MoU) with Ustocktrade LK (Private) Ltd (ULPL) to enable investors pay conveniently when trading in securities listed on stock exchanges across the United States of America (USA) through the Ustocktrade app. Under this agreement, Sampath Bank Personal Foreign Currency (PFC) accountholders […]
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Mar 26, 2018 (LBO) – Sri Lanka and Pakistan have pledged to move forward to achieving economic prosperity while further strengthening the long standing bilateral relations between the two nations. President Maithripala Sirisena who is on an official visit to Pakistan met with Pakistani President Mamnoon Hussain and both leaders agreed on this. The Heads of […]
IFC to loan USD 15Mn to Senkadagala Finance
Mar 23, 2018 (LBO) – Sri Lanka’s Senkadagala Finance will get loan of up to US15 million dollars from the International Finance Corporation (IFC), a statement said.“The signed agreement with IFC for the loan would be in Sri Lankan rupees,” the Finace Company said in a stock exchange filing, Thursday.The loan would focus on lending to […]
Opinion: Economic reforms in Sri Lanka: Salvation or a recipe for inaction?
By Kithmina Hewage & Harini Weerasekera Economic reforms have become an urgent need for Sri Lanka, with successive governments since independence, resorting to short-term, politically expedient economic strategies that have placed considerable macroeconomic pressures whilst reducing Sri Lanka’s global competitiveness. Vision 2025, the current government’s short and medium-term policy direction, is aimed atsteeringthe economy towards […]
Sri Lanka inflation down to 3.2-pct in Feb 2018
Mar 22, 2018 (LBO) – Sri Lanka’s National Consumer Price Index (NCPI) slowed to 3.2 percent in February 2018 from 5.4 percent in January, on a year-on-year basis, official data shows. The reported inflation for the month of February 2018 was mainly due to comparatively higher price levels prevailed in February2017 and decline in food prices […]
Government to borrow up to USD300mn from banks in 1Q 2018
Mar 21, 2018 (LBO) – Cabinet approval has been granted on Tuesday to obtain up to a maximum of 300 million US Dollars from banks. Accordingly, Government will borrow up to 300 million US Dollars from Bank of Ceylon, People’s Bank and other registered foreign banks in Sri Lanka.“Since it is advantageous to Release Sri […]
Orion City and Dialog partner to build High Density Data Centre
Mar 21, 2018 (LBO) – Sri Lanka’s Dialog Axiata Group announced a joint venture partnership with Orion City to build and manage the island’s first ever High-Density Data Centre at the Orion City IT Park in Colombo. The proposed centre will be established through Digital Realty (Pvt) Ltd, a company jointly held by Dialog Broadband Network […]
Sri Lanka economy grew 3.1-pct in 2017: Statistics Dept.
Mar 20, 2018 (LBO) – Sri Lanka’s statistics office says economic growth rate for the year 2017 has been estimated as 3.1 percent. Agriculture, Industry, Services and Taxes less subsidies on products have contributed their share to the GDP at current price by 7.7 percent, 27.2 percent, 55.8 percent and 9.3 percent respectively for the […]