Category: Economy and Markets
Central Bank Governor to deliver CA Sri Lanka 21st Annual Tax Oration
Governor of the Central Bank of Sri Lanka Dr. The Debt Department said the subscription will be at a floating rate of 6 month LIBOR for USD plus a margin through competitive bidding, or at a fixed rate to be determined through competitive bidding. generic Minimum investment is 10,000 US dollars with additional investments in […]
Trade deficit narrows in Sept, cumulative exports down 3pct
Jan 13, 2017 (LBO) – Sri Lanka’s trade deficit narrowed in September 2016 with an increase in export earnings for the second consecutive month, together with a reduction in import expenditure. Earnings from exports grew by 5.7 per cent to 898 million dollars in September, compared with 850 million dollars in the same month in […]
Asian shares wobble, dollar on track for losing week
TOKYO, Jan 13 (Reuters) – Asian shares dipped on Friday but remained on track for weekly gains while the dollar was poised for a losing week, as investors weighed whether President-elect Donald Trump would stress growth-boosting steps when he takes office. On Wall Street, major indexes finished lower a day after Trump failed to […]
CB joins Dept for Registration of Persons against money laundering
Jan 13, 2016 (LBO) – The Financial Intelligence Unit, located at the Central Bank of Sri Lanka, has entered into a memorandum of understanding with the Department for Registration of Persons to receive information in order to facilitate investigations on money laundering and terrorist financing. “Money laundering and terrorist financing are internationally connected financial crimes […]
‘s GSP+
Jan 11, 2017 (LBO) – The European Commission said it proposed to the European Union to remove significant import duties on Sri Lankan products, to restore GSP Plus trade access to Europe’s export market. “The Commission today proposed that a significant part of the remaining import duties on Sri Lankan products should be removed by the […]
Sri Lanka cabinet approves USD1.5bn development bond issue
Jan 11, 2017 (LBO) – Sri Lanka’s cabinet on Tuesday approved a proposal to borrow 1.5 billion US dollars from the issuances of development bonds this year. Borrowings from domestic sources is estimated to be at 1,129 billion rupees and foreign sources is estimated to be 450 billion rupees. The domestic borrowings will mainly consist […]
Access Engineering invests in Rs10bn mixed development
Jan 11, 2017 (LBO) – Sri Lanka’s Access Engineering has invested 2.295 billion rupees in a joint venture to build a mixed development project at Colombo 15. The joint venture, Hotel 10 (Private) Limited, comprises of Mustafa’s PTE LTD, China Harbour Engineering Company (Lanka) Limited and Access Engineering PLC. The company said in a stock […]
Sri Lankan shares end marginally lower; T-bill yields hit 4-mth high
Jan 10, 2017 (Reuters) – Sri Lankan shares erased early gains to end marginally lower on Tuesday as yields on short-term government securities rose in a weekly auction amid uncertainty over government’s monetary and budget policies. Yields on treasury bill auctions rose 9-19 basis points at a weekly auction on Tuesday to its four-month high, […]
Sri Lanka should rethink immigration, diaspora policies: Hausmann
Jan 10, 2016 (LBO) – Sri Lanka should rethink its immigration, diaspora and product development policies so as to encourage more complexity in exports, economist Ricardo Hausmann of Harvard University said in Colombo on Monday. Immigrants and diaspora bring with them significant know-how and skills necessary for the setting up of new industries, a process […]
Singer crosses Rs.1bn worth Huawei smartphone sales in December, Records 77-pct sales growth in 2016
(PRESS RELEASE) – Huawei, a leading smartphone brand in Sri Lanka, announced that Singer Sri Lanka, the exclusive national distributor for Huawei smartphones, has successfully surpassed Rs. 1 bn Huawei smartphone sales generated solely inthe month of December 2016. As a trusted, state-of-the-art brand amongst the general public, Huawei together with Singer enhanced their […]
‘s globally acclaimed legal luminary Justice Weeramanthry
The Muslim Community in Sri Lanka is deeply saddened by the demise of one of Sri Lanka’s most eminent jurists and a globally acclaimed legal luminary, Sri Lankabhimanya Christopher Gregory Weeramantry. Justice Weeramantry was a Judge of the Supreme Court of Sri Lanka from 1967 to 1972 and was a Judge of the International Court […]
‘s credit rating upgrade depends on IMF compliance: Fitch
Jan 10, 2017 (LBO) – Sri Lanka’s potential improvements in sovereign credit profiles will depend on the country’s level of compliance with IMF conditions, as implementation risks are often high, Fitch Ratings says. Support from the IMF has helped to mitigate external liquidity risks and reduced the medium-term default risks in several frontier markets that entered […]