Category: Economy and Markets
Türk Exim Bank to allocate USD350mn credit line to Sri Lanka
June 16, 2016 (LBO) – Türk Exim Bank is to allocate a credit line of 350 million US dollars to the Sri Lankan government with a view to further enhancing relations through financial cooperation. A MoU between Sri Lanka and Turkey will be signed in the near future in this regard, the Foreign Minister Mangala […]
PTL Watch: Treasury bond yields edge up, volumes thin
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‘s business chamber calls for awards applications
June 16, 2016 (LBO) – Sri Lanka’s Women’s Chamber of Industry & Commerce (WCIC) has called for applications for the ‘Woman Entrepreneur of the Year Awards.’ In its 9th year, the awards will recognize high flyers in micro, small, medium and large industry categories, as well as new categories: Woman Exporter of the Year, Most […]
Global treasuries plunge on Brexit, safe haven demand
June 16, 2016 (LBO) – The prospect of Britain leaving the European Union is boosting demand for safe haven assets, with bond yields falling to new lows, as the Fed suggests that low yields could be a more longer term phenomenon. Benchmark 10-year yields are plunging across the globe. Japan fell to minus 0.21 percent. […]
Sri Lanka GDP expands 5.5-pct in first quarter 2016
June 15, 2016 (LBO) – Sri Lanka’s economy expanded 5.5 percent in the first quarter of 2016 from a year earlier, led by industry and services, the state statistics office said. In the first quarter of 2016, gross domestic product reached up to 2,088,024 million rupees against 1,978,609 million rupees recorded first quarter of 2015. […]
Sri Lanka’s BOI signs 37 new ventures from logistics to IT
June 15, 2016 (LBO) – Sri Lanka’s Board of Investment said they entered into 37 new investment agreements during the period of April to May 2016 with a total estimated investment of 579 million US dollars that will generate 6,000 direct employments opportunities. The newly established one stop shop has made it easy to invest […]
Sri Lanka cabinet approves reintroduction of capital gains tax
Jun 15, 2016 (LBO) – The cabinet committee on economic management has agreed to reintroduce the capital gains tax (CGT) to rectify the increase in the inequality of income distribution, a cabinet proposal said. “The cabinet also approved to draft a new capital gains tax regime,” it said. During the last few decades there has been a […]
Sri Lanka’s NBT should be abolished, minimal exemptions for VAT: IMF
June 15, 2016 (LBO) – International Monetary Fund’s latest staff report has suggested that Sri Lanka should minimize the exemptions provided under the Value Added Tax system, while abolishing the Nation Building Tax. The report has highlighted that the country needs an appropriate registration threshold and the degree of base erosion should be reviewed. Sri […]
Sri Lanka promises to reform Airline, public sector, fuel pricing to IMF
June 15, 2016 (LBO) – Sri Lanka has committed to reforming government finances and the public sector, in its letter of intent to the International Monetary Fund. Structural benchmarks include a “resolution strategy” for SriLankan Airlines by September 2016, in which it will take the loss-making airline off its books. Other reforms include enhancing oversight […]
‘s yuan hits weakest in more than 5 yrs after PBOC fix, MSCI disappointment
SHANGHAI, June 15 (Reuters) – China’s yuan slumped to its weakest level in more than five years against the dollar at Wednesday’s open, after the central bank set its official midpoint at its lowest level since January 2011. The yuan hit an intraday low of 6.6047 per dollar in early trade against Tuesday’s close of […]
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]