Category: Economy and Markets
”s proposed wage hike for plantation sector workers
The plantation industry raised its strongest possible objections to the Government’s arbitrary, reckless, unilateral decision to drastically hike minimum wages for tea and rubber sector workers by an unprecedented 70%. All producer stakeholders issued a unified warning against the devastating impact the latest increase will have on the plantation sector, leading crippling operational challenges, ultimately […]
Central Bank of Sri Lanka maintains policy interest rates at their current levels
The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 27 May 2024, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 8.50 per cent and 9.50 per cent, respectively. The Board arrived […]
Central Bank launches financial literacy roadmap of Sri Lanka 2024-2028
The Central Bank of Sri Lanka launched the Financial Literacy Roadmap of Sri Lanka, marking a significant step towards enhancing the financial capabilities of Sri Lankans, in Colombo Tuesday. This Roadmap, a cornerstone of Sri Lanka’s National Financial Inclusion Strategy (NFIS), offers evidence- based guidance to all stakeholders engaged in financial literacy initiatives, aligning them […]
JKH records strong Q4 2023/24 with recurring EBITDA growth of 20-pct to Rs.14Bn
• During the fourth quarter, the Group reported a strong performance across most businesses, with Consumer Foods, Transportation and Leisure, in particular, recording significant growth. The performance seen in most of the businesses is a reflection of the improving macroeconomic conditions in the country and is a continuation of the growth momentum witnessed in the […]
CSE Shortens Settlement Cycle for Equity Trades
The Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission of Sri Lanka (SEC) and industry participants, has announced that the settlement cycle for equity transactions will be reduced from T+3 to T+2 with effect from 10th June 2024 (i.e. trades taking place on and after 10th June 2024). The concept of […]
‘s Exports Up 1.25-pct to USD1.11 Billion in April
The total exports (Merchandise & Service) for the month of April 2024 was recorded as US$ 1,114.22 Million increasing 1.25 % over the corresponding period of 2023. As per the provisional data released by the Sri Lanka Customs, the merchandise export performance in April 2024 amounted to US$ 813.81 million, recorded decrease of 4.1 % […]
Economic Transformation Bill and Public Financial Management Bill to Parliament on May 22
Acting Finance Minister Shehan Semasinghe announced plans to introduce two significant bills to Parliament on May 22, aimed at bolstering the country’s economy. These bills, the “Economic Transformation Bill” and the “Public Financial Management Bill,” are designed to enhance the management of public finances, thereby safeguarding against future economic downturns. Minister Semasinghe made this announcement […]
The Ceylon Chamber Calls on All Political Parties to Support Continuity of SOE Reforms
The Ceylon Chamber of Commerce calls on all political parties to support the continuity of SOE reforms and the reform momentum, building on the economic stability achieved. The Chamber stresses that it is vital to prioritise and implement the reforms related to State-Owned Enterprises (SOEs), energy, and fiscal management, to ensure that the country does […]
Debt Restructuring Talks With External Bondholders Ongoing; Official Creditor Deals Await Finalization: IMF
Julie Kozack, Director of Communications at the International Monetary Fund (IMF), provided an update on Sri Lanka’s economic performance and debt restructuring efforts during a recent press briefing. “With respect to Sri Lanka’s economic performance, macroeconomic policies in Sri Lanka are starting to bear fruit.Commendable outcomes include a rapid decline in inflation, robust reserve accumulation, […]
Port City Colombo to reinvent SL economy to contemporary system that is geared for export of services
Port City Colombo says it hopes to empower large-scale business growth within the South Asian region through a reliable and competitive regulatory environment that enhances the ease of doing business. Issuing a statement the Port Coty Colombo says that this progressive economically ring-fenced landscape is projected to reinvent the Sri Lankan economy, from one that […]
Siddhalepa takes Ayurveda to UAE
Siddhalepa, the Ayurveda-based wellness brand, unveiled its presence in the Middle East, particularly in the United Arab Emirates. This auspicious occasion celebrated recently, at the Pullman Hotel, Diera, Dubai, signifies a new era of holistic wellness in the region. The launch event commenced with a warm welcome address by Shihan Sherif, representee of the Sri […]
Sampath Bank reports Q1 results: PAT of Rs3.4Bn
Sampath Bank posted a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD by Rs 23.70. These figures signify growth […]