Category: Economy and Markets
Legal tender in Sri Lanka for domestic payments will remain as LKR not INR, clarifies CBSL
The legal tender in Sri Lanka for domestic payments and settlements will remain as Sri Lanka Rupees (LKR) and the authorization of INR as a designated currency does not make INR a legal tender in Sri Lanka for domestic payments/settlements, the Central Bank clarified. Issuing a clarification to erroneous reports, the Central Bank further said […]
SL Purchasing Managers’ Index (PMI) – Construction Industry
The construction industry remained contracted in June 2023, recording a total activity index value of 44.4 with most of the companies operating at a sub-optimal level amidst the limited availability of construction projects. However, several respondents mentioned that the steady decline in material prices has induced to commence small-scale construction work. The lack of new […]
‘s path to sustainable growth: Embracing a social market economy
● Sri Lanka’s Economic Challenge: A stark contrast between Tamil Nadu’s expected growth of 14% and Sri Lanka’s negative 3.5% this year. ● Ambitious Goal of High-Income Country: President’s vision to achieve high-income status by 2048, requiring 6.5% annual growth from now onwards. ● Bridging the Skill Gap: Concerns over the volume of skilled labor produced in India, […]
JKH records EBITDA of Rs.9.23Bn in Q1 2023/24
Summarised below are the key operational and financial highlights of our performance during the quarter under review: Group PBT at Rs.1.40 billion in the first quarter of the financial year 2023/24 is a decrease over the Rs.14.80 billion recorded in the previous financial year. The first quarter of the previous year included Rs.10.12 billion […]
New UN Resident Coordinator in SL commits to work towards 2030 agenda for sustainable development
Newly appointed United Nations Resident Coordinator in Sri Lanka, Marc-André Franche, presented his letter of credence to President Ranil Wickremesinghe, Monday and expressed his appreciation for the longstanding partnership between the UN and Sri Lanka. He also reaffirmed the commitment of the UN Country Team to continue working together with the Government and people of […]
New Order issued relaxing certain limitations imposed on outward remittances of foreign exchange
With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve position of the country, the Minister of Finance has issued Orders under Section 22 of the Foreign Exchange Act, No. 12 of 2017 (FEA) since 02.04.2020, to temporarily suspend/limit certain […]
CFA Society Sri Lanka hosts CEO forum ‘Rebooting Sri Lanka Economy”
A CEO Forum organised by the CFA Society Sri Lanka (CFASSL) was held in Colombo recently with a focus on ‘Rebooting the Sri Lankan Economy – Post-Domestic Debt Optimisation’. The event was attended by regulators, senior government officials, business leaders, and CFA Charterholders. The forum was aimed at fostering a constructive dialogue among regulators and […]
Remembering Amal Sanderatne
July 24, 2023 (LBO) – Amal Sanderatne, CEO and founder of Frontier Research, was a person whose intellect and work I admired. In remembrance, below is a memorable address he gave to LBO’s Debrief summit in 2016.It was always insightful to listen to his analysis and independent, unbaised point of view. Sri Lanka’s financial sector […]
EU, AFD, and World Bank support Strengthening Public Finance Management in Sri Lanka
The Government of Sri Lanka and the World Bank, European Union (EU) and Agence Française de Développement (AFD) have recently signed financing agreements to help strengthen Sri Lanka’s management of public finances. The grant of EUR 9.8 million for Public Finance Management aims to support improving economic governance, transparency, and accountability in how public finances […]
Nimi launches NimiKash, revolutionizing payroll management for IT workers
Nimi, a leading information technology firm specializing in Staff Augmentation and Development, Product Advisory, and Payments Advisory, is proud to announce the launch of its groundbreaking product, NimiKash. Designed specifically for IT workers, NimiKash is set to revolutionize payroll management by empowering employees to effectively manage their cash flow and achieve financial growth. NimiKash is […]
Rs 12Tn loss to EPF is a misrepresentation of opportunity loss: CB Governor
Sri Lanka’s Central Bank chief on Thursday disputed the claim that the Employees’ Provident Fund (EPF) would lose a staggering 12 trillion rupees (USD39 billion) by 2038. The EPF would suffer a loss of Rs 12 trillion, Opposition Leader Sajith Premadasa told Parliament yesterday.He said that an independent think tank had assessed that even based […]
‘s Long-Term Local- Currency IDR to C
Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on local-currency bonds have also been downgraded to ‘C’ from ‘CC’. The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-‘. Fitch typically does not assign Outlooks […]