Category: Economy and Markets
Central Bank commences monetary easing; cuts SDFR & SLFR by 2.5-pct
Sri Lanka’s Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 250 basis points to 13.00 percent and 14.00 percent, respectively. The Monetary Board of the Central Bank has arrived at this decision with a view to easing monetary conditions […]
Sri Lanka headline inflation down to 25.2-pct in May 2023
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 decreased to 25.2 percent in May 2023 from 35.3 percent in the previous month. The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CBSL) in […]
Courtyard by Marriott Colombo hosts Sri Lanka open 2023 Pro-Am golf tournament
Marriott Bonvoy, Marriott International’s award-winning travel program, teamed up with Courtyard by Marriott Colombo to host the Sri Lanka Open 2023 Pro-Am Golf Tournament. Kicking off 2023 on a green note, Marriott Bonvoy continues its long-term association with Shiv Kapur, an Arjuna Award winner and ace golfer. Shiv Kapur, a two-time European Challenge Tour champion […]
Ayodhya Iddawela Perera to take over as Sampath Bank MD from 01st July 2023
Ayodhya Iddawela Perera will take over as the next Managing Director of Sampath Bank PLC effective from the 1 st of July 2023. She will succeed the incumbent Managing Director, Nanda Fernando, who will conclude his term in office on the 30th of June 2023, leaving behind a legacy of commitment, excellence, and service to […]
John Keells Group crisis response initiative records promising impact among multiple communities
In the wake of Sri Lanka’s unprecedented socio-economic crisis in early 2022, the John Keells Group launched a multi-pronged Crisis Response Initiative through its Corporate Social Responsibility (CSR) entity, John Keells Foundation. Implemented in partnership with Group businesses across the Island, this initiative has made significant strides in supporting and empowering communities, aligning with the […]
Brazilian technical assistance to dairy and sugarcane industries in Sri Lanka
High-Level Technical Team of eight professionals from the Federal University of Viçosa, Federal University of Sao Carlos and the Brazilian Cooperation Agency (ABC) is scheduled to undertake a technical visit to Sri Lanka with a view to providing Brazilian Technical Assistance for the development and capacity building of the Dairy and Sugarcane industries in Sri […]
Merchandise exports decreased by 16-pct in April 2023 compared to April 2022
Sri Lanka’s merchandise exports decreased by 16.15 % to US$ 814.1 Million in April 2023 compared to April 2022. Moreover, it is a 0.5 % decrease when compared to April 2021. Declining trend in merchandise exports further continues due to the negative trends shown in major export products. i.e., Apparel & Textiles, Rubber & Rubber […]
Removing PUCSL Chair via Parliament a threat to democracy and good governance: Eran
Judicial Precedence proves independent commissioners can seek court order to ensure their orders carried out Eran Wickramartne MP speaking on the debate of the resolution to remove the Public Utility Commission Chairman, asked the government that what was the great sin committed by him? The Chairman had asked the CEB to maintain the electricity supply continuously […]
Opinion: Putting customer needs first, shifting focus from flashy tech in BFSI
By Janaka Ediriweera In 2018, Nicky Morgan MP, the head of the powerful Treasury Committee (in the UK), demanded answers from the chief executives of Royal Bank of Scotland and Barclays, as millions of banking customers were locked out of their accounts, unable to access their own money or pay bills on time. She remarked, […]
Fitch Assigns Hayleys First-Time AAA(lka) National Rating; Outlook Stable
Fitch Ratings has assigned Sri Lankan conglomerate Hayleys PLC a National Long-Term Rating of ‘AAA(lka)’. The Outlook is Stable. Fitch has also assigned a ‘AAA(lka)’ National Long-Term Rating to Hayleys’ senior unsecured debentures. The rating reflects Hayleys’ large operating scale locally as a result of extensive business and geographical diversification, and strong market share in […]
JKH recurring EBITDA grows by 17-pet to Rs.45.7Bn for 2022/23
The Group reported a resilient performance during the year, amidst the unprecedented challenges in the operating environment, recording a recurring EBITDA growth of 17% to Rs.45.74 billion. This is despite the substantial EBITDA recognition of Rs.6.30 billion from the revenue of the handover of the residential apartment units and commercial floors at ‘Cinnamon Life Integrated […]
IMF staff concludes visit; says restructuring agreements by first review essential to restore debt sustainability
Achieving timely restructuring agreements with creditors in line with the program targets by the time of the first review is essential to restoring debt sustainability, concluding the visit to Sri Lanka, the IMF staff mission said. An International Monetary Fund (IMF) mission led by Peter Breuer and Masahiro Nozaki conducted a staff visit to Colombo […]