Category: Economy and Markets
CBSL maintains policy rates; gross official reserves at USD 2.7bn by end March
The Monetary Board of the Central Bank has 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 15.50 per cent and 16.50 per cent, respectively. Having considered the recent and expected economic developments, and macroeconomic projections on domestic and […]
Dutch companies exploring investment opportunities in renewable energy and sustainable agriculture: Envoy
The Dutch companies are eager to explore investment opportunities in renewable energy, eco-labeling and sustainable agriculture, if Sri Lanka can showcase a corruption free business environment, Her Excellency Bonnie Horbach, Ambassador to the Kingdom of the Netherlands in Sri Lanka stated at a meeting with the leadership of the Ceylon Chamber of Commerce, during Her […]
Sri Lanka official reserves at USD 2.2Bn in Feb 2023
Gross official reserves stood at US dollars 2.2 billion as at end February 2023, the Central Bank of Sri Lanka says. This included the swap facility from the People’s Bank of China, equivalent to around US dollars 1.4 billion, which is subject to conditionalities on usability. The Central Bank recorded a net absorption of foreign […]
ITC meets Min of Trade to present e certificate of origin system for SL exporters
Nalin Fernando, Minister of Trade, Commerce and Food Security in Colombo was presented the new Electronic Certificate of Origin (eCoO) system by the International Trade Centre (ITC) team, led by Ms. Raghad Altalli, Programme Manager and Trade Facilitation Advisor. The new eCoO system, implemented by the Department of Commerce (DoC), is a fully digital solution […]
ComBank launches LankaPay cards in Sri Lanka
Sri Lanka’s payment cards domain took a giant leap today when the Commercial Bank of Ceylon in collaboration with LankaPay launched a national credit and debit card with international acceptance. This National Card Scheme is an initiative implemented by LankaPay in partnership JCB International Co. Ltd, the Japan-based international card, with over 150 million cardholders […]
Domestic debt optimization to be conducted on a voluntary basis based on consultations with major Bondholders
The Authorities are exploring options for a domestic debt optimization (DDO) operation aimed at liquidity relief while preserving financial stability to avoid further eroding of Sri Lanka’s repayment capacity and it is envisaged that this DDO will be conducted on a voluntary basis and be based on the consultations with major T-Bonds holders, the Central […]
‘s government should make sure that wealthy pay their fair share: Human Rights Watch
The government of Sri Lanka should ensure that policies to enhance revenues do not further erode economic and social rights and that anti-corruption reforms provide accountability, Human Rights Watch said today. On March 20, 2023, the International Monetary Fund (IMF) approved a US$3 billion loan to Sri Lanka to help resolve the spiraling economic crisis […]
”’ Rating on Watch Positive following proposed disposal
Fitch Ratings has placed Sri Lanka Telecom PLC’s (SLT) National Long-Term Rating of ‘A(lka)’ on Rating Watch Positive (RWP) reflecting the potential rating upside due to weakening linkages with SLT’s parent, the government of Sri Lanka (Long-Term Local-Currency Issuer Default Rating: CC), due to the government’s plan to sell its 49.5% stake in the company. […]
Sri Lanka’s exports decreased by 8-pct to USD 1Bn in Feb 2023 compared to Feb 2022
Sri Lanka’s merchandise exports decreased by 8.06 % to US$ 1,005.2 Million in February 2023 compared to February 2022 as per the data released by Sri Lanka Customs. However, it is a 5.62% increase when compared to February 2021. Table 1: Merchandise Export Performance Values in US$ Mns Exports of Goods Jan-Feb 2022 […]
Govt increasing tax burden on poor and working people on IMF conditions but not taxing capitalists: Eran
Oppositions MP Eran Wikramaratne has alleged that there is a bizarre situation in the implementation of the agreement with the International Monetary Fund, as the tax burden on the poor and working people was imposed even before the implementation of the IMF conditions. According to the report, the taxation of capitalists has been delayed until […]
Sri Lanka to announce parameters of external & domestic debt operations before end-April
Sri Lankan authorities are currently exploring options for a domestic debt operation which is aimed at providing substantial liquidity relief to the government, the Letter of Intent sent to the IMF Managing Director showed. This will be carried out in line with the program parameters while preserving financial stability to avoid further eroding Sri Lanka’s […]
People’s Bank of China to consider renewing swap arrangement with CBSL for another 3 years: report
People’s Bank of China (PBoC) has indicated that it will consider renewing its swap arrangement with the CBSL in 2024 for another three years if there is no significant situation change, the IMF Staff Report highlighted. However, the PBOC swap ($1.4bn in 2022) will become usable once Gross international reserves (GIR) rise above 3 months […]