Category: Economy and Markets
CBSL Monetary Policy Statement Indicates Economic/Forex Stabilisation
August 18, 2022 (LBO) – The monetary policy statement released by the Central Bank of Sri Lanka indicated stabilisation of the Sri Lankan currency and economy across a broad range of measures. “Pressures witnessed in the domestic foreign exchange market have eased to a large extent with the notable decline in import expenditure and improved […]
Finance Minister requests the public to deposit or sell foreign currency notes in possession
In order to attract foreign currency held with the public into the banking system, the Minister of Finance has issued an Order granting an amnesty period of 1 month effective from 15.08.2022 for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession to: i. Deposit into a Personal Foreign Currency […]
DCTS to replace UK GSP; SL to benefit from duty-free exports to UK on more than 80-pct of products
Over 99% of goods exported from Sri Lanka eligible for duty-free access to the UK £69m of tariffs saved on exports to the UK under the new Developing Countries Trading Scheme The UK is reshaping trade with 65 developing countries, including Sri Lanka, through a new trading framework: the Developing Countries Trading Scheme (DCTS). The DCTS […]
Central Bank relaxes mandatory conversion requirement on service export proceeds
With the view of encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka has withdrawn the mandatory requirement to convert service export receipts/proceeds, that are received in Sri Lanka on or after 12 August 2022. The service exporters may use their export proceeds so repatriated to Sri […]
Here is the Ten-Point Common Minimum Program for Sri Lanka’s Economic Recovery: Harsha de Silva
Sri Lanka is currently facing its worst economic crisis since independence. Decades of shortsighted policies and halfhearted reforms weakened our foundation, and a global crisis pushed us to a brink. While President Ranil Wickremesinghe and the current cabinet have stated there needs to be some deep economic reform, no roadmap has been put forward thus […]
Aitken Spence records its historically highest ever Q1 PBT of Rs. 7.2bn
Anchored through a heritage of excellence spanning over 150 years with diversified business operations across 8 countries, Aitken Spence PLC reported a strong performance during the Q1 that ended 30th June 2022. The conglomerate recorded a significant increase on its profit before tax (PBT) of Rs. 7.2 billion compared to a loss of Rs. 467 […]
Demand Destruction – US fuel demand reduced by higher prices
August 7, 2022 (LBO) – Fox business news has reported that fuel demand in the United States is declining in response to higher prices. “New data from the Energy Information Administration (EIA) shows that gas demand dropped from 9.25 million barrels per day to 8.54 million per day last week. That’s 1.24 million barrels per day lower than […]
Bangladesh spikes fuel prices 50%
August 7, 2022 (LBO) – Bangladesh has sharply raised fuel prices in response to pressures caused by the increase in global oil prices. The price of petrol was raised by over 51%, while prices of diesel and kerosene were raised 42.5%. Prices of petrol in Bangladesh are now at the price equivalent of LKR495/liter, while […]
We can no longer rely on old economic model: President
President Ranil Wickremesinghe stated that there can be no reliance on old economic models any longer and there should be innovative thinking, while paying prompt attention to the global changes. The President made these remarks delivering the keynote address at the launch of the research reports on Sri Lanka’s economic reforms and the panel discussion […]
‘s stock exchange: Few people control it & few people rig it, says President
President Ranil Wickremesinghe says that he has questions about putting shares of the state-owned enterprises onto the current Stock Exchange. “What is the platform for restructuring? Many of you say, send it to the Stock Exchange.I have my questions about it. The Stock Exchange is today identified not with the London Stock Exchange,” Wickremesinghe pointed […]
Despite challenges, SL’s positioning remains unmatched in high-end apparel manufacture
Director of Stretchline Holdings Norman Collier Globally successful manufacturing destinations for high-end apparel have three defining characteristics. Firstly, they have robust secondary supply chains – which are critical to ensuring the timely availability of all required inputs. The importance of this becomes apparent once you consider that to manufacture an item like a bra, producers […]
DIMO together with Kalmar uplifts Sri Lanka’s port and inland container terminal operations
DIMO, a leading diversified conglomerate in Sri Lanka, and Kalmar, a global industry forerunner in port and inland container terminal automation and in energy-efficient container handling solutions, are geared to enhance and uplift local container terminal operations to the next level. This partnership reflects DIMO’s commitment to continuously fuelling the dreams and aspirations of the […]