Category: Economy and Markets
Fuel to be supplied only for essential services from midnight: Cabinet
The remaining fuel stocks will be distributed only for essential services with effect from midnight today (June 27) until the 10th of July, Cabinet spokesman Minister Bandula Gunawardena said. Accordingly, essential services include ports, the health sector, distribution of essential food items, and transportation of agricultural products. Inter-provincial transport services will also be temporarily halted […]
Sri Lanka exports recorded 5-billion-dollar mark in five months
Earnings from the merchandise exports increased by 9.9 % y-o-y to US$ 980.2 Mn in May 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Coconut based products and Electrical & Electronic Components. Table 1: Merchandise Export Performance […]
‘s Cauvery and Mannar Basins from FTG and aeromagnetic data
Bell Geospace, the world leaders in gravity gradiometry, has conducted the first aerial mapping of petroleum resources in Sri Lanka in Q4 of 2021, and will be presenting these insights – together with Wintermoon Geophysics- at the prestigious SEAPEX (South East Asia Petroleum Exploration Society) Asia Pacific Conference in London on Thursday the 30th of […]
Hemas, Dilmah, Brandix & Daraz come together to provide emergency relief under UNDP-led initiative
The health and food sectors are two of the most heavily affected by the ongoing economic crisis in Sri Lanka, with severe medical and food supply shortages, availability of basic pharmaceuticals and overall health and wellbeing continuing to be significantly affected. In this backdrop, building on established partnerships and keen interests of various actors, the […]
Central Bank to initiate actions against persons who hold over USD 10,000 in possession
With the intention of attracting foreign currency in the hands of the public into the formal banking system, the Minister of Finance has issued an Order under Section 8 of the Foreign Exchange Act No. 12 of 2017 as follows: (1) Reducing the amount of foreign currency retained in possession by a person in, or […]
CA Sri Lanka launches Non-Financial Reporting Guideline to promote reporting practices among companies
In its standing as the sole authority to promulgate accounting and auditing standards in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on Wednesday launched the Non-Financial Reporting Guideline to strengthen and ensure fair and balanced corporate reporting among companies, while also promoting non-financial reporting practices amidst growing demands from […]
Trillium Property Management ground breaks on USD 10Mn duplex apartment project
Trillium Property Management, a luxury apartment owner, developer, and operator, recently held the groundbreaking ceremony of its latest 60 upscale duplex (two stories) apartment project with exclusively designed 2 villas at at No:33, Lionel Edirisinghe Mawatha, Colombo 05. Chairman of Trillium Property Management Janaka Ratnayake graced the event, amidst a gathering of distinguished guests, including […]
Finance Minister of India assures her fullest support to economic recovery process in Sri Lanka
Finance and Corporate Affairs Minister of India Nirmala Sitharaman assured the High Commissioner of Sri Lanka to India, Milinda Moragoda of her fullest support and cooperation in the process of economic recovery in Sri Lanka. The Finance Minister of India gave this assurance when High Commissioner Moragoda called on her on 21 June at the […]
Central Bank deploys new system to monitor foreign currency transactions
Recognising the need to implement a comprehensive cross-border transactions and domestic foreign currency transactions monitoring system as a key national priority, the Central Bank has implemented a new data collecting system known as the International Transactions Reporting System (ITRS) with the participation of Licensed Commercial Banks (LCBs) and Licensed Specialised Banks (LSBs). The ITRS is […]
NCPI based headline inflation increased to 45.3-pct in May
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index has increased to 45.3% in May 2022 from 33.8% in April 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. Accordingly, Food inflation (Y-o-Y) increased to 58.0% in May 2022 from […]
JKH to raise equivalent of USD 75Mn via unlisted convertible debentures to Fairfax Financial
John Keells Holdings PLC (JKH) announced it will raise the equivalent of USD 75 million of foreign direct investment by way of a private placement of Sri Lankan Rupee (LKR) denominated unlisted convertible debentures (“debentures”) to certain controlled affiliates of Fairfax Financial Holdings Limited, headquartered in Canada (collectively, “Fairfax”). The transaction amounts to a value […]
Zero chance for illegal migrants, says Australia’s new Minister for Home Affairs
Minister of Foreign Affairs of Sri Lanka Prof. G. L. Peiris held a meeting with Australia’s Minister for Home Affairs, Clare O’Neil MP during her visit to Colombo, Sri Lanka, from 19 to 21 June 2022. This is the first overseas visit Minister O’Neil has undertaken as the Home Affairs Minister reflecting the importance Australia places […]