Category: Economy and Markets
Manufacturing PMI increased month-on-month basis at slower rate
Following the seasonal pattern in manufacturing activities, the manufacturing PMI increased on a month-on-month basis to an index value of 57.8, yet at a slower rate than the previous years. This increase was mainly attributable to the improvements observed in production, new orders and employment sub-indices following the seasonal demand. The increase observed in new […]
Colombo Stock Brokers Association defends the decision by SEC to temporarily close down CSE
Colombo Stock Brokers Association (CSBA) defends the decision by the Securities and Exchange Commission of Sri Lanka (SEC) to temporarily close down the Colombo Stock Exchange (CSE) for 5 business days as a warranted measure, considering the prevailing economic crisis in the country as well as the disruptions faced by traders in conducting day to […]
SEC directs CSE to temporarily close stock market; CCC requests SEC to reconsider decision
The Ceylon Chamber of Commerce requests the Chairman of the Securities and Exchange Commission to reconsider the decision to direct the CSE to temporarily close the stock market for a period of five business days commencing from 18th April. “This action will be seen by market participants as akin to the unsuccessful attempt made to […]
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Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on foreign-currency bonds issued on international markets have also been downgraded to ‘C’ from ‘CC’. The Long-Term Local-Currency IDR has been affirmed at ‘CCC’ and the Country Ceiling at ‘B-‘. A full list of rating actions […]
Sri Lanka suspends normal debt servicing; announces interim policy on servicing external debt
Sri Lanka’s government has suspended the normal debt servicing of all affected debts, for an interim period pending an orderly and consensual restructuring of those obligations in a manner consistent with an economic adjustment program supported by the IMF. Announcing an interim policy regarding the servicing of Sri Lanka’s external public debt, the Ministry of […]
How is an economic crisis affecting people?
People across Sri Lanka are struggling to get hold of daily essentials as the country faces its worst economic crisis in decades. Sri Lanka is mired in public debt after revenue from tourism evaporated in the wake of the coronavirus pandemic. With the country’s foreign currency reserves dwindling and foreign debt payments around the corner, […]
Sanjeeva Jayawardena & Ranee Jayamaha to continue to serve on Monetary Board: CB Governor
President’s Counsel Sanjeeva Jayawardena and Dr. Ranee Jayamaha, appointed members of the Monetary Board, have acceded to continue to serve on the Monetary Board, Central Bank Governor Dr. Nandalal Weerasinghe said. “As the newly incumbent Governor of the Central Bank of Sri Lanka (CBSL), I am delighted that Mr. Sanjeeva Jayawardena, President’s Counsel and Dr. […]
Technical negotiation with IMF started; RFPs to be called to appoint advisors for debt restructuring
Sri Lanka’s Central Bank has already started technical negotiations with the International Monetary Fund for an IMF program and appointing financial and legal advisors for debt restructuring will be expedited, new Central Bank Governor Nandalal Weerasinghe said. “I want to make it very clear that I am going to exercise the powers vested with the […]
Central Bank significantly tightens its monetary policy; decides to increase SDFR & SLFR by 700bps
The Monetary Board of the Central Bank at its meeting held today has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 700 basis points to 13.50 percent and 14.50 percent, respectively. The Board, having noted the inflationary pressures that could further intensify […]
Nandalal Weerasinghe appointed as CBSL Governor; K M M Siriwardena new Finance Ministry Secretary
Dr. Nandalal Weerasinghe was appointed as the Governor of the Central Bank of Sri Lanka while K.M.M. Siriwardena was appointed as the new Secretary to the Ministry of Finance. President Gotabaya Rajapaksa handed over the letters of appointment this evening (07). Dr. Weerasinghe, who has vast experiences in the financial sector, served as the Alternate […]
‘s official reserves down to USD 1.94bn in March
Sri Lanka’s official reserve assets were 1.9 billion US dollars (USD 1,939mn) by the end of March, further down from 2.3 billion US dollars in February this year, the latest Central Bank data showed. By the end of March, the foreign currency reserves were 1,724 million dollars while the reserve position in the IMF was […]
Presidential Advisory Group appointed to guide officials engaging with IMF
The President has appointed a team of eminent economic and fiscal experts as Members of the Presidential Advisory Group on Multilateral Engagement and Debt Sustainability. The Members of the Advisory Group are: • Dr. Indrajit Coomaraswamy, Former Governor, Central Bank of Sri Lanka and Former Director, Economic Affairs Division of the Commonwealth Secretariat. • Prof. […]