Category: Policy
IMF working paper suggests new Keynesian models for monetary policy decisions
June 26, 2018 (LBO) – An International Monetary Fund (IMF) working paper released yesterday suggested the Central Bank of Sri Lanka use new Keynesian models for monetary policy analysis and forecasting purposes. IMF working paper said small new Keynesian models, which are increasingly used in central banks for monetary policy analysis and forecasting purposes are […]
Heads of state institutions responsible for paying salaries to excess employees : Fin Min
Jun 18, 2018 (LBO) – The Government has decided that the Secretaries to Ministries, Heads of Departments, Chairpersons, executive officers and accountants of Government Institutions should take the responsibility of paying salaries to redundant workers they have employed in addition to the approved cadre. It is reported that there are over 7500 personnel employed in […]
‘t tolerate speculation further; if necessary will use all instruments to discipline
Jun 13, 2018 (LBO) – Sri Lanka’s Central Bank Governor warned forex market players saying that if necessary he is ready to use all the instruments they have to discipline the market and the Central Bank is not going to impose an undue burden on the people.Speaking at a recent event, Governor Indrajit Coomaraswamy said […]
New MLA amendments to restrict financing fiscal deficit by Central Bank
June 05, 2018 (LBO) – Sri Lanka’s Central Bank said there will be new legislative amendments to Monetary Law Act (MLA) to restrict financing the fiscal deficit of the government by the Central Bank. Currently, the Central bank has been compelled to purchase Treasury bills in the primary market at times without regard to monetary […]
‘s 4th review; approves USD 252 mn disbursement
June 02, 2018 (LBO) – Executive Board of the IMF has completed the fourth review of Sri Lanka’s economic performance under the program supported by a three-year extended arrangement under the Extended Fund Facility (EFF) arrangement. Completion of this review enables the disbursement of the equivalent of SDR 177.774 million (about US$ 252 million), bringing […]
Dollar strengthening combines with political uncertainty in Sri Lanka: Moody’s
May 28, 2018 (LBO) – Strengthening of the Dollar in Sri Lanka has combined with domestic political uncertainty, weighing on the rupee, Moody’s Investors Service said.Moody’s said country-specific factors like in Sri Lanka have played a role in tightening financing conditions. Tightening financing conditions reflect various factors, including the appreciation of the US dollar. Moody’s, […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Finance Minister appoints Ranel Tissa Wijesinha as new Chairman of SEC
May 24, 2018 (LBO) – Finance and Media Minister has appointed Ranel Tissa Wijesinha as the new Chairman of the Securities and Exchange Commission of Sri Lanka with effect from today.The other members appointed to the Board of the SEC are as follows: Chandrakumar Ramachandra Jayantha Fernando Arjuna Herath Rajeev Amarasuriya Manjula Hiranya de Silva
Central Bank to create intervention rules for foreign exchange market
May 23, 2018 (LBO) – Sri Lanka’s Central Bank is to introduce several rules, the officials need to follow when they are intervening in the foreign exchange market, Central Bank Governor Indrajit Coomaraswamy said. Speaking at a recent event, Coomaraswamy, however, said Central Bank’s intervention in the forex market will only be limited to smooth […]
Sri Lanka Central Bank clarifies on external debt and reserves
May 23, 2018 (LBO) – Sri Lanka’s Central bank issuing a statement has clarified a misleading news item has been disseminated in relation to Sri Lanka’s foreign reserves and external debt servicing. “The contents of the news item portray a misleading picture of the country’s external position,” it said. The full statement follows: External Debt […]
SL – China FTA would result in higher gains for Sri Lankan exports: Study
May 22, 2018 (LBO) – Sri Lanka – China FTA would result in higher gains for Sri Lankan exports compared to products imported from China which are already entering Sri Lanka duty free, a recent study showed. The study carried out by the Economics Research Team of Verité Research, however, noted that the analysis is […]
IMF to complete its 4th review on June 1 as SL introduced fuel price formula
May 18, 2018 (LBO) – IMF Communications Department on Thursday announced that their board is scheduled to discuss Sri Lanka’s completion of its fourth review on June 1. At an IMF press briefing held in Washington, Gerry Rice of the communications department told reporters that the fuel pricing mechanism would benefit Sri Lanka and the […]