Category: Economy
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 […]
Sri Lanka inflation slows to 1.6-pct in April, lowest since Feb 2016
May 22, 2018 (LBO) – Sri Lanka’s headline inflation measured by National Consumer Price Index (NCPI) has decreased to 1.6 percent in April, lowest since February 2016, from 2.8 percent in March 2018. The decline in the year-on-year inflation in April 2018 was mainly driven by the higher base resulted by the increase in prices […]
ADB, Sri Lanka sign USD210Mn loan for Mahaweli water security investment program
May 18, 2018 (LBO) – The Asian Development Bank (ADB) and the Government of Sri Lanka signed a US 210 million dollar second tranche loan agreement for the Mahaweli Water Security Investment Program, the Finace Ministry siad. The programme will assist Sri Lanka complete its on going drive to deliver surplus water from the Mahaweli […]
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 […]
Laugfs Gas urges Govt to introduce transparent mechanism for LPG pricing
May 18, 2018 (LBO) – Sri Lanka’s liquid petroleum gas (LPG) prices should be adjusted using a pricing mechanism that is transparent, impartial and fair, Laugfs Gas said issuing a statement. There have been significant changes in the LPG prices in the international market, which has had a detrimental impact on the local LPG industry, it said. […]
LKR depreciation unwarranted; Reserves to reach US$ 11Bn by June 2018 :CB
May 17, 2018 (LBO) – The Central Bank of Sri Lanka says the underlying fundamentals do not warrant the current pressure on the Sri Lanka rupee. The rupee closed at 158.20/40 rupees against the US dollar in the spot market Wednesday after hitting a low low of 158.80 rupees earlier in the day. “Gross external […]
Sri Lanka among 23 countries vulnerable to Chinese debt distress: Study
May 16, 2018 (LBO) – Sri Lanka has been classified as a highly vulnerable country to debt distress of China’s Belt and Road Initiative (BRI) in a recent study published by the Center for Global Development.The policy paper has identified 68 countries that fall under the scope of BRI based on reports from Chinese quasi-official […]
‘t accept 6.5-pct fare hike
May 16, 2018 (LBO) – The Lanka Private Bus Owners’ Association (LPBOA) and Inter-Provincial Private Bus Association (IPPBA) said it cannot accept the Cabinet approved bus fare increase and that it would launch an islandwide bus strike from by midnight Wednesday. The two association said that the 6.56 percent bus fare increment was not acceptable and are […]
Sri Lanka among most exposed countries to an interest rate shock: Moody’s
May 14, 2018 (LBO) – Moody’s Investors Service said the probability of an interest rate shock tends to be higher for Sri Lanka as the country is most exposed to a higher cost of debt that feeds mostly through weaker debt affordability.“The sovereigns most vulnerable to an interest rate shock are generally low rated, with […]
Iranian companies to provide tech and engineering services to Sri Lanka
May 14, 2018 (LBO) – Iranian President Hassan Rouhani said that relations between Iran and Sri Lanka will be developed in all fields, stressing that the two countries have reached good agreements in economic fields of mutual interest to both. He said that Iranian companies are ready to provide technical-engineering services to Sri Lanka. “Relations between […]
Sri Lanka GDP will grow at 3.7-pct in Q1
May 14, 2018 (LBO) – Sri Lanka’s will grow at 3.7 percent in the first quarter of 2018, althought this below the islands potential, the Governor of the Central Bank said. “The growth will be supported by the services sector, but is still below potential,” Dr. Indrajit Coomaraswamy, Central Bank Governor told reporters in Colombo recently. The Monetary […]