Category: Economy
Sri Lanka exports to US rise with renewed GSP: Ministry of Industry & Commerce
July 8, 2015 (LBO) – Sri Lanka’s exports to United States are improving at a hectic pace helped by renewal of the GSP facility in June, Ministry of Industry and Commerce said in a statement. “US is the biggest consumer of Sri Lankan exports in the world as well as Lankan apparels,” Minister of Industry […]
Sri Lanka’s to probe into tsunami relief vehicles
July 8,2015 (LBO) – Sri Lanka’s Minister of Finance, Ravi Karunanayake, has initiated an inquiry into the importation of high-value vehicles for tsunami relief and subsequently given to third parties without paying due taxes and depriving the state of billions of rupees, a statement said.This was brought to light when a vehicle imported for a […]
‘s CB governor says “I was not in the dealing room.”,rejects COPE allegations
July 7, 2015 (LBO) – Sri Lanka’s Central Bank Governor Arjuna Mahendran said that he never entered the tender board room where bids were assessed but gave instructions to accept bids of 10 billion rupees or more being in the corridor outside the Public Debt Department. He said while replying a reporter on the controversial […]
Central bank confident growth will pick up in 2Q; more private investments after election
July 7, 2015 (LBO) – Sri Lanka’s Central Bank says that more private sector investments would flow in to the country after the general election helping the island achieve seven percent economic growth in 2015. The Island’s economic growth for the first quarter of 2015 slowed to 6.4 percent compared to 7.6 percent in the […]
Sri Lanka government foreign borrowings at Rs137bn; Rs316bn to borrow
July 06, 2015 (LBO) – Sri Lanka’s government has already borrowed 137 billion rupees and plans to borrow another 316 billion rupees before the end of this year, Dr.Harsha de Silva said. As per the revised budget approved by the Parliament this year, 258 billion rupees is to be raised through foreign borrowings and another […]
Sri Lanka rupee may strengthen with foreign cash inflows for election: CB Governor
June 6, 2015 (LBO) – Sri Lanka’s rupee may strengthen supported by foreign inflows to finance an upcoming general election in September this year, Central Bank Governor Arjuna Mahendran told reporters recently.Mahendran said this in reply to a question raised by a journalist about the prediction made by Finance Minister Ravi Karunanayake on 23rd of […]
US reauthorized GSP, Duty Free Entry for 5000 products from 122 countries and territories
July 3, 2015 (LBO) – Sri Lanka’s Department of Commerce says that the US President has restored US Generalized System of Preferences (GSP) with effect from 29.06.2015 with retroactive respect including Sri Lanka.A statement said that the US President signed into law HR 1295 on June 29, 2015 re-authorizing the US GSP Programme until 31 […]
Sri Lanka’s inflation at record low of 0.1-pct in June 2015
June 30, 2015 (LBO) – Sri Lanka’s inflation measured by Colombo Consumer Price Index has fallen to 0.1 percent in June 2015 from a year earlier, data from the statistics department showed. The index increased by 1.0 percent in the month to close at 181.6 points, after gaining from 0.7 percent in May 2015. The […]
Sri Lanka North calls for private investments
June 30, 2015 (LBO) – Sri Lanka’s Northern Province calls for private investments in water disposal, recycling, construction, health care, hospitality, trade and vocational targeting at increasing household income of the people.“Some of the fundamental problems faced by the people of the North and the East are their socio-economic problems, the post conflict trauma, livelihood […]
Sri Lanka keeps key policy rates steady, credit to private sector grows in April
June 29, 2015 (LBO) – Sri Lanka’s Central Bank has decided to maintain its standing deposit facility rate and the standing lending facility rate unchanged at 6.00 percent and 7.50 percent, respectively. The Central Bank’s monetary board at its meeting held on 26 June 2015 has also decided to keep statutory reserve ratio stable at 6.00 […]
“Government job is not to defend its human rights record but to defend human rights”
June 26, 2015 (LBO) – Sri Lanka’s foreign policy should have preventive diplomacy approach addressing concerns with human rights and prevent those becoming foreign policy issues, Governor of Northern Province said. “Some of the foreign policy challenges including concerns with human rights issues also remain,” G S Palihakkara, Governor of Northern province said. “These could […]
Sri Lanka needs to look beyond developing infrastructure to uplift economy: New CCC Chief
June 26, 2015 (LBO) – Sri Lanka needs to look beyond developing infrastructure as a strategy to uplift the economy and minimize the gaps between urban and rural sector through regional inclusivity, strengthening small and medium enterprises and development of education and skill, a chamber official said. “Looking back we have achieved much but fresh […]