Is wealth tax the solution to Sri Lanka’s low tax revenue collection?
By Sathya Karunarathne IntroductionSuccessive governments have run fiscal deficits. Inadequate revenue collection and unrestrained government expenditure have …
Economy
WB Group agreed to provide USD 500mn loan for Inclusive Connectivity & Development Project
The Development Policy Framework of the Government has identified the necessity of improvement of accessibility and connectivity of Rural Sri Lanka by …
CBSL issues new rules on export proceeds conversion; applicable for both goods & services
The Monetary Board of the Central Bank has issued new rules, in respect of repatriation of export proceeds into Sri Lanka and conversion of such export …
Moody’s downgrades Sri Lanka’s rating to Caa2; CBSL questions timing & subjectivity
Moody's Investors Service ("Moody's") has downgraded the Government of Sri Lanka's long-term foreign currency issuer and senior unsecured debt ratings to Caa2 …
Sri Lanka’s Central Bank reveals progress of securing foreign exchange inflows
The Central Bank on Tuesday revealed the progress of securing foreign exchange inflows and highlighted a series of direct engagements that the Sri Lankan …
Fitch Ratings: Is Sri Lanka Headed for Default?
Sri Lanka’s external liquidity position remains stressed, with USD26 billion in sovereign foreign-currency obligations coming due between now and 2026, …
TISL wants FIU of CBSL to investigate into potential money laundering cases in Pandora Papers
Transparency International Sri Lanka (TISL) once again draws the attention of the general public to the serious concerns that were brought to light by the …
Export Advisory Committees appointed covering 24 sectors for 5 years
Export Advisory Committees have been appointed by the trade minister covering 24 sectors for a period of 5 years (from 2021 to 2026). In terms of Section 10 of …
CBSL maintains policy rates; near term supply side developments do not warrant policy tightening
The Monetary Board has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their …
Interview: Futureproofing banking sector through digital-first mindset
There is a good reason why digitalisation is a top priority for banking. When done correctly, it enables paradigm shifting improvements in customer experience …
Regulating prices: From price mandates to more competition
Regulating prices: from price mandates to more competition The government recently removed the maximum retail price (MRP) on rice with a decision to import a …
Sri Lanka projected to grow by 3.3-pct : Shifting gears to services-led growth can help build back better
Sri Lanka’s economy is projected to grow by 3.3 percent in 2021, but the medium-term outlook is clouded by pre-existing macroeconomic weaknesses and the …
Sri Lanka’s Six-Month Road Map at a glance
Sri Lanka's Central Bank on Friday outlined the key measures and tools they will use to ensure macroeconomic & financial system stability in the country …
Central Bank removes cash margin deposit requirement on non-essential imports
Sri Lanka’s Central Bank has decided to discontinue the 100 percent cash margin deposit requirement against the importation of selected goods of …
Central Bank requests Govt to tax export profits at 28-pct where forex is not repatriated & converted
Sri Lanka's Central Bank requests the government to tax profits of exporters at 28 percent and not 14 percent where forex is not repatriated & converted. …
ADB Annual Meeting 2022 in Sri Lanka; MoU signed
Sri Lanka's government and the Asian Development Bank (ADB) today entered into a Memorandum of Understanding to hold the 55th Annual Meeting of the ADB in …
CBSL to announce 6-month road map for ensuring macroeconomic & financial stability on Friday
The Central Bank is to announce “A Six-Month Road Map for Ensuring Macroeconomic & Financial System Stability” on Friday, 01 October 2021. Accordingly, …
Central Bank recommends complete repatriation of export proceeds within reasonable period
Steps must be taken to strengthen the systems to ensure monitoring and to implement measures that lead to the complete repatriation and conversion of export …
Sri Lanka’s exports exceed USD 1Bn for third consecutive month in August
Sri Lanka’s merchandise exports in August 2021 recorded an increase of 14.4 % to US$ 1,083.56 Mn as compared to US$ 947.2 Mn recorded in August 2020 as per …
Sri Lanka’s foreign exchange reserves are still low, a credit negative: Moody’s Investors Service
Coupled with limited external financing options and pandemic-related lockdown weighing on the recovery of non-debt generating inflows, the FX reserves data …