Category: Economy
Sri Lanka surpasses USD 1Bn exports in March 2021 after six months
Sri Lanka surpassed US$ 1 billion in exports in March 2021 after a lapse of six months period, the Export Development Board said. As per the Customs statistics, earnings from merchandise exports recorded double-digit growth of 62.47% in March 2021 on y-o-y comparison – the March figure being US$ 1,066.1 Mn. Earnings from merchandise exports […]
ADB projects Sri Lanka’s economic growth to rise to 4.1-pct in 2021
The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad. ADB projects Sri Lanka’s economic growth to rise to 4.1% in 2021 and moderate to 3.6% in […]
‘s Central Bank simplifies foreign exchange regulations
Sri Lanka’s Central Bank has revised regulations issued under the Foreign Exchange Act, No. 12 of 2017 (FEA) for further simplification and clarity improvement. The move expects to achieve greater efficiency in the conduct of cross-border foreign exchange transactions alongside further facilitating economic activities of the stakeholders through greater convenience of doing business. The revised […]
Opinion: Port City, Better economic governance, not giveaways should be focus of new governance zone
Deng Xiaoping China’s great reform leader, faced a serious problem in the 1970s. Thousands of young Chinese were crossing to Hong Kong risking their lives. Rather than cracking down on the migrants, Deng sought to understand why they were migrating. Clearly the economic opportunities in Hong Kong were greater than in mainland China. Deng was […]
‘s headline inflation increased to 5.1-pct in March
Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index has been increased to 5.1 percent in March 2021 from 4.2 percent in February 2021 due to the statistical effect of the low base prevailed in March 2020. Food inflation (Y-o-Y) increased to 8.8 percent in March 2021 from 6.9 […]
CBSL introduces priority sector lending target on credit granted by banks to MSME sector
Sri Lanka’s Central Bank has introduced a priority sector lending target on credit granted by banks to individuals and businesses in the Micro, Small, and Medium Enterprises (MSME) sector. Accordingly, banks shall grant credit to the MSME sector and ensure a growth rate of not less than 20 percent per annum on a Y-o-Y basis, […]
Sri Lanka rupee strengthened against the US dollar
The Sri Lanka rupee further strengthened against the US dollar yesterday, on positive outlook for inflows. The selling rate was quoted at 191.97 rupees for a US dollar, as against 201.28 rupees on Friday and a peak of 204.62 rupees last week. The indicative dollar spot exchange rate was 194.44 rupees yesterday as against 199.93 rupees […]
Sri Lanka Investment Forum to feature over 50 projects & corporate investment opportunities
Themed “Sri Lanka – Asia’s Next Growth Haven”, the Sri Lanka Investment Forum (SLIF) 2021 jointly organized by the Board of Investments (BOI), The Ceylon Chamber of Commerce and the Colombo Stock Exchange will kick off on the 7th of June 2021 on a virtual platform. SLIF 2021 will showcase to the world, Sri Lanka’s […]
Central Bank reduces exporter proceeds conversion rule to 10-pct
The Central Bank, having considered the requests made by exporters has amended Rule No. 2 of 2021 by reducing the percentage of mandatory conversion requirement of export proceeds of goods into Sri Lankan Rupees from twenty-five (25) percent to ten (10) percent. The Bank has also extended the number of days given to exporters to […]
ADB should ramp up efforts to mitigate COVID-19 impact on SDGs: independent evaluation
The Asian Development Bank (ADB), in partnership with other development organizations, must give high priority to efforts to assess and address the implications of the coronavirus disease (COVID-19) crisis on the achievement of the Sustainable Development Goals (SDGs), according to the 2021 Annual Evaluation Review (AER) conducted by ADB’s Independent Evaluation Department (IED). The report […]
China Development Bank signs USD 500Mn Financing Facility Agreement with Sri Lanka
China Development Bank (CDB) and Sri Lankan Finance Ministry on Monday signed USD 500 Million Foreign Currency Term Financing Facility (FTFF), which is the second tranche of the total RMB 2 billion plus USD 1 billion FTFF supported by the Chinese side to Sri Lanka after the outbreak of COVID-19 pandemic. Earlier in March, the […]
WB says as SL should focus on competitiveness and debt sustainability to ensure resilient rebound
Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, says the latest World Bank Sri Lanka Development Update: Economic and Poverty Impact of COVID-19 released today. The Sri Lanka Development Update (SLDU) notes that the country, hit with an unprecedented economic […]