Category: Economy
Material Sector – The Scavengers of Recovery
Softlogic Research, in its most recent publication, took a very strong stance on the Material sector, predicting a strong growth backed by economic recovery and the renewable energy drive. Digging deeper into the trickle-down effects of core economic policies such as protectionism and economic stimulus, the publication deals with the potential benefits of such policies […]
Govt has no intention to tarnish its unblemished debt service record, CBSL clarifies reports
The Government has no intention to tarnish its unblemished debt service record by delaying the settlement of maturing debt obligations, the Central Bank clarified. The clarification came after a newspaper today publishing a report of a planned delay in settlement of dues on SLDBs and foreign currency loans obtained by the Government from domestic banks. […]
Colombo Consumer Price inflation increased to 4.1-pct in March with low base effect
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 4.1 percent in March 2021 from 3.3 percent in February 2021. This was due to the statistical effect of the low base prevailed in March 2020, the Statistics Department said. Meanwhile, Food inflation (Y-o-Y) increased to 9.6 percent […]
South Asian economies bounce back but face fragile recovery: World Bank
Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery. But growth is uneven and economic activity well below pre-COVID-19 estimates, as many […]
Vietnam to support investment and trade promotion in Sri Lanka
The newly appointed Ambassador of the Socialist Republic of Vietnam Ho Thi Thanh Truc to Sri Lanka presented her credentials to President Gotabaya Rajapaksa at the Presidential Palace yesterday (30). President Rajapaksa and the new Vietnamese Ambassador thereafter exchanged views on the current status of bilateral relations and the development of future cooperation between the […]
Governors and District Sec are responsible for regional development process: President
President Gotabaya Rajapaksa emphasizes that the Governors and District Secretaries should take the lead in the regional development process. It is the objective of the Government to see that the people from the villages reap the benefits of development expeditiously. He says that this process could not be delayed under any circumstance and that the […]
Sri Lankan economy is steadily progressing as displayed in latest economic indicators: CBSL
Sri Lanka’s Central Bank says that the economy is steadily progressing as displayed in the latest economic indicators even though the second wave of COVID 19 posed a setback. Releasing a slideshow with the latest economic indicators, the Bank said that enhanced foreign exchange earnings and increased investment inflows are expected to assist Sri Lanka […]
Sri Lanka’s export earnings grew by 2.5-pct in February
Sri Lanka’s export earnings registered a growth of 2.52% with US$ 993.73 Mn in February, compared to the previous year, maintaining the growth momentum recorded during the last five months as per the provisional statistics released by Sri Lanka Customs. This is the highest export figure recorded for the month of February during the last […]
Central Bank increases maximum compensation under deposit insurance scheme by Rs.500,000
The Monetary Board of the Central Bank has decided to increase the maximum compensation payment under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) from Rs.600,000 to Rs.1,100,000, by Rs.500,000. This decision has been taken to provide further relief to the depositors of financial institutions regulated by CBSL in the event of a […]
Increasing production and income only answer to cost of living problem: President
“The only answer to the problem of cost of living is to increase production and income received by the people. Price of imported goods is determined by the world market forces. Their prices could only be regulated by reducing taxes. 17 crops that could be grown locally were identified and they have been barred from […]
Asia Securities reiterates view of no sovereign default; swap conclusion a confidence booster
In a report issued today, the research arm of leading independent Investment Banking firm Asia Securities, reiterated that it does not see a risk of sovereign default at this point. The eagerly anticipated announcement of the USD 1.5bn currency swap agreement with China this week is expected to provide a significant boost to local and […]
‘s developments including USD1.5bn currency swap with China: IMF
International Monetary Fund (IMF) says that they continue to closely monitor economic policy and financial developments in Sri Lanka including the recent agreement on a swap line with the People’s Bank of China for $1.5 billion. Speaking at the IMF press briefing, Gerry Rice of the Communications Department said that the assessment for emergency financial […]