Category: Economy
How to determine the best cloud service provider for your business.
As the COVID-19 pandemic encouraged most businesses to shift to remote work environments, it’s the cloud that made this possible. Although popularity for cloud computing increased in the wake of this pandemic, businesses have long since being depending on its services to make operations faster, simpler and more productive. With businesses that function by otherwise […]
‘s headline inflation decreased further in May
Jun 22, 2020 (LBO) – Headline inflation as measured by the year-on-year change in the National Consumer Price Index decreased further to 5.2 percent in May from 5.9 percent in April. This was mainly driven by the statistical effect of the high base that prevailed in May 2019. Meanwhile, Food inflation (Y-o-Y) declined to 11.1 […]
Trade deficit widens in April; import expenses on personal vehicles up, no tourism earnings
Jun 22, 2020 (LBO) – Sri Lanka’s trade deficit widened in April 2020 to US dollars 840 million, from US dollars 797 million in April 2019, as the decline in exports exceeded the decline in imports. Expenditure on merchandise imports declined notably, on a year on year basis, by 29.6 percent to US dollars 1, […]
100bps rate cut on the cards to push banks for lending: First Capital Research
Jun 19, 2020 (LBO) – First Capital Research allocates a policy rate cut expectation of 100bps bringing the SDFR and SLFR to 4.50% and 5.50%, respectively. Despite prevailing the low-interest-rate environment it will have a ripple effect on the overall economy, First Capital Research said in a new research note. “We believe that the Central […]
“Exporters optimistic about new market opportunities” new USAID survey
Jun 19, 2020 (LBO) – “Sri Lankan exporters are cautiously optimistic about business continuity amidst a global pandemic,” reveals the findings of a new business survey conducted by the Ceylon Chamber of Commerce (CCC) and the United States Agency for International Development (USAID). A significant number of the firms surveyed had identified new business opportunities […]
Developing Asia to grow just 0.1-pct in 2020:ADB
Jun 19, 2020 (LBO) – Developing Asia will barely grow in 2020 as containment measures to address the coronavirus disease (COVID-19) pandemic hamper economic activity and weaken external demand, according to a new set of forecasts from the Asian Development Bank (ADB). In a regular supplement to its annual flagship economic publication, the Asian Development Outlook (ADO) 2020 released in […]
Central Bank increases funding for businesses affected by COVID-19
Jun 16, 2020 (LBO) – Central Bank has decided to provide funding to Licensed Commercial Banks (LCBs) at the concessionary rate of 1.00 percent against the pledge of a broad spectrum of collateral, on the condition that LCBs, in turn, will on-lend to domestic businesses at 4.00 percent. According to the Central Bank, this is […]
‘s Central Bank further reduces Statutory Reserve Ratio
Jun 16, 2020 (LBO) – The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 percent, with effect from the reserve maintenance period that commenced on 16 June 2020. According to the […]
‘ stresses: Fitch Ratings
Jun 16, 2020 (LBO) – Sri Lankan banks’ operating environment and financial profiles ace escalating risks from the economic fallout of the coronavirus. Fitch Ratings now expects Sri Lanka’s real GDP to contract by 1.3% in 2020, worsening from our earlier forecast of a 1.0% contraction published 24 April 2020 due to the pandemic. Deterioration […]
SEC Chairman calls on Central Bank Governor
Jun 14, 2020 (LBO) – The Chairman of the Securities and Exchange Commission (SEC) Viraj Dayaratne PC, paid a courtesy call on Professor W.D. Lakshman, Governor of the Central Bank recently. He was accompanied by Director-General of the SEC, Chinthaka Mendis. This meeting provided an opportunity for the Governor and the Chairman to share and […]
Housing for middle and low income families a priority: President
Jun 12, 2020 (LBO) – President Gotabaya Rajapaksa instructed the officials of the State Development and Construction Corporation to pay attention to the construction of housing schemes for middle and low income families. President gave this directive at a meeting to review the progress of the State Development and Construction Corporation held at the Presidential […]
Foreign Ministry helps local exporters overcome adverse impact of COVID 19
Jun 12, 2020 (LBO) – Comprehensive measures taken by the Ministry of Foreign Relations, in close coordination with the key Government Economic Agencies and the private sector to address and mitigate the impact of COVID 19 particularly on Sri Lankan exports, has helped in sustaining and regaining lost markets for traditional Sri Lankan exports, while […]