Category: Economy
First Capital Research trims down its rate cut probability to 50-pct
Dec 24, 2019 (LBO) – Considering the recent major policy changes, First Capital Research has trimmed down its rate cut probability to 50 percent from the previous expectation of 100 percent probability, specifically due to the tax benefits, moratorium on loans and easing of capital adequacy to stimulate the consumer demand and revive growth in […]
‘s Central Bank
Dec 24, 2019 (LBO) – Professor W D Lakshman has been appointed as the new Governor of Central Bank of Sri Lanka. An official at the Central Bank told LBO that he assumed duties as the Governor of Central Bank today morning. Deshamanya Weligamage Don Lakshman commonly known as W D Lakshman is a Sri […]
Sri Lanka nationwide inflation decreased in November
Dec 24, 2019 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index decreased to 4.1 percent in November from 5.6 percent in October contributed by the statistical effect of the high base prevailed in October 2018. According to the Statistics Department, Year-on-year food inflation has decreased […]
CA Sri Lanka, CMA & SAFA launches Digital Competency Maturity Model for SMPs
Dec 23, 2019 (LBO) – With digitization expected to have profound implications on Small and Medium-Sized Practices (SMPs), the South Asian Federation of Accountants (SAFA) together with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and the Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka) launched the Digital Competency […]
Sri Lankan authorities dispute revision of outlook to Negative by Fitch Ratings
Dec 19, 2019 (LBO) – Sri Lankan authorities stress that the recent rating action by Fitch Ratings to revise the country’s Outlook to ‘Negative’ has been hastily done without considering facts on the ground and such action is untimely and constitutes a rush to judgement. Releasing a statement the Finance Ministry said that it is […]
Sri Lanka records 2.7-pct growth in third quarter of 2019
Dec 19, 2019 (LBO) – Sri Lanka’s national accounts estimates of the third quarter still reflect the impact of ‘Easter Sunday Attack’ especially in some services sector related economic activities, the statistics office said. When compared to the third quarter of 2018, the ‘Accommodation, food and beverage service activities’ even in this quarter have contracted […]
Cabinet appoints 4-member committee to study MCC compact
Dec 19, 2019 (LBO) – Sri Lanka’s cabinet has decided to appoint an expert committee to study and look into the issues of the MCC compact and report back to the cabinet. Accordingly, Dr. Lalithasiri Gunaruwan, Architect Nalaka Jayaweera, Former Secretary to the Transport Ministry D S Jayaweera and President’s Counsel Nihal Jayawardhana has been […]
Sep quarter earnings declined by 9.6-pct for 264 companies: FC Research
Dec 19, 2019 (LBO) – Sri Lanka’s First Capital Research says that quarterly earnings have been dipped for listed companies amidst weaker consumer spending albeit recovers relative to previous quarters. September quarter earnings dipped by 9.6 percent YoY to 45.8 billion rupees primarily due to sluggish performance in Insurance (-48%YoY), Consumer Services (-495%YoY), Capital Goods […]
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Dec 19, 2019 (LBO) – Fitch Ratings has revised the Outlook on Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and has affirmed the IDR at ‘B’. KEY RATING DRIVERS Revision of the Outlook to Negative from Stable reflects rising risks to debt sustainability from a significant shift in fiscal policy […]
‘s Multi Purpose Development Task Force to be launched on January 15
Dec 18, 2019 (LBO) – Sri Lanka’s government is to launch the programme of generating 100,000 employment opportunities for poor families, on January 15, 2020. During the first phase, 100,000 jobs will be provided covering the entire island and more than 10,000 graduates to be recruited for the positions of management and monitoring at the […]
Opinion: Gender dimension of remittances to Sri Lanka: Who remits more?
Bilesha Weeraratne Remittances are often considered a stable and a reliable source of development financing. In 2018, remittances to Sri Lanka totaled to USD 7.015 billion. At the macro level, the contribution of remittances to the Sri Lankan economy is immense. In 2018, remittances accounted for 7.8 % of the GDP, and could cover 59% […]
World Bank approves USD25mn loan to strengthen public sector efficiency in Sri Lanka
Dec 18, 2019 (LBO) – The World Bank on Tuesday approved a 25 million dollar loan to Sri Lanka to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and […]