Category: Economy
Financial Action Task Force endorses initial progress made by Sri Lanka
Feb 25, 2019 (LBO) – Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has made the initial determination that Sri Lanka has completed its action plan. However, that warrants an on-site assessment to verify that the implementation of Sri Lanka’s AML/CFT reforms has begun […]
Inflation likely to remain in 4 – 6 percent range in 2019: Central Bank projections
Feb 22, 2019 (LBO) – Projections of the Central Bank indicates that inflation is likely to remain in the desired 4 – 6 percent range in 2019 and beyond. Headline inflation and core inflation increased in January 2019 mainly due to the increase in non-food inflation driven by higher expenditure on certain items such as […]
Central Bank decides to reduce SRR & keep policy rates unchanged
Feb 22, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 21 February 2019, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.00 percentage point to 5.00 percent with effect from 01 March 2019. The Board also decided to […]
Rs.8bn inflows into securities since Jan; rupee appreciated 2.3-pct YTD: FM
Feb 21, 2019 (LBO) – Finance Minister Mangala Samaraweera says that foreign capital is now flowing back into the economy with 8 billion rupees worth inflows into government securities since January this year. Addressing the AmCham Breakfast Buzz held today in Colombo, the Finance Minister reminded that the rupee has also appreciated 2.3 percent year […]
Five few BOI projects to start in Jaffna
Feb 20, 2019 (LBO) – The Jaffna District is one of the main districts in the Northern Province which the Board of Investment (BOI) has targeted for development through Foreign Direct Investments. Among the existing investments under BOI in the Northern Province are 6 Apparel Manufacturers and 15 other projects.When these are all operational the […]
Sri Lanka to introduce a Master Plan for Northern Province economic development
Feb 20, 2019 (LBO) – Sri Lanka’s government is to launch a framework for economic development in the Northern Province with the co-operation of UN agencies and the bilateral donors including those funding development projects in the North. The Framework will reflect upon the past decade of post-war development and identifies priorities for policy design, […]
Reducing gender gap boosts Sri Lankan economy, says WB VP for South Asia Region
Feb 20, 2019 (LBO) – The World Bank Vice President for South Asia Region, Hartwig Schafer concluding his three-day visit to Sri Lanka said the banks is commitment to work with public and private sectors to create the space for women to access work and remain at work. Evidence suggests that Sri Lankan women are […]
Sri Lanka could grow 20-pct in long-run by closing gender gap: WB Vice President
Feb 20, 2019 (LBO) – Sri Lanka specifically could grow its economy by as much as 20 percent in the long-run by closing the gender gap in the workforce, emphasized World Bank Vice President for South Asia Region Hartwig Schafer quoting data from an IMF study.Evidence suggests that Sri Lankan women are excelling in higher […]
EU opposes death penalty; €2.2bn exports under GSP+ from June 2017 – May 2018
Feb 15, 2019 (LBO) – The European Union (EU) has reiterated its opposition to the use of the death penalty in all circumstances and encouraged Sri Lanka to maintain its moratorium on executions with a view to abolishing the death penalty. The EU and Sri Lanka held their 22nd meeting of the Joint Commission yesterday […]
Sri Lanka growth at 3.5-pct in 2019 : Room to be better managed : World Bank
Feb 15, 2019 (LBO) – World Bank Vice President, South Asia Region, Hartwig Schafer says that he finds the island facing a challenging macroeconomic landscape and that the nations Gross Domestic Product could be managed in a more effective manner. “Although the people’s income levels are very high and you are about to reach upper […]
Sri Lanka Development Update: Navigating Sri Lanka’s demographic change
Feb 14, 2019 (LBO) – The latest edition of the World Bank’s Sri Lanka Development Update (SLDU) finds the island in a challenging macroeconomic landscape. The post-conflict high growth momentum has decelerated.A volatile global environment and structurally weak competitiveness continue to weaken growth and external sector performance. High interest costs mask limited fiscal improvement. The […]
Sri Lanka Trade Min. launches digital platform for small, informal biz
Feb 14, 2019 (LBO) – Sri Lanka has began work on the first national digital data bank for its SMEs and entrepreneurs recently with the backing of a Singaporean firm. Under the new initiative the National Enterprise Development Agency (NEDA) will execute a nationwide centralised database of all SMEs and entrepreneurs thereby boosting the performance […]