CCC Outlook 2024: Anticipated rebound depends crucially on effective debt restructuring
The 9th edition of the annual flagship Outlook Report for 2024 by The Ceylon Chamber of Commerce was recently launched at the Economic Outlook 2024 seminar. …
Forex
Ao estabelecerem parcerias com empresas locais e com o Betboom casino, estão a tornar-se um fator-chave no desenvolvimento da indústria do turismo do Sri Lanka
Relaxation of restrictions imposed on standing facilities
The Central Bank of Sri Lanka introduced restrictions on the usage of the Standing Facilities by the Licensed Commercial Banks (LCBs) under the Open Market …
RIUNIT Webinar: IMF, geopolitics, and Sri Lanka’s economic sovereignty
Sri Lanka, facing internal and external challenges, grapples with the aftermath of its external debt crisis, exacerbating existing economic issues. The Easter …
Sri Lanka’s Cabinet Approves New Foreign Exchange Rules; Reinstates Employee Stock Scheme Investments
The Cabinet of Ministers has approved new foreign exchange rules that both extend existing restrictions and lift some limitations, including the reinstatement …
Sri Lanka local currency ratings raised to ‘CCC+/C’ from ‘SD/SD’; Outlook stable
S&P Global Ratings today raised its long- and short-term local currency sovereign credit ratings on Sri Lanka to 'CCC+/C' from 'SD/SD' (selective default). …
New Order issued relaxing certain limitations imposed on outward remittances of foreign exchange
With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve …
CFA Society Sri Lanka hosts CEO forum ‘Rebooting Sri Lanka Economy”
A CEO Forum organised by the CFA Society Sri Lanka (CFASSL) was held in Colombo recently with a focus on ‘Rebooting the Sri Lankan Economy - Post-Domestic …
Role of alternative financing mechanisms to address Sri Lanka’s debt overhang
By Imesha Dissanayake The common path followed by almost all IMF member countries in response to sovereign debt crises in recent decades, is to enter into an …
Sri Lanka official reserves at USD 2.2Bn in Feb 2023
Gross official reserves stood at US dollars 2.2 billion as at end February 2023, the Central Bank of Sri Lanka says. This included the swap facility from the …
We are ready to unlock IMF program; guidance band removed: CBSL Governor
Sri Lanka is now standing ready to unlock the IMF Extended Fund Facility arrangement as all prior actions of the program have been completed, the Central Bank …
Sri Lanka’s export earnings decline to 11.3-pct in Jan 2023: Imports down 29.2-pct
• The deficit in the merchandise trade account narrowed in January 2023, compared to a year ago. • Export earnings declined while import expenditure …
RIU to host webinar on achieving debt sustainability and safeguarding social wellbeing
The Research Intelligence Unit (RIUNIT) is hosting the webinar entitled 'lessons from Sri Lanka's sovereign debt crisis' on 22 February 2023, which aims to …
Fitch downgrades Sri Lanka’s Long-Term Local-Currency IDR to CC; affirms RD Foreign-Currency IDR
FitchRatings has downgraded Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and has affirmed the Long-Term …
Finance Minister requests the public to deposit or sell foreign currency notes in possession
In order to attract foreign currency held with the public into the banking system, the Minister of Finance has issued an Order granting an amnesty period of 1 …
DCTS to replace UK GSP; SL to benefit from duty-free exports to UK on more than 80-pct of products
Over 99% of goods exported from Sri Lanka eligible for duty-free access to the UK£69m of tariffs saved on exports to the UK under the new Developing Countries …
Central Bank relaxes mandatory conversion requirement on service export proceeds
With the view of encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka has withdrawn the mandatory …
Central Bank to initiate actions against persons who hold over USD 10,000 in possession
With the intention of attracting foreign currency in the hands of the public into the formal banking system, the Minister of Finance has issued an Order under …
Finance Minister of India assures her fullest support to economic recovery process in Sri Lanka
Finance and Corporate Affairs Minister of India Nirmala Sitharaman assured the High Commissioner of Sri Lanka to India, Milinda Moragoda of her fullest …
Central Bank deploys new system to monitor foreign currency transactions
Recognising the need to implement a comprehensive cross-border transactions and domestic foreign currency transactions monitoring system as a key national …
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by …