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 …
Forex
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 …
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encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka has withdrawn the mandatory …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 …
We will support govt in reinstating previous tax regime & IMF reforms: Eran Wickramaratne
Statement on Sri Lanka Defaulting on Foreign Debt Payments by Eran Wickramaratne M.P., Former State Minister of Finance On 12 April 2022, Sri Lanka suspended …
Inflation is expected to peak at 29-pct in July; LKR to further depreciate
Inflation is expected to peak at 29% in July owing to potential price hikes in essential commodities like gas, electricity, and fuel prices, the First Capital …
Sri Lanka suspends normal debt servicing; announces interim policy on servicing external debt
Sri Lanka’s government has suspended the normal debt servicing of all affected debts, for an interim period pending an orderly and consensual …
Sri Lanka’s official reserves down to USD 1.94bn in March
Sri Lanka’s official reserve assets were 1.9 billion US dollars (USD 1,939mn) by the end of March, further down from 2.3 billion US dollars in February this …
Clarification Regarding the Forex Sales by Banks to the Central Bank
The Central Bank clarifies that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from …
Central Bank indicative spot exchange rate surpasses Rs250 per USD
The indicative USD spot exchange rate of the Central Bank has surpassed 250 rupees (251.97 rupees) per dollar on Friday even though they earlier expected forex …
Bond yields to extend further surge; rate hike expectations for 2022E increased: FCR
In light of the weaker economic conditions, First Capital Research believes that the CBSL will maintain the momentum on tightening policy rates resulting in …
Ceylon Chamber welcomes CBSL move towards a more flexible exchange rate
The Ceylon Chamber of Commerce commends the Governor and his team at Central Bank for permitting greater flexibility in the exchange rate. This action has been …
Sri Lanka maintains official reserves at USD 2.3bn in February
Sri Lanka’s official reserve assets were 2.3 billion US dollars (USD 2,314mn) by the end of February, slightly down from 2.3 billion US dollars (USD 2,361mn) …
CBSL allows greater flexibility in exchange rate with immediate effect; not more than Rs 230 per USD
Sri Lanka’s Central Bank says that greater flexibility in the exchange rate will be allowed to the markets with immediate effect. Releasing a statement, …
Central Bank requests public to provide information on unauthorized forex dealings
Central Bank requests the public to provide information on unauthorized foreign currency dealings. Accordingly, any person, institution or any other entity is …
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including …