Category: Policy
Dollar strengthening combines with political uncertainty in Sri Lanka: Moody’s
May 28, 2018 (LBO) – Strengthening of the Dollar in Sri Lanka has combined with domestic political uncertainty, weighing on the rupee, Moody’s Investors Service said.Moody’s said country-specific factors like in Sri Lanka have played a role in tightening financing conditions. Tightening financing conditions reflect various factors, including the appreciation of the US dollar. Moody’s, […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Finance Minister appoints Ranel Tissa Wijesinha as new Chairman of SEC
May 24, 2018 (LBO) – Finance and Media Minister has appointed Ranel Tissa Wijesinha as the new Chairman of the Securities and Exchange Commission of Sri Lanka with effect from today.The other members appointed to the Board of the SEC are as follows: Chandrakumar Ramachandra Jayantha Fernando Arjuna Herath Rajeev Amarasuriya Manjula Hiranya de Silva
Central Bank to create intervention rules for foreign exchange market
May 23, 2018 (LBO) – Sri Lanka’s Central Bank is to introduce several rules, the officials need to follow when they are intervening in the foreign exchange market, Central Bank Governor Indrajit Coomaraswamy said. Speaking at a recent event, Coomaraswamy, however, said Central Bank’s intervention in the forex market will only be limited to smooth […]
Sri Lanka Central Bank clarifies on external debt and reserves
May 23, 2018 (LBO) – Sri Lanka’s Central bank issuing a statement has clarified a misleading news item has been disseminated in relation to Sri Lanka’s foreign reserves and external debt servicing. “The contents of the news item portray a misleading picture of the country’s external position,” it said. The full statement follows: External Debt […]
SL – China FTA would result in higher gains for Sri Lankan exports: Study
May 22, 2018 (LBO) – Sri Lanka – China FTA would result in higher gains for Sri Lankan exports compared to products imported from China which are already entering Sri Lanka duty free, a recent study showed. The study carried out by the Economics Research Team of Verité Research, however, noted that the analysis is […]
IMF to complete its 4th review on June 1 as SL introduced fuel price formula
May 18, 2018 (LBO) – IMF Communications Department on Thursday announced that their board is scheduled to discuss Sri Lanka’s completion of its fourth review on June 1. At an IMF press briefing held in Washington, Gerry Rice of the communications department told reporters that the fuel pricing mechanism would benefit Sri Lanka and the […]
Sri Lanka among 23 countries vulnerable to Chinese debt distress: Study
May 16, 2018 (LBO) – Sri Lanka has been classified as a highly vulnerable country to debt distress of China’s Belt and Road Initiative (BRI) in a recent study published by the Center for Global Development.The policy paper has identified 68 countries that fall under the scope of BRI based on reports from Chinese quasi-official […]
Sri Lanka among most exposed countries to an interest rate shock: Moody’s
May 14, 2018 (LBO) – Moody’s Investors Service said the probability of an interest rate shock tends to be higher for Sri Lanka as the country is most exposed to a higher cost of debt that feeds mostly through weaker debt affordability.“The sovereigns most vulnerable to an interest rate shock are generally low rated, with […]
Sri Lanka gross official reserves improved to USD9.9bn by end April
May 11, 2018 (LBO) – Sri Lanka’s gross official reserve position had improved to 9.9 billion US dollars by end April, the record highest level in history with the successful issuance of the international sovereign bond in April and foreign exchange purchases by the Central Bank from the domestic market. So far during the year, the exchange […]
Central Bank maintains policy interest rates unchanged
May 11, 2018 (LBO) – Monetary Board of the Central Bank at its meeting held on 10 May 2018 has decided to maintain policy interest rates at their current levels.Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) remain at 7.25 per cent and 8.50 per cent, respectively. The Board’s decision aims […]
Sri Lanka to revise fuel price every two months
May 11, 2018 (LBO) – Fuel prices in Sri Lanka will be revised every two months under a new cabinet approved pricing formula, Finance Minister Mangala Samaraweera said. “We will be reviewing according to the Platts Singapore benchmark prices,” he told reporters in Colombo. “This means the price could either increase or decrease.” Sri Lanka […]