Category: Industry
Import Controls in Sri Lanka: Political Preference and Incentive Distortions
Battling an unprecedented economic crisis that overlapped the COVID-19 pandemic, Sri Lanka resorted to strict import controls since early 2020. These measures gradually encompassed 31% of total imports by September 2022, with the intention of reducing foreign exchange leakages on “non-essential” imports. However, the effectiveness and implications of these stringent regulations have raised questions. A […]
Silk Route Ventures initiates Sri Lanka’s first fully equipped food factory for culinary entrepreneurs
Understanding that setting up a food factory takes a colossal amount of investment and effort in this highly competitive environment and even more so amidst economic challenges, Silk Route Ventures, a leader in the nation’s agriculture, food and beverage and nutraceuticals segments, now allows culinary entrepreneurs and enthusiasts a launchpad to turn their creative ideas […]
Ceylinco Life marks milestone May with assets topping Rs 200bn & equity crossing Rs 50bn
Sri Lanka’s life insurance market leader Ceylinco Life achieved several noteworthy milestones in financial performance in May this year, emphatically demonstrating the Company’s financial strength. Total assets surpassed the Rs 200 billion mark, growing by 17.9 billion or 9.4 per cent in the five months since 31st December 2022 to reach Rs 209.4 billion as […]
Sri Lanka’s Government Debt Plan Tempers Funding Risk for NBFIs: Fitch Ratings
Sri Lanka’s proposed government debt restructuring plan should reduce funding and liquidity risk for non-bank financial institutions (NBFIs), says Fitch Ratings. According to Fitch Ratings, the plan avoids direct impact on the local-currency government debt holdings of NBFIs and commercial banks, easing uncertainty over the entities’ capital, funding and liquidity profiles. Nonetheless, the proposal is […]
Real Estate Agents are Advised to Ramp up Anti-Money Laundering Measures
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness program for the real estate sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” on June 26, 2023. Full Statement
Colombo Port City updates development control regulations through extraordinary gazette
The Development Control Regulations (DCR), which regulate all construction activities within the area of authority of Colombo Port City, was published in the extraordinary gazette No 2334/47 on June 02nd, 2023. This updated version represents an enhanced version of the initial publication in April 2022. As a result, the Colombo Port City Economic Commission is […]
Sri Lanka’s Domestic Debt Plan a Significant Step for Resolving Bank Uncertainty: Fitch Ratings
The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact of the sovereign’s debt restructuring on the local banking sector, says Fitch Ratings. Full statement The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact […]
High-level Israel delegation and EDB discuss avenues to promote bilateral trade
An official delegation from Israel met the senior EDB officials on 29th June and had a fruitful discussion to explore avenues to promote trade and economic cooperation between Israel and Sri Lanka. The delegation from Israel was represented by Ophir Kariv, Head of Bureau, Economic Affairs Division of the Ministry of Foreign Affairs of Israel […]
Visa and SAP join forces to make enterprise payments more efficient
Visa today announced it has entered into a collaboration with SAP to streamline and simplify business-to-business (B2B) payments for enterprises, from businesses small to big, to government agencies and non-profit organisations. The collaboration, led out of Asia Pacific, marks the first time Visa, the world’s leading company in digital payments, and SAP, one of the […]
Sri Lanka High Commission in London promotes ‘Island of Ingenuity’ – IT/BPM sector
The High Commission of Sri Lanka in London in collaboration with Sri Lanka – UK Chamber of Commerce (SL-UKCC) and Infomate (Pvt) Ltd, the BPM arm of John Keells Group, organised a promotional event titled ‘Island of Ingenuity’ to promote Sri Lanka as a unique destination for Business Process Management (BPM). The event was held […]
Banks welcome CBSL Governor’s assurances on anticipated Govt. announcement on DDR or DDO
The Sri Lanka Banks’ Association (SLBA) has welcomed the assurance by the Governor of the Central Bank of Sri Lanka (CBSL) Dr Nandalal Weerasinghe that financial sector stability will be maintained, and the clarifications provided by the Governor on the relevant process in this regard. In a statement, the SLBA noted that the Dr Weerasinghe’s […]
Harsha calls for legislative amendment to protect holders of domestic debt in a possible restructure
Opposition Parties Stand United for Careful Domestic Debt Restructuring In a press conference held at the Leader of the Opposition’s office, MP Harsha de Silva, expressed his thoughts and suggestions regarding the upcoming domestic debt-restructuring plan in Sri Lanka. He divulged that opposition parties, while cautious about the potential consequences, would discuss the need for […]