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”’ mall to open November 8th
September 26, 2019 (LBO) – In an opening that will transform the retail sector in Sri Lanka, Shangri La has announced it will open its shopping mall called ‘One Galle Face’ on November 8th. Sri Lanka has never seen a commercial development of anything close to the size of what Shangri La has done in […]
Sri Lanka reserves at USD 8.3bn at end Jul 2019
Sep 26, 2019 (LBO) – Sri Lanka’s gross official reserves stood at US 8.3 billion dollars by end July 2019, equivalent to 4.9 months of imports, the Central Bank said. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector amounted to US 11.0 billion dollars as at end […]
Sri Lanka trade deficit widens in July; export earnings decline
Sep 26, 2019 (LBO) – The trade deficit widened in July 2019 as exports fell more than the decline in imports, new data shows. Export earnings recorded a decline of 7.0 percent (year-on-year) after a steady growth for several months while import expenditure declined by 2.2 percent (year-on-year) in July 2019, data from the Central […]
IMF Executive Board selects Kristalina Georgieva as Managing Director
The Executive Board of the International Monetary Fund (IMF) today selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019. Ms. Georgieva, who succeeds Christine Lagarde, is the first person from an emerging market economy to lead the IMF since its […]
”s Future of Tourism
September 25, 2019 (LBO) – Delivering a keynote address to tourism industry leaders in Sri Lanka, CNN Travel Correspondent Richard Quest addressed the audience on the major trends and issues in the global tourist industry. In an address that was specific and relevant to Sri Lanka, Quest highlighted issues of security, the environment, and over-tourism. […]
Central Bank withdraws order on maximum interest rates on deposits
Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019. The decision has been taken after the issuance of the […]
International expert calls for policy recalibration to support property development
Sep 25, 2019 (LBO) – The future of Sri Lanka’s economic development hinges on how domestic policies towards real estate evolve, particularly with respect to supporting the massive demand for vertical living in Colombo and its suburbs, an international expert said. Malayasin property expert Michael Yam said that he sees major emerging opportunities in Sri […]
IMF says end-June fiscal target missed by a large margin; earlier targets no longer within reach
Sep 25, 2019 (LBO) – The International Monetary Fund (IMF) says that the protracted impact of the 2018 political crisis and the Easter attacks are significantly impacting the fiscal performance of Sri Lanka. According to the IMF, the end-June fiscal target was missed by a large margin, due to frontloading of spending from the clearing […]
‘s Extended Fund Facility
Sep 25, 2019 (LBO) – International Monetary Fund (IMF) says that the Sri Lankan authorities are taking steps to complete all the pending actions and structural benchmarks for the sixth review of Sri Lanka’s Extended Fund Facility (EFF) over the next few weeks. A staff team from the IMF led by Manuela Goretti visited Colombo […]
Central Bank orders banks to reduce loan interest rates by 200 bps by mid-October
Sep 24, 2019 (LBO) – Monetary Board of the Central Bank has decided to order the Licensed Banks to reduce interest rates applicable on all rupee-denominated loans and advances by at least 200 basis points by 15 October 2019, in comparison to the interest rates applicable as at 30 April 2019, subject to certain exclusions. […]
Economist Deshal de Mel joins Verité Research
September 24, 2019 (LBO) – Press Release Former Advisor to the Finance Minister and economist Deshal de Mel joined Verité Research as a Research Director this month. Prior to joining Verité, Deshal functioned as the Economic Advisor to Minister of Finance Hon. Minister Mangala Samaraweera. Deshal has held advisory positions in both the private and […]
Over 150,000 people to return home after Thomas Cook ceased trading
Sep 24, 2019 (LBO) – UK Civil Aviation Authority launched largest peacetime repatriation to bring more than 150,000 people back to the UK after the UK tour operator and airline, Thomas Cook stopped trading. On 23 September 2019, winding-up orders were made against Thomas Cook Group and associated companies and the court-appointed the Official Receiver […]