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JO MP Tharaka Balasuriya says improve the National Audit Bill
July 6, 2018 (LBO) – In a recent speech in Parliament the JO’s leading economic voice, Hon. Tharaka Balasuriya MP, offered significant constructive criticism on the National Audit Bill. The bill puts forward an independent audit commission that will have significant authority much like other independent commissions in Sri Lanka such as police, judicial etc. […]
Fuel prices increased; consumer rights activists want price formula public
July 06, 2018 (LBO) – Sri Lanka’s Finance Ministry has increased fuel prices of the Ceylon Petroleum Corporation with effect from midnight yesterday, sources said. However, there is no official statement about the price increase from the relevant ministries yet even though the Finance Ministry is quick to respond to political matters. According to sources, […]
Sri Lanka gross official reserves improve to USD 9.2 bn by end June
July 06, 2018 (LBO) – Sri Lanka’s gross official reserve position is estimated to have improved to around 9.2 billion US dollars by end June 2018, compared to 8.0 billion dollars at end 2017. The reserves include international sovereign bond issued in April, the receipt of the fifth tranche from the IMF, receipts from the […]
Central Bank maintains policy interest rates at current levels
July 06, 2018 (LBO) – Monetary Board of the Central Bank, at its meeting held on 05 July 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 is […]
CA Sri Lanka, CMA & AAT unveils ‘Creating a Profession Par Excellence’
Global accounting body president in high praise of Sri Lankan accounting bodies President of the International Federation of Accountants (IFAC), Ms. Rachel Grimes praised the country’s top three local accounting bodies; CA Sri Lanka, CMA Sri Lanka and AAT Sri Lanka for coming together to strengthen the profession by launching the ‘Creating a profession Par […]
Perpetual Treasuries suspension of business extended by 6 months
July 05, 2018 (LBO) – Monetary Board of the Central Bank acting in terms of the regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL). Accordingly, PTL will be further suspended from carrying on the business and activities of […]
Sri Lanka’s expenditure on tobacco use surpasses GSP+ export income
July 05, 2018 (LBO) – Sri Lankan consumers’ annual expenditure on cigarettes and tobacco is so high it surpasses the annual export revenue from EU GSP Plus, Industry and Commerce Minister Rishad Bathiudeen said. “Reports say that Sri Lankan consumers spend more than Rs 200 million per day for cigarettes,” Minister Bathiudeen said. “According to the World […]
Sri Lanka retains Tier 2 ranking in US Trafficking in Persons Report
July 05, 2018 (LBO) – Sri Lanka retained its Tier 2 ranking in the US State Department Trafficking in Persons (TIP) Report for the second consecutive year, according to the 2018 report released recently. The TIP report 2018 states that the Government of Sri Lanka demonstrated increasing efforts compared to the previous reporting period and […]
Sri Lanka continues upward trend in tourist arrivals: June up 19.0-pct
Jul 05, 2018 (LBO) – Sri Lanka’s tourist arrivals was up 19.0 percent to 146,828 in June 2018 from an year ago driven by the islands two largest source markets India and China, official data shows. Almost 98 percent of tourists travelled by air to Sri Lanka. As at 31st June 2018, 1,164,647 tourists had visited Sri Lanka […]
‘The Frozen Fire’, first Sri Lankan movie to enter mainstream category at Oscars
Jul 05, 2018 (LBO) – For the first time in the history of Sri Lankan film industry, a movie from the local industry will vie for Oscars 2019. The movie titled ‘The Frozen Fire’, directed by Anuruddha Jayasinghe, is the first Sri Lankan movie to enter in mainstream ‘Best Picture’ category of Oscars 2019, officials […]
Stocks continue slide to new 2018 lows as turnover dries up
July 4, 2018 (LBO) – The Colombo Stock Exchange continued its 2018 slide as stocks finished at new lows for the year. Both major stock market indices continued their drip lower finishing down just over .6%. Turnover was very weak at Rs261mn (US$1.65mn), with trades of market bellwether JKH accounting for almost 40% of total […]
Media Minister condemns attacks on journalists contributed to NYT report
July 04, 2018 (LBO) – Sri Lanka’s Media Minister on Wednesday condemned recent attacks on two Sri Lankan journalists who contributed to the New York Times report on massive financial misappropriation linked to the former regime. Releasing a statement, Minister Mangala Samaraweera said he was alarmed by recent attacks because the government came into power […]