Tag: economy

June 13, 2013 (LBO) – Sri Lanka plans to ban foreign investments into steel, cement, retail trade, small scale agriculture and beauty care products, to ‘protect’ domestic investors, according to decision by the cabinet of ministers.Cabinet spokesman Keheliya Rambukwelle said relevant regulations would be made known later. He said existing investors in the sectors will […]

June 11, 2013 (LBO) – Sri Lanka’s state workers and pensioners have taken 56 cents out of every tax rupee collected from the people in 2012, not counting tax slashed car permits, official data shows. An analysis by the finance ministry shows that in 1.79 public sector workers took home 348 billion rupees in salaries […]

June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]

June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]

June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]

June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013

May 31, 2013 (LBO) – Sri Lanka and Thailand inked agreements on tourism, technology, business during a visit by Thai Prime Minister Yinluck Shinawatra to the island, who had bilateral talks with President Mahinda Rajapaksa.Thai deputy Prime Minister Surapong Tovichakchaikul and Sri Lanka’s foreign minister G L Pieris, technology minister Patali Ranawaka inked the deals […]

May 31, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.3 percent in the 12 months to May 2013 accelerating from 6.4 percent in April mostly due a power tariff hike, data from the state statistics office showed. The Central Bank cut interest rates last month despite advice from the International Monetary […]

May 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had been promised more funding by head of the Export Import of Bank of China, Li Ruogu during talks in Beijing, his office in Colombo said. President Rajapaksa is on a four day visit to Beijing. The Exim Bank chief will extend support for road […]

May 28, 2013 (LBO) – Sri Lanka and China will negotiate a free trade deal and Chinese support has been pledged for a planned expressway to the north of the island following a state visit by President Rajapaksa to Beijing.During bilateral meetings, agreement had been reached to set up two committees that will work towards […]

May 27, 2013 (LBO) – A business delegation from Korea will be visiting Sri Lanka in June to meet partners in Sri Lanka, the Ceylon Chamber of Commerce said.The delegation is interested in meeting businesses in liquor, ship maintenance and conversion, steel, tourism, vehicle components, housing and construction, the chamber said. The delegation which will […]

May 27, 2013 (LBO) – A post-war growth spurt is temporary and there was no ‘structural shift’ to eight percent a year from six, needing policy changes, an economist said, echoing a call by the International Monetary Fund to improve policy. Harsha De Silva, who is also a legislator for the opposition said while there […]