CB slaps banks with administrative caps to push interest rates down

The Monetary Board of the Central Bank has decided to impose administrative caps on certain lending products of financial services institutions, as interest rates charged on these products still remain at extremely high levels despite the sharp decline in policy interest rates

SriLankan Airlines resumes flights to Jeddah

SriLankan Airlines has relaunched direct flights from Colombo to Jeddah with a thrice-weekly service every Tuesday, Wednesday and Sunday.

WindForce-led consortium to undertake SL’s largest private sector solar power project

A consortium led by renewable energy player WindForce PLC is set to undertake Sri Lanka’s largest private sector renewable energy project.

IMF first review from Sept.14 to 27

The first review of Sri Lanka’s US $ 3 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF) will be held between September 14 and 27.

China slips into deflation as post-Covid recovery falters

China slipped into deflation for the first time in more than two years in July, official data showed Wednesday, as slowing domestic spending weighs on the post-Covid economic recovery.

SRR slashed by 2% to boost liquidity, lower lending rates

The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR)—the portion of deposit liabilities commercial banks are required to keep as cash deposits with the Central Bank— by 200 basis points, from 4 percent to 2 percent with effect from August 16, 2023.

Pakistan to privatise loss-making national airline

Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines, the government said this week, as the country also seeks to outsource its airport operations in line with an IMF deal.

Uma Oya hydro project to be commissioned this year

Uma Oya hydro-electricity project could be commissioned in the latter part of this year, Prime Minister Dinesh Gunawardena was informed today by the Iranian Ambassador in Colombo. Hashem Ashjazadeh.

July witnesses highest monthly tourist arrivals so far this year

Sri Lanka recorded 143, 039 tourist arrivals for July, the highest monthly arrivals recorded so far this year, the data released by Sri Lanka Tourism Development Authority said.

Chamber of Mineral Exporters launched to advance the sector

In an effort to bring fresh focus to Sri Lanka’s mineral resource industry, stakeholders of the sector today launched the Chamber of Mineral Exporters (CME) as a collaborative initiative.

Inflation drops to single-digit levels in July

The headline inflation in Colombo district as measured by the Colombo Consumer Price Index (CCPI) reached single-digit levels to 6.3 percent in July, easing from 12 percent in June.

Govt. relaxes limitations on outward remittance

The government has relaxed certain limitations on outward remittances for capital transactions and removed restrictions on current transfers of emigrants with the current and expected developments in the domestic foreign exchange market.

SL secures EUR 9.8mn grant to strengthen public finances

Sr Lanka has signed financing agreements to secure a grant of EUR 9.8 million from the World Bank, European Union (EU)and Française de Développement (AFD) to strengthen the country’s management of public finances.

European Commission proposes 4-year extension to GSP+

The European Commission has proposed a four-year extension to the current GSP+ scheme until 31 Dec 2027, so that countries, such as Sri Lanka, do not lose their preferential access in the interim.

Financial assets unlikely to come under proposed wealth tax

Financial assets are unlikely to come under the proposed wealth tax, which is set to come into effect in 2025, due to practical difficulties and complex nature in administration and tax collection, according to a top tax expert.

India’s HCL eyes Eastern province for major IT facility

India’s HCL Technologies (HCL), a leading global technology company, which already has a strong presence in Sri Lanka, is exploring....

SL, Nepal look to deepen economic partnership

Sri Lanka and Nepal are currently exploring the possibility of having an exchange of high-level visits and business delegations, in an effort to firm up ties between the two countries, Minister of Foreign Affairs Ali Sabry said.

Fitch revises Outlook on CEB to Positive; affirms at ’B(lka)’

Fitch Ratings has revised the Outlook on Ceylon Electricity Board (CEB) to Positive from Stable while affirming its rating at (B)lka.

Assessment of ‘Aswesuma’ appeals and objections to kick-off

The assessment of 968,000 appeals and 17,500 objections received for ‘Aswesuma’ will kick off, the Ministry of Finance announced today.

CB declines permit renewal for 15 money changers

The Monetary Board of the Central Bank has decided not to renew the money-changing permits of 15 money changers (MCs) for the year 2023 due to non-compliance with a condition of the permits issued for the year 2022, which was communicated to the respective MCs on February 22, 2023.

CB slashes policy interest rates by 2%

The Monetary Board of the Central Bank this morning announced a 200-basis point reduction in policy rates after slashing 250 basis points at the previous monetary policy review in June.

ADB launches two publications on SL’s energy sector

Sri Lanka today saw the launch of two energy sector publications, supported by the Asian Development Bank (ADB), which map the journey of the local electricity supply industry.

Excluding banking sector in DDO will lead to lower interest rates: CA Sri Lanka

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) today said the decision to exclude the country’s banking sector from the Domestic Debt Optimisation (DDO) plan will result in lower interest rates.

Inflation down sharply to 12% in June

Sri Lanka’s official headline inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year (YoY) basis eases to 12 percent in June, largely on higher base effects, last year.

Pakistan enteres US $ 3bn staff-level deal with IMF

Pakistan, which is flirting with a debt default, has secured a staff-level agreement with the International Monetary Fund (IMF) for a US $ 3 billion stand-by arrangement, foreign media reported.

CCC calls for responsible action and patience on debt restructuring plan

The Ceylon Chamber of Commerce (CCC) urges all political parties and stakeholders concerned to act with responsibility and await the finalization of the proposed debt restructuring plan.

Nas Daily to create content for Sri Lanka Tourism

Nuseir Yassin, an Arab-Israeli vlogger who creates content under the ‘Nas Daily’ banner, is expected to create three videos to promote Sri Lanka for tourism and investment.

WTTC and UNWTO ink historic MoU to uplift global tourism

For the first time in history, two of the world’s leading travel & tourism organisations representing the global public and private sectors have agreed to work together across a number of key objectives.

UL says sick cockpit crew member delayed flight to Seoul

SriLankan Airlines today said the flight UL 470 to Seoul was delayed due to one cockpit crew member, who was scheduled for this flight, falling sick.

National inflation eases to 22.1% in May

National inflation as measured by National Consumer Price Index (NCPI) eased to 22.1 percent in May on a year-on-year (YoY) basis from 33.6 percent in April.