Both Lankan and Indian traders saving over 50% in transaction costs by using INR

The use of Indian rupee (INR) in Sri Lanka-India bilateral trade is facilitating traders from both countries to cut transaction costs by over 50 percent while enabling same day trade settlements.

Sri Lanka hopes to finalise debt relief deal in six months

​Sri Lanka expects to conclude the discussions with its creditors-both official and private-and reach a debt relief deal by the first review of the International Monetary Fund (IMF) programme that received Executive Board approval early last week.

January credit card balance slips as cardholders turn cautious on spending

The credit card balance, a distant proxy for consumer spending, bucked the recent trend to show a decline in January, reflecting some pullback in spending amid higher interest rates and inflation.

SL seeks transaction advice from IFC to sell SLT, SriLankan Airlines and Lanka Hospitals

Sri Lanka is negotiating with the International Finance Corporation (IFC), a member of the World Bank Group, to seek its service as transaction advisor for the sale of the government’s stakes in several state-owned enterprises (SOEs).

Auto industry requests quota system from govt. to resume vehicle imports

Sri Lanka’s automobile industry is requesting the government to consider a quota system for vehicle imports for its survival and the livelihoods of over 100,000 people, who are directly or indirectly employed by it.

New regulation replacing GSP Plus has greater focus on environmental protection: envoy

The Sri Lankan companies that are currently exporting and are looking to export to the European Union (EU) will have to step up their efforts in adhering to environmental protection practices, as they are being made a key requirement for trade.

CB reiterates risks of using and investing in cryptocurrency

The Central Bank yesterday reiterated the risks of using and investing in cryptocurrency, considering the recent public inquiries and the developments observed relating to cryptocurrencies, which are also commonly referred to as ‘crypto’.

Dilmah Tea may quit Australian supermarkets amid cost dispute

Dilmah Tea is threatening to pull its popular products from the supermarket shelves in Australia amid a bitter price dispute with Coles and Woolworths, Australian media reports said.

President to deliver keynote address at CA Sri Lanka’s economic forum

CA Sri Lanka is organising a CEO discussion forum called “Economic Dialogue - IMF and Beyond” to facilitate a productive conversation among key stakeholders, including business

Fresh tender to be called to procure coal for Norochcholai

The Cabinet nod has been granted to call for fresh tender to procure an estimated 2.25 million MT of coal required for Lakvijaya coal power plant in Norochcholai for the term 2023/2024 under the government procurement process.

Proposed new oil refinery in Hambantota receives seven EOIs

The proposed new refinery in Hambantota has received Expressions of Interest (EOIs) from seven companies, the Power and Energy Ministry shared yesterday.

Disposal of govt.’s stake in SLT will take at least 8-12 months: Fitch

The government’s plan to sell 49.5 percent stake in Sri Lanka Telecom PLC held by the Treasury will take at least 8 to 12 months, Fitch Ratings said yesterday. In a new rating report....

Government to set up road maintenance fund by charging annual fee from vehicles

The Cabinet of Ministers this week approved a proposal to establish a road maintenance fund with an initial capital infusion of Rs.100 million and to charge an annual fee per vehicle. Minister Transport...

LOLC Group announces internal restructuring of financial services

As part of the group’s internal restructuring of financial services, LOLC Group yesterday announced the transfer of LOLC Asset Holdings Limited (LAHL), a fully owned subsidiary of LOLC Holdings PLC...

FitsAir increases flights between Colombo and Dubai

FitsAir, Sri Lanka’s first privately-owned international airline has increased the frequency of its flights to and from Colombo to Dubai to daily. The daily services between the two destinations began...

Roadmap presented to CB to revive beleaguered construction sector

Stakeholders of the construction sector presented to the Central Bank this week a 30-point action plan that will help improve its contribution to the economy—to levels before the economic crisis severely....

Sri Lanka eyes US $ 1.3bn from multilateral funding agencies this year

Sri Lanka is expecting to obtain around US $ 1.36 billion funds from major multilateral agencies, including the International Monetary Fund (IMF), World Bank and Asian Development Bank (ADB), this year.

ICT industry says reform-led economic recovery will spark greater investment interest in SL

The local ICT sector said it is gearing up for greater investment interest, in alignment with President Ranil Wickremesinghe categorising the industry as a key tradable service for Sri Lanka.

Another IMF programme already on the cards upon completion of ongoing one

Sri Lanka is likely to go for another International Monetary Fund (IMF) programme after the end of the current four-year programme, to continue with the structural and institutional reforms.

IFC-ComBank digital marketplace to help expand reach of SMEs

In an effort to expand the reach of the small and medium enterprises (SMEs), including the women-owned small businesses, the International Finance Corporation (IFC) announced its support to Commercial Bank of Ceylon to launch a digital marketplace in Sri Lanka.

Azotels to develop Hunas Falls as luxury hotel with villas

Hunas Holdings PLC yesterday said its fully- owned subsidiary Hunas Falls Hotels Private Limited has entered into an agreement with Azotels Services Limited, for the purpose of development and management of Hunas Falls Hotel.

Govt. mulls Irish-style implementation unit for IMF programme

With the aim of ensuring a smooth continuation of the International Monetary Fund (IMF) programme by averting possible hiccups leading to suspension of the programme, the government is contemplating on setting up an Irish-style implementation unit with special powers to implement mutually agreed targets and structural benchmarks within stipulated time lines.

New SEC chief calls on capital market stakeholders to embrace self-governance

The newly appointed chief of capital market regulator, the Securities and Exchange Commission (SEC) called on stakeholders to embrace....

Rates slump most in a week on positive sentiments after IMF Board approval

The market lending rates followed the Treasury yields last week to fall sharply from their previous week levels as investors turned.....

Foreigners flock back to rupee bonds amid renewed interest

Foreigners sharply increased their holdings in rupee bills and bonds in the few weeks up to the approval of the deal with the International ....

Japan provides US$ 1.6mn to Lankan women affected by seoci-economic crisis

The Government of Japan has provided US$ 1.6 million to UN Women in support of humanitarian assistance for women mostly affected by the socio-economic crisis in Sri Lanka. The funding is part of a new project ‘Empowering women in crisis’, running from February 2023 to December 2023, which will support at least 1,200 women, including their children who have faced sexual and gender-based violence.

India’s Petroleum Ministry Secretary, IOC Chairman expected in Colombo today

Secretary to India’s Ministry of Petroleum and Natural Gas Pankaj Jain and IndianOil Corporation Ltd. Chairman Shirkant Madhav Vaidya are expected to arrive in Sri Lanka today for a brief visit, Mirror Business learns.

No accountability from government towards policies introduced to tackle crisis: Verité Research

The government continues to show no accountability towards the policies introduced in 2022 to tackle the crisis faced by Sri Lanka, Colombo-based think tank Verité Research said.

Raid Amazones 2023 kicks off

The adventure trail ‘Raid Amazones 2023’ kicked off in Kandy on March 22.

Exporters confident of IMF bailout creating conducive environment for intl. trade