Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines. The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single ticket and enjoying the convenience of baggage transfers.`
In an effort to alleviate the current severe congestion at the Katunayake Bandaranaike International Airport (BIA), which is experiencing nearly 25,000 passenger arrivals and departures a day, Airport and Aviation Services (Sri Lanka) (Private) Limited has opted to swiftly construct a prefabricated terminal.
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
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.
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.
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.
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