IMF external liquidity support still a possibility: S&P

External liquidity support is still very much a possibility for Sri Lanka from the International Monetary Fund (IMF) or from any other bilateral lender if such a requirement arises, according to a US-based credit rating agency.

Lankan banks tighten defences against cyber attacks

Despite Sri Lanka currently not being in a state of war and not facing foreign invasion, the country is ceaselessly engaged in cyber warfare, and a gap in the lines may bring the country’s economy to its knees, Central Bank Governor, Ajith Nivard Cabraal said.

June inflation at 2.8%

Sri Lanka’s year-on-year (YoY) inflation in the month of June eased to 2.8 percent from 3.2 percent in the previous month, the data released by the Census and Statistics Department showed.

April trade deficit narrows 17.7%; exports increase 9.4%

Sri Lanka’s April trade deficit contracted 17.7 percent year-on-year (YoY) to US $ 682.2 million amid higher export earnings and moderate import expenditure, the latest Central Bank data showed.

Southern unrest shatters middle east tourist confidence

The recent unfortunate incidents that erupted in Aluthgama and Beruwala areas will have an adverse impact on the country’s tourism sector in the backdrop of Middle East being the fourth largest inbound tourist market for Sri Lanka, according to tourism industry stakeholders.

Tea board appoints popular tea personality as ambassador

The Sri Lanka Tea Board has appointed Mike Bunston OBE, an eminent personality in the international tea trade with over 56 years of experience as Honorary Te a Ambassador for Sri Lanka in the United Kingdom.

Policy rates unchanged; April credit growth at 3.3%

The Monetary Board of the Central Bank yesterday decided to maintain the policy rates unchanged for the month of June despite the private sector credit growing at a slower pace of 3.3 percent in April, compared to 4.3 percent in March.

Auto importers cry foul at new valuation method on imported vehicles

The Ceylon Motor Traders’ Association (CMTA), an industry body consisting of automotive franchise holders, cried foul at the recently implemented valuation method on imported vehicles and urged the authorities to immediately withdraw the new method.

New tank farm, bunkering terminal facilities to open at H’tota port

The new tank farm complex and the bunkering terminal of the Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota is set to be opened on June 22 by President Mahinda Rjapaksa, a media statement by the Sri Lanka Ports Authority (SLPA) said.

Emerging markets should be prepared for Fed tightening

Central Bank Governor Ajith Nivard Cabraal said he would not expect the US Federal Reserve to take account of its actions on developing economies when time comes for the end of quantitative easing and every emerging market should be prepared for Fed tightening.

FDIs in 1Q doubles; minister confident of achieving elusive US $ 2bn target this year

Despite failing to achieve the target of US $ 2 billion in foreign direct investments (FDIs) last year, Investment Promotions Minister Lakshman Yapa Abeywardena said they are confident of their ability to exceed the mark of US $ 2 billion this year.

Pakistan likely to expand FTA trade with Sri Lanka

Pakistan, Sri Lanka’s second largest trade partner in the region, has indicated interest in expanding its free trade agreement (FTA) trade with the island, creating growth in bilateral trade, which already exceeds the US $ 460 million mark, according to Sri Lanka’s trade ministry.

Total Govt. Debt increases by Rs.793bn in 2013

The total government debt increased to Rs.6793 billion in 2013 from Rs.6000 billion in 2012, according to the 2013 annual report of the Finance and Planning Ministry released yesterday.

Sri Lankan tea players to benefit from world’s aging population: report

Sri Lanka’s tea sector players are likely to benefit from the new demand coming from the ageing population in the global market place, particularly from countries such as Japan, Europe and the US, according to a recent study by the Business and Information Division of the Ceylon Chamber of Commerce.

March exports jump 28.6%; trade gap narrows 15.5%

Sri Lanka’s March trade deficit contracted 15.5 percent year-onyear (YoY) to US $ 602.2 million amid higher export earnings and moderate import expenditure, the latest data released by the Central Bank showed.

CB Governor admits challenges, assures no retrenchment

Sri Lanka’s Central Bank Governor urged top banking and non-banking sector officials to “put their thinking caps on” in order to ensure that financial sector consolidation can be a seamless transition into something new, exciting and sustainable.

Finance sector consolidation not an ad-hoc move: Cabraal

Consolidation of the banking and non-banking sectors is not an ad-hoc arrangement but is part of an overall strategy and is being done at the most suitable time for the country, Sri Lanka’s Central Bank Governor, Ajith Nivard Cabraal said.

CB keeps policy rates unchanged

The Monetary Board of Central Bank yesterday decided to keep the policy rates unchanged with government and state-corporations borrowing less, which in return has created a favourable environment for private credit to pick up, the Central Bank said.

Palm oil imports rise as coconut oil output drops

A sharp decline in Sri Lanka’s coconut oil production in 2013 has resulted in significantly more palm oil imports, which is a close substitute for coconut oil, the 2013 Central Bank annual report showed.

Sri Lanka among top 10 broadband countries

Sri Lanka has been rated among the top 10 broadband countries in terms of growth in 2013 by Broadband Forum, a leading non-profit telecom industry consortium dedicated to developing broadband network specifications.

March vehicle registrations up on Feb effect

Sri Lanka’s vehicle registrations in March rose 16 percent to 26,921 units over February, though the increase was mainly due to the less number of days and more holidays in February, according to a monthly analysis of vehicle registrations by research and stock brokerage firm, JB Securities Limited.

Focus should now shift to long-term targets: Cabraal

Sri Lanka is on course to achieve macro-economic targets in the near-medium term, and focus must now shift towards longer-term targets up-to and beyond 2030, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.

March tourist arrivals up 17.5%

Sri Lanka’s tourist arrivals rose 17.5 percent Year- on-Year (YoY) to 133,048 in March 2014, with Russia, China, Saudi Arabia and the UAE leading the list, data released by the country’s tourism authority showed. Arrivals in the first three months of the year were up 24.8 percent YoY to 421,501.

CB goes public with deposit rate caps on finance companies

The Central Bank yesterday informed the public of maximum interest rates that could be offered for deposits by finance companies, with effect from April 1, 2014.

March inflation unchanged at 4.2%

Sri Lanka’s annual inflation increased to 4.2 percent in March, unchanged from the previous month, the data released by the Census and Statistics Department showed.

CCC hails finance sector consolidation

Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), yesterday endorsed the ongoing financial sector consolidation advocated by the Central Bank of Sri Lanka.

Economy grows 7.3% in 2013

The Sri Lankan gross domestic product (GDP) grew at 7.3 percent in 2013 against a previous 6.3 percent in 2012, the data released by the Census and Statistics Departmentshowed.

Retrenchment unavoidable in consolidation

Job retrenchment and streamlining of cost structures are likely to be an inevitable by-product of consolidation in the banking and finance sector, according to Association of Professional Bankers of Sri Lanka President and Sampath Bank Managing Director, Aravinda Perera.

February tourist arrivals up 24.5%

Sri Lanka’s tourist arrivals rose 24.5 percent Yearon-Year (YoY) to 141,878 in February 2014, with India, Russia and China leading the list, data released by the country’s tourism authority showed.

Third gantry cranes shipment arrives at CICT

Mega vessel, Zhen Hua 11 recently shipped a large consignment of gantry cranes and container trailers for the newly built Colombo International Container Terminal (CICT).