Political will crucial to central bank digital currency

The senior representatives of the financial sector yesterday raised significant concerns about the government’s commitment to enacting the necessary legislation for the introduction of a central bank digital currency (CBDC) in Sri Lanka.

ADB’s new strategy puts spotlight on SL’s macroeconomic stability

The Asian Development Bank (ADB) yesterday announced the launch of a new country partnership strategy (CPS) for Sri Lanka....

ADB boosts small businesses with US $ 100mn loan extension

Sri Lanka’s small and medium enterprises (SMEs) are set to receive a significant boost, as the Asian Development Bank....

Economy surges in 4Q23, narrowing full year contraction to 2.3%

Sri Lanka’s economy surged in the fourth quarter, marking a swift recovery from the prolonged recession that began 18 months ago. The growth rate exceeded expectations, outpacing third quarter’s performance. Sri Lanka’s full-year contraction narrowed to 2.3 percent, a significant improvement from the steeper 7.3 percent contraction recorded in 2022. According to the Census and Statistics Department which released the national accounts data for t

Selyn Foundation advances fight against period poverty in SL

Sri Lanka this week took a progressive step towards tackling period poverty, with the Selyn Foundation stepping up efforts to redefine access to menstrual hygiene and support for women across Sri Lanka. The Selyn Foundation this week unveiled its flagship #BleedGood initiative, which marked a pivotal moment in the fight against period poverty while championing sexual and reproductive health rights. #BleedGood encompasses an ecosystem of collecti

Loan defaulters push for extended parate suspension

The loan defaulters, who were recently successful in putting the parate rights on hold, yesterday made a fresh appeal to the authorities, urging them to extend the suspension for three years.

Sri Lanka poised to benefit from demand surge for ‘non-China origin’ graphite

Sri Lanka, renowned for its high-quality vein graphite, is poised to benefit from the increasing demand for “non-China origin” graphite driven by the global push towards electromobility and the US Green....

Bankers vow to continue exercising mortgage actions via courts

Sri Lanka’s bankers vow to continue exercising mortgage actions against the defaulted creditors through the courts of law, once the suspension of the parate rights of banks comes into effect

Foreign reserves expand reaching US$ 4.5bn in February

In February, official foreign currency reserves inched up as the Central Bank maintained its efforts to shore up reserves by accumulating foreign currency from banks. This accumulation comes at a time when demand for foreign currency remains subdued compared to the ample supply from remittances, tourism, and robust exports.

IMF second review kicks off on a positive note

In kicking off the second review under the Extended Fund Facility (EFF) programme yesterday, IMF highlighted that Sri Lanka’s economy has started to turn around with policy decisions taken under the programme translating into tangible outcomes. In the opening mee

Salary hike exaggerated to erode independence: Dr. Weerasinghe

The recent uproar over the Central Bank’s salary increases has caught widespread attention and according to Governor Dr. Nandalal Weerasinghe, this controversy is a deliberate attempt to undermine the institution’s autonomy.

Jan. export dips marginally, but surpasses expectations

Sri Lanka’s export sector started 2024 on a subdued note, with revenues not reaching the US$ 1 billion mark. Despite....

Bondholder agreement delay unlikely to affect IMF review: Coomaraswamy

A potential delay in securing an agreement-in-principle (AIP) with Sri Lanka’s private bondholders is unlikely to impact the second review of the International Monetary Fund (IMF) programme, former Central Bank Governor Dr. Indrajit Coomaraswamy said.

Sri Lanka’s appeal as tourist hotspot grows stronger

Tourist arrivals to the island nation surpassed the 200,000 mark for the third consecutive month this February, affirming Sri Lanka is regaining its position as a sought-after destination among its key source markets.

January trade deficit widens to US $ 514mn

Sri Lanka’s merchandise trade deficit in January widened to US $ 514 million, from US $ 445 million in the corresponding month of the previous year, due to a higher increase in imports.

Consumer price increase slows down in February

Consumer prices in Colombo rose at a slower pace in February compared to the previous month, indicating a slight dampening in the cost of living. Data from the Department of Census and Statistics (DCS) revealed that the Colombo Consumer Price Index (CCPI) recorded a year-on-year inflation rate of 5.9 percent in February, down from 6.4 percent in January. This decline follows two consecutive months of expansion in December 2023 and January 2024. T

Sri Lanka expects “smooth” second IMF review

The government on Wednesday expressed confidence in the upcoming International Monetary Fund (IMF) review going “smooth”.

Government to empower women to drive economy

Sri Lanka’s women entrepreneurs, who have for long been held back, will soon be able to take the front seat as President Ranil Wickremesinghe this week pledged more would be done to allow this segment to increase their contribution to the national economy.

Fresh relief for businesses struggling with loan repayments

Businesses struggling to repay loans can now let out a sigh of relief as a Cabinet decision has been announced that prevents banks from opting for aggressive recovery measures.

Tourists have no business in doing business

The tourism sector stakeholders yesterday confirmed that Sri Lanka is witnessing an increasing trend of international visitors engaging in business activities and warned that the industry, in certain parts of the country, is impacted as a result.

Foreign holdings in government securities fall below Rs.100bn

Foreign holdings in Sri Lanka’s government securities fell under Rs.100 billion last week, touching the lowest point since April last...

Banks alarmed over parate execution suspension move

Sri Lanka’s banking sector is on the edge of following the government’s decision to suspend parate execution rights.

Tax and supply chain woes propel inflation to 6.5%

Sri Lanka’s inflation expanded by 6.5 percent year-on-year in January, as the prices rose across almost all categories from the one-off impact from the higher Value Added Tax and supply chain disruptions caused by the weather-related conditions.

Lifeline for borrowers under Revival Units: CB

While some borrowers have criticised the loan recovery methods of financial entities, the Central Bank (CB) has stated that under the proposed detailed guidelines for the establishment of Business Revival Units, borrowers can negotiate with their banks to stay financially afloat.

CEB Engineers open to “progressive” reforms

The resistance to restructuring the state-owned enterprises is a common narrative but the Ceylon Electricity Board Engineers Union (CEBEU) has made it clear that it is not opposed to reforms.

Central Bank urges legal reforms for stronger credit recovery

With a view to ensure continuity of businesses and job security of employees, the Central Bank (CB) has called for legal reforms to further strengthen Sri Lanka’s Parate execution law and other credit recovery laws in order to shorten the credit recovery cycle on par with global practices .

SLTPB sets sights on global stage with Rs.5.03bn

The Sri Lanka Tourism Promotion Bureau (SLTPB) has announced plans to participate in all major international tourism events and conduct several road shows this year, with a budget of Rs.5.03 billion allocated for these activities. SLTPB Managing Director Nalin Perera stated that Sri Lanka aims to attract 2.3 million tourists this year, expecting to generate Rs.7.18 billion in revenue. This revenue target includes Rs.2.08 billion from the Tourism

Sri Lanka’s economic revival hinges on IMF deal: CB

Sri Lanka’s economic recovery is gaining momentum, with the continuation of the International Monetary Fund (IMF) Extended Fund Facility (EFF) arrangement and progress on structural reforms being key factors, the Central Bank announced. However, the financial sector regulator warned that any disruption to this programme would incur significant economic costs, including growth setbacks, loss of confidence, and prolonged negative investor sentiment

Ambitious plans underway to make SL a ‘happening’ tourist destination

Sri Lanka’s tourism sector is gearing up for a major transformation, as the authorities unveil an ambitious plan to make the country one of the world’s most dynamic and sought-after destinations.

Ambitious plans underway to make SL a ‘happening’ tourist destination

Sri Lanka’s tourism sector is gearing up for a major transformation, as the authorities unveil an ambitious plan to make the country one of the world’s most dynamic and sought-after destinations.