The Central Bank will review the remaining restrictions on the outflows from the capital account and gradually start lifting them by taking into account the domestic market foreign exchange liquidity condition improvement. “With the observed improvements in the liquidity position of the domestic foreign exchange market, the Central Bank would review the existing restrictions on certain capital foreign exchange outflows on a priority basis, with a
The Central Bank yesterday said it does not see the need to change the course of the current monetary policy path set off in June last year, as inflation remains well anchored, despite the near-term blips in the price indices, due to the recent hike in the Value Added Tax.
The Port of Colombo is experiencing a surge in transshipment container volumes as it emerges as a transit point in the short term for major shipping lines to reroute their vessels around the Cape of Good Hope, a move opted to avoid disruption to shipments following the recent attacks on vessels in the Red Sea.
Sri Lanka’s exporters are entering the new year with several concerns, National Chamber of Exporters (NCE) President Jayantha Karunaratne said, since given the current status of the local and global economic conditions, it is clear that the challenges are many. “It’s a challenging year. It will be challenging due to many reasons. As exporters, we find that the local costs have gone up significantly, which has increased our operational costs. Now
CNN: Maersk has imposed a 48-hour delay on its vessels moving through the Red Sea, following an attack on one of its merchant ships by Iranian-backed Houthi fighters based in Yemen. The US military said its helicopters responded to distress calls from the vessel — the Maersk Hangzhou — on Sunday and sank three boats operated by the Houthis, killing those aboard. A fourth boat fled the area, it said. The Danish company said in a statement that all
The Central Bank is bracing for an upcoming expansionary credit cycle, driven by the initiation of relaxed monetary policy measures, as the effects of consecutive policy rate cuts, targeted initiatives to expedite monetary policy transmission and a subdued inflation environment are gradually contributing to the easing of financial conditions.
Sri Lanka’s merchandise export performance appeared to gain momentum in November compared to the previous month, signaling a potential turnaround, particularly with positive growth seen in the apparel export sector. Merchandise exports in November reached US$ 968.8 million, up 4.4 percent compared with the previous month’s performance.
Procuring IT services and solutions is going to get expensive, with the Value Added Tax (VAT) coming into effect from January 1 and could create unfairness within the industry, the Sri Lanka Association for Software and Services Companies (SLASSCOM) cautioned.
As the government is leaving no stone unturned to increase tax revenue, experts in the field asserted that while doing away with Value Added Tax (VAT) exemptions is necessary, the authorities couldn’t have picked a worse time to implement the policy.
The Tea Exporters Association (TEA) yesterday expressed grave concern over the introduction of the 18 percent Value Added Tax (VAT) on the industry and the practical issues it is bound to create, unless a mechanism is put in place to ensure the seamless functioning of the tea value chain, in light of the VAT issue.
Despite a modest rebound in the overall economy in the third quarter, Sri Lanka’s construction sector, a crucial segment known for generating significant employment across all levels, has continued to contract.
For businesses and investors consistently concerned about the lack of predictability in tax rates and interest rates, Central Bank Governor Dr. Nandalal Weerasinghe had a straightforward response—what they perceive as predictability may not align with reality.
Sri Lanka needs to enter into agreements with its official and commercial creditors, prior to the second review of the US $ 3 billion International Monetary Fund (IMF) bailout, IMF Senior Mission Chief for Sri Lanka Peter Breuer told reporters via a virtual press conference, yesterday. According to Breuer, the second review is likely to be concluded by the end of the first half of next year. Following the Executive Board of the IMF, completing th
Fragile and uneven economic recovery has further exacerbated income and wealth inequalities in the country, placing Sri Lanka among the top five most unequal countries in the Asia Pacific, according to the United Nations Development Programme (UNDP).
National Development Bank PLC (NDB) yesterday announced the retirement of its Director/Group CEO Dimantha Seneviratne and the appointment of Kelum Edirisinghe as his successor. According to the stock market disclosures filed, NDB, following the expiration of his fixed-term contract on January 31, 2024, Seneviratne will step down from his roles as Group CEO/Executive Director, after having completed seven years with the bank. The filing said Senev
Tourist arrivals surpass 63,000 in first half of October
EDB gets new chief
Colombo welcomes Cinnamon Life
New Board of Directors appointed for SriLankan Airlines
Easter attack: controversy swirls further high
Catholic Church rebuffs Gammanpila’s allegations
Easter Sunday attack: Ravi Seneviratne’s name implicated
SL unveils new ’P’ series passport with enhanced security features