Banking on renewed foreign investor sentiment and expected recovery in the economy in the second half of the year, the Colombo Stock Exchange (CSE) is set to introduce a suite of new products to the market this year, while making its platform available for potential sale of shares of selected state-owned enterprises (SOEs) if the government decided to do so.
The Executive Board sign-off for the International Monetary Fund (IMF)-sponsored bailout package for Sri Lanka may not happen until the second quarter of this year, as the country is likely to see delays in obtaining financing assurances from its bilateral creditors to restructure debt, according to Standard Chartered (StanChart) Global Research.
As State coffers have run dry owing to the steep contraction of the economy last year, President Ranil Wickremesinghe has instructed all ministries to cut five percent of their allocated budgets for 2023 to manage limited funds by prioritising salary and pension payments to public sector employees.
Sri Lanka’s earnings from exports declined for the second consecutive month in November while the trade deficit widened from the previous month, as the global economy slows down amid decades-high inflation and rise in interest rates to tackle the surging prices.
As South Asian economies have been focusing on digitalisation efforts to uplift the overall government and financial sector infrastructure, the Central Bank of Sri Lanka asserted that improving focus in this arena....
The Central Bank yesterday laid out its short to medium-term policy path and a slew of other measures that it intends to roll out primarily to restore price stability and to maintain the financial system’s health, as Sr Lanka struggles to emerge from the worst economic crisis since its independence.
The Central Bank this week announced changes to open market operations to start the year by limiting licensed commercial banks’ access to its Standing Deposit and Lending Facility windows, which together determines the overnight liquidity level in the money market.
Sri Lanka tourism ended the year 2022 on a positive note, as the arrivals of international visitors to the country for the final month of the year crossed the 90,000 mark, while the total arrivals for the year topped 700,000.
Sri Lanka’s banking sector, which is usually resilient and generates consistent profits across economic cycles took a heavy beating this year, causing the sector to fall out of favour with the investor community.
At a time when the entire country is up in arms against the proposed monster power tariff hike in less than five months into the first one in August, Sri Lanka’s national management accounting body,
Sri Lanka’s nine-month government revenue this year rose compared to last year’s levels, as the economy inflated amid the runaway prices and tax revenue started flowing, as a result of the hike in the indirect taxes such as the Value Added Tax (VAT), under the first round of tax increases came into effect from June.
As Sri Lanka’s dividend tax policy is inhibiting risk-taking, entrepreneurship and timely restructuring activities in the corporate sector, a top investment professional called upon the government to take corrective actions to rectify the unfair double taxation on profits when distributing dividends to investors.
Sri Lanka’s tea exporters joined the bandwagon in clarifying its stance on the issue revolving around repatriation and conversion of export proceeds, pointing out they have been abiding by the relevant rules and regulations.
The Purchasing Managers’ Index (PMI) continued to remain in the contractionary territory in November, albeit some improvement in activity from the previous month, as the subdued demand conditions, both locally and internationally, weighed on the Sri Lankan economy, which is on course for its worst decline in its history this year.
The Sri Lankan economy further sank into recession after its Gross Domestic Product (GDP) for the third quarter gave up as much as 11.8 percent of its output, bringing the nine-month contraction in the economy to 7.1 percent.
The proposed strengthening of the Fiscal Management Responsibility Act (FMRA), which would require strict compliance with the fiscal targets, will be the next key reform for economic stability, leading to a sustainable economy in the long term, according to Central Bank Governor Dr. Nandalal Weerasinghe.
Driven by the country’s growing appeal as a low-cost tourist destination, following the steep depreciation of the rupee, Sri Lanka’s tourism industry is expected to make a swift and steady recovery in this winter season, with tourist arrivals surpassing pre-crisis levels in 2024.
Niloufer Esufally-Anverally Makes a Stylish Comeback with the Launch of NLFR
Global Entrepreneurship Week 2024 kicks off across all 25 districts
Fonterra to proceed with sale process for Consumer businesses
BOI signs US$ 12.16mn deal with Celogen Lanka
Nissan to lay off thousands of workers as sales drop
15-year-old schoolgirl impregnated, mother’s paramour arrested
United in art: Children collaborate to celebrate 35 years of CRC