SL to introduce property tax and gift and inheritance tax

Sri Lanka is expected to introduce a property tax and a gift and inheritance tax by the beginning of 2025, under the International Monetary Fund programme.

CB continues purchase of dollars from market

The Central Bank is continuing to preserve its position as a net buyer of foreign currency from the domestic foreign currency market, with the dollar liquidity conditions started easing from around early this year, following debt standstill, lower tepid imports and increased dollar inflows.

Fed raises interest rates despite banking turmoil

The US central bank has raised interest rates again, despite fears that the move could add to financial turmoil after a string of recent bank failures.

Tourist arrivals exceed 84k in first three weeks of March

Tourist arrivals to Sri Lanka topped 84,000 in the first three weeks of March. The provisional data from the Sri Lanka Tourism Development Authority showed that during the March 01-21 period, the island nation welcomed 84,585 international visitors.

Economy suffers worst contraction in 2022

Sri Lanka’s economy suffered its worst fall in 2022, with the GDP contracting 7.8 percent as the further quarter economic growth clocked in at negative 12.4 percent.

World Bank calls for stakeholder feedback for new country partnership framework

The World Bank Group (WBG) is calling for stakeholder feedback as it is preparing a new country partnership framework (CPF) for Sri Lanka for the 2023-2026 period.

Former Central Bank Governor H.B. Dissanayake passes away

The Central Bank of Sri Lanka yesterday announced the demise of its ninth Governor, H.B. Dissanayake. He passed away at the age of 85 on the 5 March 2023.

Paris Club Creditors provide financing assurances to support the IMF approval of an EFF for SL

The Paris Club Creditors in its recently held meeting have agreed to provide financing assurances to support the approval by the IMF Executive Board of the envisaged IMF program for Sri Lanka.

CBSL invites suggestions on financial consumer protection draft regulations

The Central Bank of Sri Lanka (CBSL) invited this week industry associations and the general public to submit views and suggestions on the financial consumer protection draft regulations.

CBSL issues commemorative coin to mark 75th Independence Day

As Sri Lanka is gearing up to celebrate its 75th Independence Day on 4 February, the Central Bank of Sri Lanka (CBSL) yesterday issued an uncirculated commemorative coin in the denomination of Rupees 1000.

SriLankan Airlines Unveils New and Improved Mobile App

SriLankan Airlines has unveiled a new and improved mobile app that is designed for optimum user-friendliness. The enhanced app will afford customers greater ease and flexibility in managing their flight bookings, purchasing value-added services, enrolling for a FlySmiLes account and performing a variety of other tasks.

‘Ape Amma’ identified as largest revenue generating YouTube channel in SL

Sri Lanka’s culinary YouTube channel, Ape Amma has been identified by CashnetUSA.com as the largest revenue generating handle in the country on the social media platform.

FITIS ICT Infrastructure Chapter hosts first-ever Technology Channel Conference 4.0

FITIS ICT Infrastructure Chapter hosted its first-ever Technology Channel Conference 4.0 which was held this week at Shangri-La Colombo.

CBSL maintains SDFR and SLFR at current levels of 14.50% and 15.50%

The Monetary Board of the Central Bank decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 per cent and 15.50 per cent.

UN Sec. Gen. calls on economies to step up in preventing fragmentation

The United Nations called on global economies to step up in preventing the deepening of the North-South, East-West divide, and avoid a 21st century sequel to the ‘Thucydides Trap’.

SL, India discusses viability of govt.-govt. Medical importation

Sri Lanka and India are currently exploring the viability of government to government medical importation so that the island nation can have access to medicines without delays.

WB projects global economy will grow by modest 1.7% in 2023

The World Bank this week revised down the economic growth forecast for nearly 95 percent of advanced economies and 70 percent of emerging market and developing economies as the global economy is projected to grow by 1.7 percent in 2023

Liquor license extended by six months for SLTDA establishments

Validity of liquor licenses of establishments registered under the Sri Lanka Tourism Development Authority (SLTDA) will be extended for an additional six months by the Excise Department.

CBSL suspends activities of PTL for another six months

The suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer has been further extended, the Central Bank announced today.

Maersk to add $174mn green & smart logistics center in China

Danish shipping company Maersk is gearing up to build its first green and smart flagship logistics center in China.

China expresses displeasure over targeted Covid-19 measures

As several countries worldwide are taking measures to prevent a new wave of Covid-19 infections with China readying to open up, the government of China retaliated to the move stating it is “unreasonable”.

Ella Street Food Fiesta kicks off today

Going parallel with the Christmas & New Year celebrations taking place across the counrty, authorities in the Uva province kicked off today the Ella Street Food Fiesta.

SriLankan Airlines brings Entrepreneurs’ Organization Nepal to Sri Lanka

SriLankan Airlines is organizing the first-ever series of meetings in Sri Lanka for Entrepreneurs’ Organization (EO) Nepal as part of its ramped-up efforts to help the country rebuild and grow tourism.

Corporates must be Triple Bottom Line driven - Rotary Global Head Jennifer Jones

The first Woman Rotary Global President Jennifer Jones called on all Sri Lanka Corporates to be focused not only on profit or bottom lines but also in the triple bottom line metrics of social, environmental and financial results even though the country is experiencing its toughest economic climates in history.

Monetary Board maintains SDFR and SLFR at current levels

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 23 November 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 per cent and 15.50 per cent, respectively, after considering the recent and expected developments in the domestic and global economy and macroeconomic projections.

IMF, budget, taxes and Sri Lanka’s crisis

A few months back the IMF was seen as the only savior who could put the house in order, but that belief amongst the masses has been eroded by the politicians since all austerity measures to be adopted are blamed on the IMF. Could politics and cheap talk again mess up public opinion and pave the way for a resurrection of corrupt, self-serving politicians to return to power?

5G+AI to assist smart, safe mining

Since the beginning of the year, the eruption of energy crises in certain parts of the world have gained global traction. To offset energy shortages, increases in coal consumption has been consecutive and considerable.

Municipal Waste Management in SL causing key social, environmental, economic concerns: UNDP

Sri Lanka’s Municipal Waste Management (MSW) is causing key social, environmental, and economic concerns as only 50 percent of the country’s waste is collected by the Central Environmental Authority (CEA), the United Nations Development Programme (UNDP) highlighted.

Taxing Tobacco: Why the 2023 Budget Should Increase Tobacco Taxes

Sri Lanka’s economy is at a critical juncture where urgent steps are needed to improve the country’s fiscal position. The Institute of Policy Studies of Sri Lanka (IPS) has maintained that increasing tobacco taxation has undeniable health and fiscal benefits. In this context, policy solutions, such as taxing tobacco which can be leveraged to boost government revenue without threatening economic growth, are essential.

Week commences in red

The ASPI closed in red as a result of price losses in counters such as Expolanka Holdings, Vallibel One and Hayleys with the turnover crossing Rs. 1.1 bn.