Sri Lanka’s insurance industry showed resilience against the initial adversities that came from an economy, which was off kilter in the first three months of the year, as the sector’s key performance indicators recorded strong growth.

As the fuel shortage has sent the country into a lockdown situation, people, particularly those in Colombo and the suburbs, are facing a risk of losing access to food and other essential stuff, with the retailers struggle to restock their shelves on

Sri Lanka’s bunker licence holders have reached a consensus with the government to import and supply jet fuel on an immediate basis, as the country’s jet fuel reserves ran dry with Ceylon Petroleum Corporation (CPC) failing to import the required

The bankers say they observe a significant slowdown in deposit growth lately, despite offering higher and competitive rates, a condition they attribute to a significant squeeze in the household and corporate balance sheets after the hyperinflation be

The Treasury bill rates rose across the board yesterday after five weeks of stabilising, signalling capitulation by the Central Bank after trying hard to defend the indefensible last week, as the conditions turned dourer in the moribund Sri Lankan ec

As the ongoing economic crisis continues to take an unprecedented toll on the businesses and livelihoods of the people, the Ceylon National Chamber of Industries (CNCI) called on the government to present the vision it has for the nation, along with

The 17 on-going World Bank-funded projects in Sri Lanka are being redesigned to provide financial assistance to meet the current crisis, the President’s Media Division (PMD) yesterday said, quoting World Bank Country Director for Sri Lanka Faris Ha

Two finance companies have been slapped with administrative penalties, amounting to Rs.1.5 million during the final quarter of 2021, for the violation of the provisions of Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).

Sri Lanka’s Gross Domestic Product (GDP) contracted by 1.6 percent in the first quarter of 2022 as the island nation’s economic activity slowed significantly despite the expectations of a recovery after two years of the pandemic in 2020 and 2021.

The government has decided to utilise 250,000 hectares of cultivatable land belonging to religious establishments to cultivate food crops under the national food production programme themed ‘Ekwa Wawamu – Rata Dinawamu’ as a speedy solution to

The Central Bank announced yesterday that action will be taken to liquidate the five failed finance companies in accordance with applicable legal provisions.

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the Power and Energy Minister said yesterday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis.

The Cabinet nod has been granted to open up the jet fuel import and distribution business to bunker license holders with the country’s jet fuel reserves falling to a bare minimum triggering a situation where airlines are advised to bring in their o

The government has decided to partially lift the controversial Family Background Report (FBR) regulation imposed on female migrant employment seekers.

The Cabinet green-light has been received to secure US$ 57 million grant from the United States Agency for International Development (USAID) to roll out a fresh programme to enable the country to overcome the on-going crisis focusing on productivity-

Clearing the path for a potential reclassification of Sri Lanka’s frontier market status to stand-alone market status, leading global stock indexes provider Morgan Stanley Capital International (MSCI) has reduced potential changes in the MSCI Sri L

The Sri Lanka Tea Board yesterday announced the appointment of Niraj de Mel as its new Chairman, with effect from June 20, 2022.

Sri Lanka’s export performance in major markets witnessed a strong growth for the month of May, statistics from the Export Development Board (EDB) showed.

Sri Lanka saw its export performance for the month of May improve, bringing the total earnings for the first five months of the year to cross the US $ 5 billion mark.

As the former Central Bank Governor Ajith Nivard Cabraal implicated his subordinates for supporting the decision to float the rupee on March 7, which pushed the country into hyperinflation and thereby many millions into hunger, the questions are bein

Russia defaulted on its foreign sovereign bonds for the first time since the Bolshevik revolution, as sweeping sanctions effectively cut the country off from the global financial system and rendered its assets untouchable to many investors.

The fiscal deficit in the first three months of 2022 expanded by 21.2 percent to Rs.484.3 billion over the same period in 2021, signalling a yet another year of a stretched budget, as the state revenues are falling short in a shrinking economy while

In a bid to promote sustainable finance activities, the Central Bank last week issued fresh guidelines to the banks asking them to consider raising funds via green and sustainable bonds and allocate such funds to either invest in or to fund sustainab

Sri Lanka has more people doing nothing than the ones who either engage in a job or at least are seeking employment, the statistics office data showed.

Sri Lanka is struggling to secure fresh fuel supplies, a top government minister said yesterday, as the crisis-hit country of 22 million people is down to just 15,000 tons of petrol and diesel to keep essential services running in the coming days.

Making good on an earlier warning against holding foreign currency, the Central Bank this weekend said the amount of foreign currency one can hold in one’s possession had been brought down to US$ 10,000 from an earlier threshold of US$ 15,000 or eq

The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for interest rates to be raised “quickly and decisively” to prevent the surge in inflation turning into something even more problematic.

Bank of Ceylon (BOC) is likely to run into capital deficiencies from the losses stemming from foreign currency (FC) denominated government securities after the country defaulted on most of its foreign currency denominated debt in April, according to

People appeared to have cut back on their credit card spending and instead settled their balances after banks raised their rates to 30 percent effective from May as both banks and card users digested the reality of the rising rates in the economy.

Despite the prevailing foreign exchange crisis, the government assured that the Sri Lanka Ports Authority (SLPA) has sufficient funds to complete the construction of East Container Terminal (ECT) of Port of Colombo by 2024 as scheduled.