All goods imported by Sri Lanka up in price with Rupee depreciating

With the record depreciation of the Sri Lankan Rupee against the US Dollar last Friday (04 September) the prices of all imported good will increase while foreign earnings too would increase, point out economic analysts. This is likely to affect the prices of all imported goods to Sri Lanka, from food items to other products….

(0)Comments | September 7, 2015 2:50 pm

Finance Minister Ravi K on depreciation of Rupee

Following the record depreciation of the Sri Lankan Rupee against the Dollar due to the Central Bank deciding to allow the Rupee against the Dollar to be decided in the money market without its intervention, the newly appointed Finance Minister Ravi Karunanayake expressed his views. While speaking to the media this afternoon (04 September) in…

(0)Comments | September 4, 2015 8:08 pm

Sri Lanka rupee falls 3 pct to record low after floats – dealers

Sri Lanka’s rupee currency fell over 3 percent to trade at a record low of 139.00 per dollar on Friday after the central bank effectively floated the currency by ceasing to quote its own reference rate. The slide comes amid weakness in emerging markets triggered by a devaluation of the Chinese yuan. It came with…

(0)Comments | September 4, 2015 6:12 pm

Amana Bank allowed time to comply with minimum capital requirements

The Monetary Board of the Central Bank of Sri Lanka has extended the time period for Amana Bank to comply with its minimum capital requirements. Accordingly, Amana Bank has been allowed the time period as follows: Rs. 05 billion by 01 January 2016 Rs. 7.5 billion by 01 January 2017 Rs. 10 billion by 01…

(0)Comments | August 28, 2015 5:25 pm

Structural Change of the Sri Lankan Economy and its Policy Implications

By Sarah Hettiaratchi, Intern – Pathfinder Foundation Structural change is the process by which the distribution of economic output, the total of all sectoral shares with respect to a country’s Gross Domestic Product (GDP), shifts from one sector to another. Typically an economy can be divided into three main sectors : agriculture, industry, and services….

(0)Comments | August 26, 2015 5:21 pm

Is it prudent to allow Rupee to depreciate?

While most countries attempt to make their exports competitive by depreciate their currencies, Sri Lanka should be very cautious in depreciating its Rupee, says Dr. Harsha de Silva. The Deputy Minister of Policy Planning and Economic Affairs in the recent interim government, Dr. de Silva says though other countries depreciate their currencies to increase their…

(0)Comments | August 26, 2015 12:10 pm

Dialog TV subscribers up – Telecommunication companies’ profits down

Subscribers to Dialog TV, the Dialog group’s paid digital television broadcasting arm, has grown to 534,000 by end June 2015, says the company. This is a growth of 37 per cent when compared against the same period of last year. Dialog TV (DTV) seeing a 25 per cent growth in revenue to Rs. 2.8 billion…

(0)Comments | August 11, 2015 2:47 pm

Sri Lanka seeks compromise on China-backed port city project

By Shihar Aneez Sri Lanka is offering a compromise that could allow a major Chinese-backed real estate project to restart after months of delays, Finance Minister Ravi Karunanayake told Reuters on Monday. The minister’s comments come a week before a parliamentary election in which the ruling party has an edge over an opposition led by…

(0)Comments | August 11, 2015 10:23 am

Islamic State Circulates Sex Slave Price List

A senior United Nations official says Islamic State is circulating a slave price list for captured women and children, and that the group’s ongoing appeal and barbarity pose an unprecedented challenge. The official, Zainab Bangura, said that on a trip to Iraq in April she was given a copy of an Islamic State pamphlet, which…

(0)Comments | August 6, 2015 10:43 am

Cars speeding into Sri Lanka: Imports during first five months tops USD 478 million

Latest data released by the Central Bank of Sri Lanka indicates that in Sri Lanka’s import growth, vehicle imports stand second to all others during the first five months of the current year. The growth in vehicle imports to Sri Lanka has risen significantly by 93.9 per cent from January 2015 to May 2015 as…

(0)Comments | July 27, 2015 1:27 pm