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…
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…
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….
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…
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…
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…
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…
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…
Nissan is set to offer a choice of Leafs with different batteries increasing the electric car’s range up to the 250-mile mark The UK’s best-selling electric car, Nissan’s Leaf, will be able to go further on each charge from 2016 as Nissan is set to offer a 30kw battery in addition to the current 24kw…
The world’s biggest automaker, Toyota, is recalling about 625,000 hybrid cars around the world to fix a software glitch. A fault in the software could lead it to shut down the hybrid system while the car is being driven, it said. Models affected by the recall include Prius V minivans, called Prius Alpa and Prius+…
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