The number of motorcars registered in Sri Lanka during the first four months of this year has shown a sharp increase to 21.7 percent compared to the same period in 2013. According to the Mid-Year Fiscal Position Report 2014 released by the Finance Ministry, while 7,177 motorcars had been registered during the first quarter of…
It has been revealed that the Ceylon Petroleum Corporation (CPC) is the government institution that owes the highest amount to banks and that it has reached the Rs. 389 billion mark by April 2014. By end last year the CPC owed the banks Rs. 419 billion, indicate the Mid-Year Fiscal Position Report 2014 released by…
Through the proposed China-Sri Lanka free trade agreement Sri Lankan exporters could enjoy more opportunities in the Chinese market, believes Senior Deputy Chairman of the National Chamber of Commerce of Sri Lanka, Tilak Godamanna. While speaking to AdaderanaBiz.lk he said that discussions are being held over the proposed free trade agreement and that through this…
Generations of Indians have grown up imagining a bank with high ceilings and chandeliers in Switzerland, where shadowy Indians go to leave a lot of illicit cash in the care of practical white men. In popular lore, the “Swiss bank account” is an essential part of Indian villainy, even though illicit money is a common…
This story appears in the July 21, 2014 issue of Forbes Asia. In the heart of Colombo, next to a lake, John Keells Holdings, Sri Lanka’s largest listed conglomerate, has giant excavators preparing the foundation for its new resort, the biggest in the country. The $820 million project–the largest investment by a domestic company here–includes…
SriLankan Airlines has sold five year bonds valued at USD 175 million at a yield of 5.3 percent, reports Bloomberg. Some 60 percent of these bonds have been reportedly bought by Asian investors while European investors have bought 25 percent and Middle Eastern investors 15 percent. These bonds have been provided a government guarantee and…
The Asian Development Bank (ADB) said it is discussing with the government to provide funds for construction of the proposed Kandy-Colombo or Northern Expressway. ADB president Takehiko Nakao who is in Sri Lanka revealed this while responding to a question during a media briefing in Colombo. He said the ADB was holding discussions with the…
The Central Bank’s Monetary Board has decided to keep its interest rates that decide the interest rates of commercial banks unchanged in June as well. Accordingly, while further maintaining the Central Bank’s policy rates unchanged from 6.5 to 8.0 percent in June as well, the Central Bank has urged commercial banks to further reduce their…
With Australia issuing a travel advisory to tourists to be vigilant when travelling to Sri Lanka following the sectarian clashes in Aluthgama and Beruwala, Sri Lanka Association of Inbound Tour Operators (SLAITO) chairman Mahendra Kariyawasam said that these incidents have not affected tourism in the areas as yet. He added that May-June is a lean…
The recent press release by the Public Debt Department (PDD) highlighted the improvements in government’s external debt position. These improvements are well documented in the Central Bank Annual Report 2013 under Section 6.4 (pp. 176-180) and in Appendix Tables 105 to 113 and in Special Statistical Appendix Table 7, where the external debt of the…
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