The administration of all state banks, the Sri Lanka Insurance Corporation, SrLankan Airlines and several other institutions have been brought under the purview of the State Enterprises Development Ministry by the incumbent government. The Minister in charge of this Ministry is Kabeer Hashim while his Deputy is Eran Wickremaratne. Earlier, the Bank of Ceylon, People’s…
The Central Bank of Sri Lanka (CBSL) has introduced a circular last night (14 September) preventing the purchase of vehicles on a 100 per cent or ‘Full Lease’ or ‘Hire Purchase’ basis without any initial down payments, in a bid to reduce the number of vehicles on Sri Lanka’s roads. A senior official from the…
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….
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…
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…
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