By Sarah Hettiaratchi, Project Executive – Pathfinder Foundation The new government, elected to govern the country for the next five years, has vowed to implement its flagship Megapolis project which was included in its election manifesto. It was reported that the conceptual plan was initially mooted in 1991 by the then young Sri Lankan Minister…
SriLankan Airlines and Mihin Lanka are reported to be preparing to put forward their latest business plans. The Mid-Year Fiscal Position Report 2015 released by the Finance Ministry reveals that the government has decided to prepare comprehensive business plans for SriLankan Airlines and Mihin Lanka and that these two airlines would be amalgamated in the…
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…
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