In terms of Section 35 of the Monetary Law Act No. 58 of 1949, the seventieth Annual Report of the Monetary Board of the Central Bank of Sri Lanka was presented to Hon. Mahinda Rajapaksa, the Prime Minister and the Minister of Finance, Economic and Policy Development, by Deshamanya Professor W.D.Lakshman, the Governor of the…
International Air Transport Association (IATA) has released its latest estimates, which show that the impact of Covid-19 on the aviation industry in the Asia-Pacific region has worsened. Earlier this month, IATA released its updated analysis stating that global airline passenger revenues will decrease by $314bn this year, which marks a decline of 55% compared to the previous…
The Ministry of Ports and Shipping has informed Sri Lanka Ports Authority (SLPA), South Asia Gateway Terminals (SAGT) and Colombo International Container Terminals (CICT) on 27 April 2020 to extend the concessionary period for occupational charges in the Port of Colombo and all commercial ports in Sri Lanka, up to 07th May 2020. Due to the prevailing Covid-19…
Perceived Economic Opportunity Index: January – March 2020 Given the onset of Covid19 all research activity sized middle of March 2020 with the whole country going in to a lockdown and subsequently a nationwide curfew. Therefore, data for Quarter 1 for 2020 is restricted to January and February. Methodology The PEOI is calculated based on…
The effects of COVID-19 on banks in Asia-Pacific (APAC) will be more severe than those of a normal cyclical downturn, says Fitch Ratings in its latest report. Operating environments in the region will be significantly affected over the next two years, with weaker domestic and international economies reducing growth prospects and increasing the risk of…
In continuation of ongoing assistance from the Government of India to fight against the COVID-19 Pandemic the High Commission handed over one consignment of medical gloves to the Government of Sri Lanka. Earlier on 7 & 8 April 2020, India gifted nearly 13 tonnes consignment of essential life-saving medicines to the Government of Sri Lanka….
The Central Bank of Sri Lanka observes that the current interest rates charged by licensed banks on pawning advances range from 12% – 17.5% per annum. Considering the necessity to provide relief to low income individuals who are pawning gold jewellery to meet their short-term financing needs due to the adverse economic situation resulting from…
The Information and Communication Technology Agency of Sri Lanka (ICTA) in collaboration with key Government Institutions launched a National Website for COVID -19 response www.covid19.gov.lk. This was developed considering the unprecedented situation in the Country due to COVID-19, and with the objective of providing information to the public through reliable sources that is accredited by…
Sri Lankan companies are announcing a wide range of cost-cutting measures to offset declining revenues and protect the cash balance during the economic slump related to the COVID-19 outbreak. According to several listed entities, which had disclosed the COVID-19 impact on their businesses stated that they had already decided to defer capital expenditure (Capex) and…
The Chamber Academy and the International Labour Organization (ILO) will be hosting a webinar on Wednesday (29th) from 10am to 11:45am, on the global picture and social protection measures that are needed to mitigate the impact of COVID-19 in the region. The session will be hosted by Ms. Sara Elder, Head of the Regional Economic…
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