The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 July 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points each, to 4.50 per cent and 5.50 per cent, respectively. The Board arrived…
Sri Lanka’s export earnings have increased to US $ 950 million in June 2020 from US $ 602 million in May, customs provisional statistics outlined, which is a positive signal that Sri Lanka is in the path of recovery faster than anticipated. Hence, noting that the June exports have surpassed the US $ 602 million…
In view of the recent developments in the finance leasing business, the Governor of the Central Bank of Sri Lanka appointed a three member committee to examine and report on the irregularities and illegal activities of the finance and finance leasing businesses, and to make recommendations to curtail such activities. In response to the request…
Advocata Institute, a Colombo-based policy think tank, urged the government to eliminate import controls on consumer goods and raw materials, as import restriction would distort production and raise the price of goods. According to the Extraordinary Gazette No 2182/10 of June 2020, import controls imposed by the earlier gazette Number 2176/19 of 22 May 2020 have…
Sri Lanka Tourism has been in discussion with the European Union Office in Colombo regarding the most effective use of a Euro 3.5 million government to government grant offered to help recover from the crisis. The total grant to the Sri Lankan government was Euro 22 million, allocated primarily to support agriculture and farmers, with…
The Colombo Stock Exchange (CSE) has offered guidance to Stakeholders on areas that require further clarity in relation to the Empower Board Listing Rules. The guidance note is intended at offering stakeholders a clear understanding on the level and manner of compliance expected and areas that will be looked into at the point of submitting…
Aitken Spence PLC achieved yet another milestone in its 150+ year legacy by conducting the company’s first virtual Annual General Meeting (AGM) on 30th June 2020. Whilst being among the country’s first companies to transition successfully to virtual AGMs, Aitken Spence is also leading the way among the diversified holdings companies to host a virtual AGM….
People’s Bank has agreed to initiate a programme to develop Micro, Small and Medium Enterprises in the country in collaboration with Industrial Development Board (IDB) under the Ministry of Industries and Supply Chain Management. Accordingly, the Bank and the IDB have decided to empower average 5000 MSMEs with technical and managerial support and the proper…
Responding to the COVID-19 global pandemic, Sri Lanka has taken several successful preventive measures to prevent the mass spread of virus among the community. Though the country has achieved significant progress in preventing disease, the health system in Sri Lanka needs more facilities to maintain the day-to-day activities within the country up to the state…
Recovery will be prolonged and uneven post lockdown, with tourism and commodity-reliant sovereigns facing further challenges Fiscal consolidation post-coronavirus will be slow, meaning debt levels will remain elevated beyond 2020 Moody’s Investors Service says that non-investment grade emerging and frontier market sovereigns face a sharp economic downturn following the coronavirus outbreak, with many not recovering…
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