India has been accused of imposing unrealistic Minimum Import Prices (MIP) on Sri Lankan pepper and arecanuts, resulting in negligible exports. Issuing a media release, the Management Committee of the Spices and Allied Products Producers and Traders’ Association (SAPPTA) in Sri Lanka, said that Sri Lanka exported around 75% of Pepper Exports and almost 100%…
Sri Lankan retailers have organized themselves to harness the collective resources of the retail industry, and promote innovation and growth even further, while providing consumers with the best deals in the country. To do so, the Sri Lanka Retailers’ Association (SLRA) is commencing their flagship event to revitalize retail for 2019, through the Shop…
According to the latest external trade data released by the Central Bank, country’s trade deficit had widened in July 2019 as exports fell more than the decline in imports. Export earnings recorded a decline of 7.0% (year-on-year) after a steady growth for several months while import expenditure declined by 2.2 per cent (year-on-year) in July…
A new ADB- led study reveals that Sri Lanka spends $19 million per year directly on health-care costs associated with floods and droughts. “Sri Lanka spends $19 million per year directly on health-care costs associated with floods and droughts. This cost is divided almost equally between the public purse and households, with 83% of it…
The Sri Lankan rupee appreciated by 0.7% against the US dollar during the year up to 25 September 2019, latest External Sector Performance report of the Central Bank of Sri Lanka outlines. Reflecting cross-currency movements, the rupee appreciated against other major currencies except for the Japanese yen and the Canadian dollar during this period. According…
Workers Minimum Wages Act No. 3 of 2016 has set a national minimum monthly wage of Rs.10,000 /- (400×25) and a national minimum daily wage of Rs.400/- (50×8) with effect from 01.01.2016. Considering the rising cost of living, cabinet approval has been granted to amend section 3 of the above act to increase the present…
The Cabinet has given its approval to pay a special allowance for Government Executive Officers. The decision was taken after considering a report submitted by the Special Salaries Commission to Review Public Sector Salaries. In line with these recommendations cabinet approval has been granted on the 10th September 2019 to pay 50% of the recommended…
The Cabinet of Ministers approved the proposal presented by Minister of Ports, Shipping and Southern Development to allocate Rs.300 million for the development of Gall Face Ground under the corporate social responsibility budget in proposed 2019/2021 budget and accomplish the development tasks within 18 months.
Central Bank of Sri Lanka has decided to withdraw the Monetary Law Act issued on 26 April 2019 on imposing maximum interest rates on Sri Lanka rupee deposits of licensed banks. Considering the high real interest rate on deposits and lending products prevailing in the economy and the need to strengthen and expedite monetary law…
Highlights lessons from Malaysian development experience relevant to current challenges in SL Calls for urgent recalibration of policy to support housing and property development industry Reiterates potential for focused property policies to enhance Sri Lanka’s regional economic status The future of Sri Lanka’s economic development could very likely hinge on how domestic policies towards real…
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