As at end November 2018, gross official reserves were estimated at US $ 7.0 billion, equivalent to 3.7 months of imports, the latest Central Bank data highlights. “Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US $ 9.7 billion as at end November 2018, equivalent…
Reuters – Investor confidence in Sri Lanka is stabilising after the country repaid a $1 billion sovereign bond in mid-January, Central Bank of Sri Lanka Governor Indrajit Coomaraswamy told Reuters on Monday. Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament….
Reuters – ** Sri Lanka’s rupee closed firmer on Tuesday on banks’ dollar sales from inward remittances and on behalf of foreign investors who are purchasing short-term bills, while stocks ended firmer. ** The rupee closed at 180.90/15 per dollar, compared with Monday’s close of 181.40/60, market sources said. On Jan. 3, the rupee dropped…
Bloomberg – Malaysia will terminate a $20 billion rail project with contractor China Communications Construction Co., Economic Affairs Minister Mohamed Azmin Ali said. The Cabinet decided the East Coast Rail Link project was “beyond the government’s financial capability,” he told reporters on Saturday. Malaysia Finance Minister Lim Guan Eng wouldn’t corroborate Azmin’s comments, saying an…
In March 2018, funder and renowned business leader Mr. Ajit Gunewardene saw an opportunity to expand his business portfolio at Bluestone Capital, a private equity and venture capital company. Under Bluestone 1, a subsidiary of Bluestone Capital, the company acquired Melsta Regal Finance, a finance company that was owned by Melstacorp PLC, and renamed it…
The Sri Lankan rupee had appreciated by 0.6% against the US dollar during the year up to 28 January 2019 whilst during the year 2018, the Sri Lankan rupee depreciated by 16.4% against the US dollar while also depreciating against other major currencies, the latest Central Bank data points out. Accordingly, reflecting cross currency…
Sri Lanka’s famous influential politician, former Member of Parliament Sajin De Vass Gunawardena in a status on his facebook profile recently stressed that Regus PLC’s Sri Lanka branch is arbitrarily charging rentals from customers and requested Board of Investment (BOI) and relevant authorities to look into regulating the companies involved in renting work spaces and…
Latest Cabinet announcements outlined that it has been proposed to construct a Vehicle and Powertrain Laboratory at the Department of Mechanical Engineering of the Faculty of Engineering, University of Moratuwa (UOM), with a view to facilitating the emerging needs of the local automobile industry, establishing a state of the art and automotive laboratory, producing engineers…
Reuters – ** Sri Lanka’s rupee closed slightly firmer on Monday as foreign banks sold dollars, while offshore investors started purchasing government bonds. Stocks snapped a three-day winning streak to end lower. ** The rupee closed at 181.40/60 per dollar, compared with Friday’s close of 181.60/80, market sources said. On Jan. 3, the rupee dropped…
For the first time in the history of Sri Lanka’s US $550 Mn footwear and leather sector, the industry has come forward to felicitate the Cabinet Minister in charge of it for “invaluable support and services” that he rendered towards its success. “Minister Bathiudeen made special efforts to resolve issues faced by Sri Lankan industrialists…
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