As at end September 2018, gross official reserves were estimated at US dollars 7.2 billion, equivalent to 3.8 months of imports, the latest data shows. Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US dollars 9.6 billion as at end September 2018, equivalent to 5.1…
Reuters – Sri Lanka penned two multi-million dollar contracts with Chinese firms for a port upgrade project on Thursday in the middle of a political hiatus that has raised doubts over the legitimacy of the government and the legality of the deals. The debt-saddled island has long been a target of Beijing’s ambitious Belt and…
Dr.K.A.S.Keeragala has been appointed as the Executive Chairman of Sri Lanka Insurance with effect from 29th November 2018. Dr.K.A.S. Keeragala is a leading person in the Public Services and is a Special Grade Officer of the Sri Lanka Administrative Service with over 33 years of experience in the government service and Sri Lanka administrative Service….
Sri Lanka’s Colombo Stock Exchange (CSE) in a filing today (November 29th) said that trading of the securities of the 8 companies which are on ‘Watch List’ will be suspended with effect from 10th December 2018 in terms of Rule 7.5 (e) (7) of the CSE Listing Rules, unless the companies rectify the non-compliance mentioned…
Reuters – The Sri Lankan rupee hit yet another record low against the dollar on Wednesday on continuing concerns about political uncertainty dragging down the island-nation’s economy, after a credit rating downgrade by Moody’s and the IMF halting a loan discussion last week. The rupee fell to 180.70 against the dollar, compared with Tuesday’s close…
The report of the Special Presidential Commission to review Public Sector Salaries was handed over to President Maithripala Sirisena at the Presidential Secretariat, today (28). The Chairman of the Commission Mr. S. Ranugge presented the report to the President and other members of the Commission also presented on this occasion. The President appointed this Special…
Representatives of China’s Council of the People’s Republic of China met with National Economic Council of Sri Lanka on last Friday, Nov 23rd at the Presidential Secretariat to explore how China and Sri Lanka could increase development cooperation further. The State Council is the chief administrative authority of the People’s Republic of China. The State Council…
The super luxury passenger vessel MV Mein Schif 3 of TUI Cruises with 2,430 passengers and 995 crew on board made her maiden call at the Port of Colombo on 26th November 2018. The vessel was welcomed at the East Container Terminal (ECT) of Sri Lank Ports Authority (SLPA). In order to mark the maiden…
Forbes – China cannot do to the Philippines what it did to Sri Lanka — use the “debt trap” to acquire key sea outposts — because the Philippines economy doesn’t resemble Sri Lanka’s. Sri Lanka’s debt trap saga began with Beijing lending that country funds needed to have its ports upgraded by Chinese construction companies. When Sri…
Sri Lanka’s state owned Bank of Ceylon (BOC) in a filing to stock exchange said that the Finance Minister has appointed new Non-Executive Directors to the Board effective from yesterday. The disclosure further said that Visakha Amarasekere has been appointed as the Ex-Officio Non-Executive Director to the Board of Bank of Ceylon in place of…
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