Real estate consultancy JLL Lanka this week commended the passing of recent legislation pertaining to foreign ownership of land in Sri Lanka, noting that the move will provide a much-needed boost to investor confidence. JLL refers to the amendment to Section 3 of the Land (Restriction on Alienation) Act No 38 of 2014, which was…
The Sri Lankan rupee depreciated by 10.2 per cent against the US dollar in the year up to 08 October 2018, latest external sector data shows. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against other major currencies except for the Indian rupee during this period. The weakening of the Sri Lankan rupee…
A twenty member delegation from the Society of Indian Automobile Manufacturers’ (SIAM) held a very fruitful and cordial meeting with The Ceylon Motor Traders’ Association (CMTA) last week. SIAM is the apex Industry body representing leading vehicle and vehicular engine manufacturers in India while the CMTA represent the manufacturers of the global brands of automobiles…
Lately released external sector data highlights that, Sri Lanka’s external sector recorded a moderate performance in July 2018. The trade deficit continued to widen in July 2018 (year-on-year) with higher import expenditure despite export earnings surpassing US dollars 1 billion during the month. Earnings from tourism recorded a modest growth while workers’ remittances declined marginally,…
Sri Lanka’s unemployment rate has increased by over 9.5% in a six months period from 4.2% (Annual) in 2017 to 4.6% by the second quarter of 2018, latest data outlines. Further Unemployment Rate increased to 4.6% in 2018 Q2 from 4.5% in 2018 Q1. According to the recent Economic Data from Central Bank of Sri…
Reuters – The Sri Lankan rupee hit a record low for a fourth straight session on Monday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a fourth consecutive session to a more than two-week closing high. The rupee fell to an all-time low of 170.75…
Airtel Lanka recently signed an agreement with the Board of Investment of Sri Lanka (BoI) to further invest into its operations, in the country. The investment commitment was made under the aegis of the Telecommunication Regulatory Commission (TRC) of Sri Lanka. Commenting on this occasion Jinesh Hegde Airtel Lanka CEO/ MD stated “This investment underscores…
Says current extent under oil palm is just 1.1% of land under tea, rubber & coconut The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 per cent of the…
If trade barriers are overcome, trade within South Asia can increase three-fold, from $23 billion to $67 billion, suggests a new World Bank report. Sri Lanka has the potential to more than double its exports to South Asia. Increased intraregional trade will provide a greater variety of goods and services at cheaper prices for Sri…
Sri Lanka’s foreign exchange reserves had eroded by US $ 1.4 billion to US $ 7,180 million or US $ 7.18 billion by the end of September 2018, from US $ 8,584.54 million in August 2018, the latest data shows. Most of the reserves had been spent on maturing hedging deals and debt repayments and…
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