The US dollar’s share of global central bank reserves fell to the lowest level since 2013 while holdings of the Chinese yuan rose for a fourth consecutive quarter, International Monetary Fund (IMF) data showed Friday. The US currency accounted for 62.3 per cent of global allocated foreign-exchange reserves in the second quarter, down from 62.5…
Sri Lanka has missed to meet Foreign Reserves target and Tax Revenue target set for June 2018 under an ongoing reforms programme and discussions are to continue on the next phase, latest International Monetary Fund – the global lender’s review mission said after a visit to the country. A staff team from the International Monetary…
Asia based lending giant for social and economic development – Asian Development Bank (ADB) in a recent update titled Asian Development Outlook (ADO) report, downgraded the Sri Lanka’s GDP growth forecast from 4.2% to 3.8% in 2018. ADB also downgraded the 2019 growth rate from 4.8% to 4.5%, falling below the growth estimate for the…
The Asian Development Bank’s (ADB) Board of Directors has approved a $300 million loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected to ease traffic congestion,…
Reuters – The Sri Lankan rupee fell to an all-time low of 169.25 per dollar on Thursday, weighed down by dollar demand from importers and from some foreign banks to pay out foreign investors selling government securities, market sources said. The currency hit a record low for a second straight session on Thursday, dipping below…
findmyfare.com Sri Lanka’s largest and fastest growing online travel company, is flying high with the recent news of their raising series B funding from Ironwood Capital Partners. The company serves as a one-stop travel shop, offering its customers the very best deals available in the market place on hotel stays across Sri Lanka and flights…
Small cars below 1,000 cc accounted for 93.4% of total volumes of vehicle registrations, Sri Lanka’s JB Securities a stock broker’s report recently outlined. Further the report highlighted that Suzuki small cars continued to dominate new and pre-owned vehicle registrations in Sri Lanka in August as well as hybrids. Accordingly Maruti-Suzuki dominated the market leadership…
Sri Lanka’s Health Ministry plans to establish a gene technology unit to enhance treatment for communicable and non-communicable diseases, a Ministry spokesman had told reporters adding that Health Minister Rajitha Senaratne will include the project it in the next budget. Accordingly reports note that a Cabinet proposal will be submitted for the construction of a…
Reuters – Sri Lankan shares recovered from their lowest close in nearly five years hit in the previous session and ended about 1 percent higher on Wednesday as investors picked up battered stocks. The benchmark index hit a near five-year low on Tuesday on foreign selling amid a weaker rupee and government plans to curb…
Reuters – The Sri Lankan rupee hit a fresh low of 169.05 on Wednesday on importer dollar demand, while intervention by the central bank limited the fall, market sources said. Sri Lanka’s finance minister urged its people to buy local products and shun unnecessary imports in order to reduce the trade deficit and help stabilise…
Video Story
