Reuters – Sri Lankan shares ended weaker on Monday, slipping from the last session’s three-week closing high, but foreign buying prevented steeper losses. The Colombo stock index ended 0.1 percent weaker at 6,184.68, edging lower from its highest close since June 29 hit on Friday. The bourse rose 0.86 percent last week, but has fallen…
Expenditure on merchandise imports increased to US $ 1,857 million in May 2018 mainly due to high expenditure incurred on fuel and vehicle imports. Meanwhile, expenditure on non-fuel imports declined marginally in comparison to the previous year indicating the higher contribution of fuel expenses to import growth. Expenditure on fuel imports, categorized under intermediate goods,…
Reuters – The Sri Lankan rupee ended firmer on Monday as exporters and some foreign banks sold the dollar, surpassing importer demand for the U.S. currency, traders said. The rupee traded at 159.90 early in the session and closed at 159.45/65 per dollar, compared with Friday’s close of 159.90/160.05. It has declined 3.9 percent so…
Reports revealed that the Indian government signed a Memorandum of Understanding with Sri Lanka last week to build 3400 toilets in Batticaloa as part of a sanitation sector project, involving a Sri Lankan Rs. 300 million grant from the Indian government. Accordingly the MoU was signed by High Commissioner of India to Sri Lanka, Taranjit…
Earnings from merchandise exports increased to US $ 924 million in May 2018 mainly driven by industrial exports, despite a reduction recorded in agricultural exports. Under industrial exports, earnings from textiles and garment exports increased significantly due to the higher demand from the EU and the USA while exports to nontraditional markets also increased moderately….
Sri Lanka is to unleash one of the largest ever support initiatives for its start-ups and entrepreneurs. He also announced that the government is negotiating with India for a major development project for Northern province ‘in the scale of historic Mahaweli project’. “We will start a new Development Bank. In its first round of financing,…
Sri Lanka’s Central Bank’s external sector report recently outlined that the country’s level of gross official reserves at the end May 2018, stood at US $ 8.8 billion, compared to US $ 9.9 billion level reported in April 2018. Meanwhile Sri Lanka’s external sector had demonstrated a modest performance in May 2018. Inflows to the…
AIA Insurance Lanka PLC, announced its intention to delist from the Colombo Stock Exchange (CSE) subject to obtaining requisite approvals. AIA Insurance Lanka Director and Chief Officer Legal Chathuri Munaweera said: “The Regulation of Insurance Industry (Amendment) Act No. 23 of 2017 enables local subsidiary insurance companies of foreign companies listed on a stock exchange…
Foreign investment in the government securities market witnessed a net outflow of US dollars 89 million in May 2018, with a cumulative net outflow of US dollars 102 million during the first five months of 2018. Outflows recorded from the financial account of the BOP broadly reflect rebalancing of portfolios by the foreign investors consequent…
The Sri Lankan rupee depreciated by 4.5 per cent against the US dollar during the year up to 20 July 2018. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against several major currencies except for the Canadian dollar, the Australian dollar and the Indian rupee during this period.
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