Sri Lanka’s rupee, which is hovering near a record low after being floated by the central bank last week, will be brought to an acceptable level before too long, Finance Minister Ravi Karunanayake said on Wednesday. The rupee fell for a fourth straight session to 138.80/95 per dollar on Wednesday, 0.36 percent weaker than Tuesday’s…
The Republic of Korea (ROK)’s development record is arguably the most impressive since the end of the Second World War. The country experienced harsh Japanese rule and subsequently the Korean War (1950-53) which resulted in the partition of the peninsula. ROK has, therefore, had to come through periods of conflict involving each of its two…
Warning former strongman Mahinda Rajapaksa’s loyalists, President Maithripala Sirisena today said they should not think of toppling Sri Lanka’s first national unity government and asserted that it will remain in power for a full term. “Do not ever think that this government can be toppled or weakened. Till 2020 this government will be stable and…
Colombo bourse regained lost grounds after suffering 2% loss in last three sessions. Benchmark All Share Price index advanced by 58.79 points or 0.83% to end at 7,183.25 while S&P SL 20 index advanced by 22.94 points or 0.59% to end at 3,937.08. The positive market momentum was driven by price appreciations in primary blue…
The swearing in ceremony of State and Deputy Ministers of the National Government commenced a short while ago at the Presidential Secretariat in Colombo. The new State Ministers and Deputy Ministers were sworn in before President Maithripala Sirisena. State Ministers: 1. A. H. M. Fowzie – National Integration and Reconciliation 2. Dilan Perera – Highways…
United National Party (UNP) chairman Malik Samarawickrema who entered Parliament through the National List took oaths as Minister of Development Strategy and International Trade. UNP sources revealed that huge projects in Sri Lanka would come under the purview of this Ministry and that agreements on trade affairs with foreign countries too would be through this…
Dr. Sunil Jayantha Navarathna has by now been appointed Chairman and Director General of the National Enterprise Development Authority (NEDA). He speaks about his new plans for the development of Sri Lanka’s small and medium scale enterprises:
Pan Asia Banking Corporation PLC is to issue 20 million Rated Unsecured Senior Redeemable Debentures with an option to issue up to a further 10 million Debentures at a par value of Rs. 100 in case of an over-subscription. Subscription will open on 23 September, 2015 and joint managers to the Issue are People’s Bank…
Sri Lanka’s central bank is allowing the local rupee to become more market-oriented but like Bejing, it has shied away from turning the currency into a true free float. The Central Bank of Sri Lanka (CBSL) said on Friday that it would stop quoting a reference rate for the currency, letting markets determine the rate…
IFC, a member of the World Bank Group, will provide advisory services to SANASA Development Bank as it expands to include more micro and small businesses, cooperatives, and retail clients. Importantly, the bank will now reach more rural small businesses across the country, boosting financial inclusion. IFC has been a long term advisory partner with…
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