Sentiment on the Sri Lankan rupee improved on Friday, as reflected in the forwards market, after the country signed a $1.5 billion, three-year loan agreement with the International Monetary Fund. Traders said banks sold dollars on expectation the local currency would further appreciate. The spot rupee, which has barely seen any trading since Jan. 27,…
Following discussions held between IMF staff and the Sri Lankan authorities during the 2016 Spring Meetings in Washington, staff-level agreement was reached on a three-year program to be supported by the IMF’s Extended Fund Facility (EFF). Mr. Todd Schneider, IMF mission chief for Sri Lanka, made the following statement: “I am pleased to announce that,…
The All Share Price Index of the Colombo Stock Exchange (CSE) crossed the 6,500 mark moving up 58 points today as Sri Lanka reached as agreement with the International Monetary Fund (IMF) for USD 1.5 billion loan facility.
Tax increases as well as changes in the tax regime are to be inevitable as the government faces a future of slow economic growth and decreasing government revenue. The UN Economic and Social Survey of Asia and the Pacific (ESSAP) Report 2016 launched yesterday expected growth in the economies of Asia and the Pacific to…
Sri Lanka Tourism is participating in the Arabian Travel Market (ATM), the tourism industry’s leading travel and tourism exhibition within the Middle Eastern and Pan Arab regions, in Dubai from 25 -28 April, 2016. The Arabian Travel Market opened its doors on Monday for four days of business networking opportunities, insightful seminar sessions, leadership forums,…
Women’s Chamber of Industry and Commerce (WCIC) once again will lend voice to amplify the good work that women in businesses are doing in the Country when it hosts the prestigious ‘Woman Entrepreneur of the Year Awards’ in August this year. The premier national awards programme will celebrate the achievements of the most successful within…
The Central Bank of Sri Lanka has declared 02 May as a special bank holiday. This is in lieu of 01 May, International Workers’ Day falling on a Sunday. Meanwhile, responding to a query by Adaderana Biz, a spokesman from the Colombo Stock Exchange said that the Stock Market would not be open for any…
Most of the Foreign Direct Investments (FDIs) that had flowed into Sri Lanka during 2015 has been from Hong Kong. Meanwhile, the Mauritius Islands, Netherlands, China and India have been identified respectively as the other countries which have made FDIs in Sri Lanka during the year. Most of these FDIs have been towards land development,…
Toyota Lanka (Private) Limited, the sole authorized distributor for Toyota vehicles in Sri Lanka showcased the power and versatility of their signature Toyota, Hino and Pirelli brands at the recently concluded Foxhill Supercross 2016. Sri Lanka’s premier annual motor sporting event was held at Diyatalawa on Sunday 24th 2016 under the patronage of Commander of…
Hemas Maritime (Pvt) Ltd, a member of the Hemas Group engaged in shipping, chartering, and related services, today announced that the Company has been appointed by Evergreen Lines as its General Agent in Sri Lanka. This appointment will also support the Hemas Group’s future goals of expanding in the shipping and logistics sectors enhancing Sri…
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