Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign upgrade and recalibration of the agency’s Sri Lankan national rating scale. At the same time, Fitch has affirmed the National Long-Term Ratings of five Sri Lankan banks. The recalibration reflects changes in the relative creditworthiness of Sri Lankan…
World Bank Vice President for South Asia, Martin Raiser, concluded a 2-day visit to Sri Lanka today, where he met with His Excellency President Anura Kumara Dissanayake, Hon. Prime Minister Harini Amarasuriya and other government officials, private investors, and development partners to discuss the country’s ongoing efforts towards economic recovery and long-term growth. Raiser was grateful…
Sri Lanka’s stock market recorded historic growth today (22), with the All Share Price Index (ASPI) reaching a record-breaking 16,828.80 points, gaining 231.64 points in a single session. The S&P SL20 index followed suit, increasing by 100.17 points to close at 5,147.62. Investor confidence was reflected in a high transaction turnover, with Rs. 10.66 billion…
By Rajul Sood, Managing Director and Global Head of Banking, Acuity Knowledge Partners As we step into 2025, the banking industry is faced with a number of changes, shaped by a convergence of modest economic growth, new monetary policies, and intricate geopolitical risks. While these elements pose challenges, they also offer unprecedented opportunities for innovation,…
The Joint Apparel Association Forum (JAAF), the apex body representing Sri Lanka’s apparel industry, welcomes the launch of the Clean Sri Lanka programme, spearheaded by H. E. President, Anura Kumara Dissanayake, and the government. With sustainability as a core principle, the Sri Lankan apparel sector is uniquely positioned to complement this nationwide movement for environmental, social and…
The CCCI is calling for immediate government intervention to address an unprecedented coconut shortage threatening both domestic consumption and Sri Lanka’s export-driven coconut industry. As a cultural and economic cornerstone, coconuts are vital for household sustenance and are a significant source of foreign exchange for the country. The country’s average monthly requirement is 250 million…
In 1999, a renowned Italian business firm entered Sri Lanka and invested in the garment sector. Calzedonia first invested in the Omega Line. The firm first focused on the European market, followed by Sirio Limited and Alpha Apparel investments. Benji Limited began making bra cups, briefs, and bras for women in 2006. Calzedonia eventually changed…
President Anura Kumara Disanayake stated that this year’s budget will be prepared with the objective of involving every segment of the population in the country’s economic processes. The President expressed these views during a preliminary discussion held Yearsterday (21) at the Presidential Secretariat with officials from the Ministry of Finance regarding the formulation of the…
The overall rate of inflation, as measured by the National Consumer Price Index (NCPI), has decreased to -2.0% in December 2024, compared to -1.7% in November 2024, according to the latest data released by the Department of Census and Statistics. Meanwhile, food inflation has decreased to -1.0% in December 2024 compared to 0% in November…
The indices of the Colombo Stock Exchange (CSE) reached historic milestones today (January 21) as the All Share Price Index (ASPI) surpassed the 16,500-points mark and the S&P SL20 crossed 5,000 points for the first time in the capital market’s history. The ASPI increased by 224.01 points, closing at a new all-time high of 16,597.16…
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