As announced in the Central Bank’s Annual Policy Statement in January 2024 and the subsequent announcement in September 2024 of the planned implementation of the single policy interest rate mechanism, the Monetary Policy Board of the Central Bank of Sri Lanka decided to implement a single policy interest rate mechanism transitioning from its dual policy interest rate mechanism, with…
The Local Consortium of Sri Lanka (the “LCSL”), comprised of domestic commercial banks and financial institutions, commits its full support for the Exchange Offer and Consent Solicitation launched today by the Government of Sri Lanka (the “Government”) to restructure the US$12.55bn in outstanding International Sovereign Bonds (“ISBs”) including terms tailored for local holders (the “Local…
The Steering Committee of the Ad Hoc Group of Sri Lanka Bondholders (the “Ad Hoc Group” or the “Steering Committee”) is pleased to announce its support for the restructuring terms of all 11 series of Sri Lanka’s c.$12.55 billion in outstanding sovereign bonds, as detailed in the Republic of Sri Lanka’s Exchange Offer and Consent Solicitation Memorandum (the “Invitation”) published…
The Democratic Socialist Republic of Sri Lanka (“Sri Lanka”) is pleased to announce the official launch of the exchange (the “Invitation”) of its outstanding International Sovereign Bonds (the “Bonds”), totaling approximately USD 12.55 billion, as of 25 November 2024. This follows the approval of the terms and conditions of the Invitation by the new Cabinet…
The Ceylon Chamber of Commerce welcomes the announcement of a staff-level agreement for the third review under the International Monetary Fund (IMF) Extended Fund Facility program for Sri Lanka. This agreement underscores the progress the country has made in implementing structural reforms and achieving fiscal sustainability during this critical period of economic recovery. While acknowledging…
Fitch Ratings: Global sovereign credit conditions are neutral entering 2025, as an only mild slowdown in world economic growth and further cuts to policy interest rates are balanced against persistent pressures on public finances and elevated geopolitical risks, Fitch Ratings says in its Global Sovereigns Outlook for 2025. Uncertainty over post-election US policies and their…
Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies The 24th edition of the Sri Lanka Economic Summit organised by The Ceylon Chamber of Commerce will take place on January 28th and 29th at the Shangri La Hotel, Colombo. Held under the theme “Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic…
SriLankan Airlines recently celebrated the seventh anniversary of its Melbourne-Colombo route, launched in 2017. Since then, the airline has successfully connected many Sri Lankan expatriates and students to Melbourne, while providing seamless travel options for tourists travelling between Melbourne, Sri Lanka and beyond, particularly destinations across India. With steady growth in traffic, including tourist arrivals…
(Reuters) – Sri Lanka’s central bank is expected to renew easing of interest rates on Wednesday, with a reduction of a quarter percentage point, as it looks to boost economic growth during the island nation’s recovery from a lingering financial crisis. The median estimate in a Reuters poll of 13 analysts and economists predicts the…
Dr. Kithsiri Manchanayakke, a past Chairman of the Federation of IT Industry Sri Lanka (FITIS), has been re-elected as Vice President of the Asian-Oceanian Computing Industry Organization (ASOCIO) for the 2024-2026 term. This appointment was confirmed during ASOCIO’s annual general meeting and conference, recently held in Tokyo, Japan. ASOCIO is a regional organization with 23…
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