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Sri Lanka Trade Balance Further Expanded in July 2018

Lately released external sector data highlights that, Sri Lanka’s external sector recorded a moderate performance in July 2018. The trade deficit continued to widen in July 2018 (year-on-year) with higher import expenditure despite export earnings surpassing US dollars 1 billion during the month. Earnings from tourism recorded a modest growth while workers’ remittances declined marginally,…

(0)Comments | October 9, 2018 10:10 am

Sri Lanka Unemployment up from 4.2% to 4.6% in Second Quarter of 2018

Sri Lanka’s unemployment rate has increased by over 9.5% in a six months period from 4.2% (Annual) in 2017 to 4.6% by the second quarter of 2018, latest data outlines. Further Unemployment Rate increased to 4.6% in 2018 Q2 from 4.5% in 2018 Q1. According to the recent Economic Data from Central Bank of Sri…

(0)Comments | October 9, 2018 7:24 am

Sri Lanka rupee hits record low for 4th session; stocks gain

Reuters –  The Sri Lankan rupee hit a record low for a fourth straight session on Monday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a fourth consecutive session to a more than two-week closing high. The rupee fell to an all-time low of 170.75…

(0)Comments | October 9, 2018 7:19 am

Airtel Lanka expands its network footprint by 20%

Airtel Lanka recently signed an agreement with the Board of Investment of Sri Lanka (BoI) to further invest into its operations, in the country. The investment commitment was made under the aegis of the Telecommunication Regulatory Commission (TRC) of Sri Lanka. Commenting on this occasion Jinesh Hegde Airtel Lanka CEO/ MD stated “This investment underscores…

(0)Comments | October 9, 2018 7:16 am

Palm Oil industry rejects vilification of crop as “baseless and unscientific”

Says current extent under oil palm is just 1.1% of land under tea, rubber & coconut The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 per cent of the…

(0)Comments | October 8, 2018 5:03 pm

Sri Lanka has the potential to more than double its exports to South Asia Region, says a World Bank report

If trade barriers are overcome, trade within South Asia can increase three-fold, from $23 billion to $67 billion, suggests a new World Bank report. Sri Lanka has the potential to more than double its exports to South Asia. Increased intraregional trade will provide a greater variety of goods and services at cheaper prices for Sri…

(0)Comments | October 8, 2018 3:49 pm

Sri Lanka forex reserves down by US $ 1.4 Bn in September 2018

Sri Lanka’s foreign exchange reserves had eroded by US $ 1.4 billion to US $ 7,180 million or US $ 7.18 billion by the end of September 2018, from US $ 8,584.54 million in August 2018, the latest data shows. Most of the reserves had been spent on maturing hedging deals and debt repayments and…

(0)Comments | October 8, 2018 12:21 pm

Sri Lanka to set up a Monitoring Mechanism to Check conversion of Exporter Dollar earnings

Sri Lanka’s Central Bank (CBSL) Governor Dr. Indrajit Coomaraswamy had told reporters recently that Sri Lanka will set up a monitoring mechanism to check if exporters are bringing earnings back to the country. “What we can do is put in place a monitoring system which we are hoping to do with the help of the…

(0)Comments | October 8, 2018 12:09 pm

Next Hotels and Kafnu to Open in Sri Lanka’s Colombo City Centre in 2019

Next Hotel Colombo and Kafnu Colombo will open their doors to welcome guests in third quarter 2019. This will mark the entry of Next Hotels and Kafnu into Sri Lanka, a fast-growing tourist destination. Next Hotel Colombo, which Kafnu is part of, is located in the iconic Colombo City Centre, a premier lifestyle destination in…

(0)Comments | October 8, 2018 10:28 am

Sri Lanka-Kuwait trade revived this Tuesday after two decade hiatus

After a hiatus exceeding two decades, Sri Lanka is reviving bilateral trade with the second wealthiest economy in Gulf this week. “We are reviving the Sri Lanka-Kuwait Joint Trade Committee after 21 years. This shall be a new turning point in the long-standing Kuwaiti-Sri Lanka relations” said the Minister of Industry and Commerce Rishad Bathiudeen…

(0)Comments | October 8, 2018 10:23 am