Conversion of Outstanding Credits of the Central Bank of Sri Lanka to the Government into Negotiable Debt Instruments with Specified Maturities under the Domestic Debt Optimisation Programme (DDO) In accordance with Section 129(2) of the Central Bank of Sri Lanka Act, No. 16 of 2023, outstanding Provisional Advances from the Central Bank of Sri Lanka…
Western traders sailed searching for basic commodities when China reduced exports including “tea” through the ancient Silk Road. They ended up conquering lands & cultivating commercial crops as it gave high profits with low investments. That was the beginning of western colonization which is still contributing to keep the European markets stable. However, unlike investors…
Highlighting Challenges, Achievements and Commitment to Sustainable Development and Climate Action. President Ranil Wickremesinghe addressed the UN General Assembly in New York yesterday (21) which reflected on the theme of “Rebuilding trust and reigniting solidarity” and its relevance to Sri Lanka’s recent challenges. He mentioned how Sri Lanka faced significant social, economic and political challenges…
Excess of primary account balance after 40 years. A high growth in the arrival of foreign tourists. An increase in the amount of money sent by Sri Lankans abroad – Mr. Ranjith Siambalapitiya, Acting Minister of Finance. Acting Finance Minister Ranjith Siyambalapitiya stated that the inflation in Sri Lanka has decreased by 62.1% in the…
LOLC Holdings PLC discloses that its sub-subsidiary LOLC Mauritius Holdings Limited, has acquired 90% of the ordinary voting shares of Unguka Bank PLC, in Rwanda, on 14th September 2023. LOLC Holdings plc bought 46,612,489 shares of Unguka Bank PLC at 114.43 Rwandan franc per share. Accordingly, the total amount invested for the acquisition of these…
The DCTS mirrors rules of origin restrictions that existed under the EU GSP + concessions The scheme offers extended cumulation which is an opportunity for Sri Lanka to increase utilisation of the scheme and help boost exports to the UK Exceptional circumstances need extraordinary solutions that help navigate unprecedented challenges. The macroeconomic crisis that Sri…
The high-speed passenger ferry to Kankesanthurai in Sri Lanka can accommodate 150 passengers; it will open up the scope for promoting tourism in Tamil Nadu, says E.V. Velu The Hindu – The high-speed passenger ferry service between Nagapattinam in Tamil Nadu and Kankesanthurai in the Northern Province of Sri Lanka is likely to commence in…
A meeting was convened at the Presidential Secretariat to discuss the Arugam Bay Tourism Development Plan, which has the potential to significantly contribute to Sri Lanka’s tourism industry. Mr. Sagala Ratnayaka, Senior Advisor to the President on National Security and Chief of the Presidential Staff, chaired the meeting. During the discussion, the issues identified in…
JAT Holdings proudly introduces Volt Charge (VC), an ambitious joint venture that signifies a remarkable collaboration between Sri Lanka and Saudi Arabia, poised to revolutionize the global Electric Vehicle (EV) charging landscape. In partnership with Saudi-based Safari Group, QSS Robotics, and Sri Lankan tech trailblazer Cyrus, Volt Charge is on a mission to set new…
Discussions Focus on Financial Reforms and Debt Restructuring. In a crucial meeting held during the United Nations General Assembly (UNGA) in New York, Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, met with President, Ranil Wickremesinghe, to discuss vital economic matters. During the meeting, Ms. Georgieva and President Wickremesinghe delved into…
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