The gold price hit an-all time high on Thursday (09) with the price of 24 -carat gold sovereign reaching Rs.100,000 for the first time in history. According to the Colombo Gold Rates, 24-carat gold sovereign was recorded at Rs. 100,000, 22 -carat gold sovereign was at Rs. 91,700 and 21-carat gold sovereign was recorded at…
The Central Bank of Sri Lanka yesterday (09) defended its money printing and stated that the bank has the necessary instruments to mop up excess liquidity if the need arises. “Excess liquidity is a result of that we pumping money into the system. I think it is the prime responsibility of any Central Bank, not…
Stocks of illegally imported tobacco leaves which are confiscated will no longer be auctioned but destroyed under strict supervision, according to a cabinet decision taken on Wednesday (09). The decision was taken by the Cabinet after considering the adverse impact on the health of those who consume Beedi leaves. Previously, the stocks of Beedi leaves that…
People’s Bank has tied up with the Industrial Development Board (IDB) to initiate a programme to develop Micro, Small and Medium Enterprises (MSMEs) in the country. A special event to announce the partnership was organised at the People’s Bank Staff Training College recently. The event was graced by the presence of Hon. Wimal Weerawansa –…
The Central Bank of Sri Lanka today (09) stated that they are pressurizing banks to pass on the rate cuts to borrowers without any further delay. The CBSL’s monetary board at its meeting held on 08 July 2020, decided to further reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of…
Sri Lanka is expecting a contraction of gross domestic product (GDP) in the second quarter of 2020 and a sharp rebound in the second half of the year, Chandranath Amarasekara, Director of Economic Research at the Central Bank said. “We expect the economy to contract in the second quarter of the year and a sharp…
Geneva (Reuters): Global leaders called for a comprehensive approach to counter the impact of the coronavirus pandemic, which International Labour Organization chief Guy Ryder said on Wednesday had plunged the world of work into “unprecedented crisis”. “Let’s be clear: it’s not a choice between health or jobs and the economy. They are interlinked: we will…
Sri Lanka Tourism is working closely with the Foreign Affairs Ministry to include Sri Lanka in developing travel corridors for travel with no quarantine overseas, for returning tourists or visiting Sri Lankans. “We are working closely with our Ambassador in the UK and other Ambassadors who are talking to the relevant governments, we are also…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 July 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points each, to 4.50 per cent and 5.50 per cent, respectively. The Board arrived…
Sri Lanka’s export earnings have increased to US $ 950 million in June 2020 from US $ 602 million in May, customs provisional statistics outlined, which is a positive signal that Sri Lanka is in the path of recovery faster than anticipated. Hence, noting that the June exports have surpassed the US $ 602 million…
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