Indian orthodox tea producers and exporters could potentially benefit from the current economic crisis in Sri Lanka, said rating agency ICRA. Tea production in Sri Lanka, which is the largest exporter of orthodox teas globally accounting for 50 per cent of global trade, has been impacted in recent months due to withdrawal of the use…
Commencing its journey on a positive note post the Recent IPO Sri Lanka’s e-commerce giant Kapruka Holdings PLC accomplished a solid performance for the financial year recording an LKR 1.06 billion in online revenue for the 12 months ending 31st March 2022. Profit Before Tax stood at LKR 188 million during the period under review,…
Call on other export industries to assist at this critical juncture The Prime Minister’s office in a statement said that Joint Apparel Association Forum (JAAF) and the Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) have been closely engaging with the Prime Minister’s Office, Finance Ministry and the Ministry of Power and…
A bilateral meeting took place between Minister of Foreign Affairs G.L. Peiris and Minister for Foreign Affairs and Local Government of New Zealand Nanaia Mahuta, 22 June on the sidelines of the CHOGM Summit in Kigali, Rwanda. Foreign Minister Peiris briefed his New Zealand counterpart about the staff level discussions currently taking place with the IMF…
Sri Lanka has hired heavyweight financial and legal advisers Lazard and Clifford Chance as it prepares for the difficult task of renegotiating its complex web of creditors. The Hindu – More than 30 asset managers holding Sri Lanka’s international bonds announced on May 21 the formal launch of a creditor group to start debt restructuring…
Reuters – Sri Lanka will call China, India and Japan to a donor conference to drum up more foreign assistance and present an interim budget in August, the prime minister said on Wednesday, amid ongoing negotiations with the International Monetary Fund (IMF). The island nation of 22 million people is struggling with its worst economic…
It was revealed at the Committee on Public Finance that the demand for liquor has decreased by about 30% due to the recent increase in the price of liquor and the decrease in the income of the people of the country. This was revealed at a meeting of the Committee on Public Finance chaired by…
COINTELEGRAPH – The SORA community has sent an open letter to the people of Sri Lanka to use the SORA (XOR) token as a legal tender. Currently, Sri Lanka is going through an economic crisis, causing political and social unrest, leading key players in Sri Lankan politics to resign while the people suffer from food shortages, electricity…
Bloomberg – Sri Lanka was sued in the US by a bondholder after the South Asian nation defaulted on its debt for the first time in history while struggling to stop an economic meltdown. Hamilton Reserve Bank Ltd., which holds more than $250 million of Sri Lanka’s 5.875% International Sovereign Bonds due July 25, filed…
Recognising the need to implement a comprehensive cross border transactions and domestic foreign currency transactions monitoring system as a key national priority, the Central Bank of Sri Lanka (CBSL) has implemented a new data collecting system known as the International Transactions Reporting System (ITRS) with the participation of Licensed Commercial Banks (LCBs) and Licensed Specialised…
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