With the nation of Bangladesh poised to become an economic powerhouse in the South Asian region, the Ceylon Chamber of Commerce hosted a meeting with a high-level delegation representing the Bangladesh Export Processing Zones Authority (BEPZA) aimed at enhancing trade relations between Sri Lanka and Bangladesh. Welcoming the delegation from BEPZA, Chairman of the Ceylon…
Bloomberg – Sri Lanka’s unprecedented interest-rate hike has helped restore the central bank’s credibility, although it’s not enough to remove the risk of a debt default as a political crisis delays an International Monetary Fund bailout, according to Citigroup Global Markets. The Central Bank of Sri Lanka raised the key rate by 700 basis-points on…
Nation pursuing debt restructuring in parallel to IMF program Central bank raised borrowing costs by unprecedented 700bps Bloomberg – The International Monetary Fund said it will hold discussions with senior Sri Lankan policymakers in the “coming days and weeks” about a possible support program to help the island nation overcome an economic crisis that’s spiraled…
The Sri Lanka Institute of Marketing (SLIM) elected Mr. Nuwan Gamage as it’s 44th President in its 52nd year along with New Council of Management and Executive Committee for the year 2022/23. Mr. Gamage is the Head of Corporate Affairs and Communications at Arinma Holdings and a past Honorary Vice President of SLIM. He has…
Colombo International Container Terminals (CICT) excelled recently at the Global Ports Forum Awards 2021 and was awarded the title of the Most Efficient Terminal Operator for the year 2021. The award recognizes an international port or terminal operator that has achieved exceptional excellence in terminal efficiency by enhancing capacity and productivity through sustainable and consistent…
As the newly incumbent Governor of the Central Bank of Sri Lanka (CBSL), I am delighted that Mr. Sanjeeva Jayawardena, President’s Counsel and Dr. (Mrs.) Ranee Jayamaha, appointed members of the Monetary Board, have acceded to continue to serve on the Monetary Board, as they have always acted very independently, impartially, professionally and diligently, and…
Reuters – Sri Lanka will need about $3 billion in external assistance in the next six months to help restore supplies of essential items including fuel and medicine, its finance minister told Reuters on Saturday. The island nation of 22 million people has been hit by prolonged power cuts and shortages which have drawn protesters…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 April 2022, decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 700 basis points to 13.50 per cent and 14.50 per cent, respectively, effective from the close…
Dr. P. Nandalal Weerasinghe assumes duties as the 17th Governor of the Central Bank of Sri Lanka (CBSL). Dr. Weerasinghe is a career central banker, with extensive experience in Monetary and Exchange Rate Policy. Dr. Weerasinghe was promoted as Deputy Governor on 27 September, 2011 while he was serving as an Alternate Executive Director at…
“Without a stable supply of fuel and energy, the economy could lose around USD $50 million a day in export revenue”, industry leaders warn[1] Despite several warning signs, policymakers still not prioritising solutions to ongoing economic crisis 23 industry associations, representing private sector firms engaged in export, import and logistics industries warned of catastrophic consequences…
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