With a view to meeting the challenges faced by businesses and individuals due to the new surge in COVID-19 outbreak in Sri Lanka, the Central Bank of Sri Lanka (CBSL) directs licensed commercial banks and licensed specialized banks, (hereinafter referred to as licensed banks), to extend the debt moratorium to COVID-19 affected businesses and individuals…
Hilton Colombo to radically transform guest experience with Rs. 1.94 billion room refurbishment S&T Interiors – a joint venture of the Hayleys Group and S&T Oman, announced the commencement of the Rs 1.94 billion 253 guest room refurbishment project for the Hilton Colombo. The fifteen [15] month project is expected to be completed in four…
New measures treating the symptoms rather than the disease. Harsh enforcement of price controls may worsen food shortages. The Commissioner of Essential Services has been granted the power to seize food stocks held by traders and retailers and regulate prices. There is serious concern with the steep rise in the price of essentials which has…
Asia Capital says resignation of Reyhan Morris, Sandun Hettige received, denies investigation claims In reply to recent media reports that claimed two Joint Chief Operating Officers Reyhan Morris & Sandun Hettige of Asia Capital PLC Director confirmed that there is no internal investigation carried out on the conduct or action of the two individuals during…
As part of the economic diplomacy programme of the High Commission, the High Commissioner of Sri Lanka to Kenya Velupillai Kananathan, visited on 31 August, 2021 the Hela Clothing factory in Nairobi. The purpose was to interact with the Sri Lankan investors in Kenya who remit investment proceeds to contribute to the foreign exchange earnings of Sri Lanka…
Sentiment in corporate circles bounces back despite the multitude of challenges In a midyear economic update, ICRA Lanka revised its forecast for Sri Lanka’s economic growth this year, downgrading it from 3.6 percent to 3.4 percent. The rating agency notes that this projection is based on the assumption that there will not be any major…
Sri Lanka’s rubber plantations are potentially on the brink of being wiped out, battered by a fast-spreading leaf disease and the sector could be nearing the ‘point of no-return’, commercial rubber growers claim, requesting for urgent government intervention to address the pressing issue. The crisis, which evokes comparisons with the ‘coffee rust’ blight which wiped…
The Foreign Ministry of Sri Lanka in collaboration with Sri Lanka Tourism recently hosted a virtual business to business (B2B) interactive session with the Member states of the Conference on Interaction and Confidence-Building Measures in Asia (CICA) with the aim of enhancing tourism cooperation in the region. CICA is a multi-national forum for enhancing cooperation towards promoting…
During August 2021, Sri Lanka received its share of the global SDR allocation by the IMF and the initial disbursements under the bilateral currency swap arrangement between the Central Bank of Sri Lanka and the Bangladesh Bank. The SDR allocation received by Sri Lanka was equivalent to US dollars 787 million while a sum of…
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100), increased to 6.0 per cent in August 2021 from 5.7 per cent in July 2021. This was driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 11.5…
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