Reuters – Running out of petrol, medicines and foreign reserves, once-booming Sri Lanka is in a mess. And the measures needed to pull its economy out of the unparalleled crisis are likely to bring even more pain. The dire assessment by new Prime Minister Ranil Wickremesinghe this week of the island nation’s economic plight was…
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 18 May 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at the current levels of 13.50 per cent and 14.50 per cent, respectively. The Board is of…
Reuters – U.S. investment bank JPMorgan backed Sri Lanka’s crisis-hit government bonds on Wednesday, saying recent political changes in the country should gradually improve its strains and help its talks with the International Monetary Fund. Adding an ‘overweight’ – effectively a buy recommendation – JPMorgan analysts said: “political stability should pave the way for bonds…
A state of emergency was declared in the holiday hotspot TUI has cancelled all holidays to Sri Lanka departing up to and including 31 May 2022. This comes as the Foreign Office updated its travel advice for Sri Lanka, urging Brits not to go to the country unless it’s absolutely necessary. The change in advice comes after…
Corporates continue to view the economy in an extremely pessimistic light “With the youth spearheading the nationwide demonstration and expressing their concerns, the voice of the people has started to rise and be heard,” notes NielsenlQ’s Director – Consumer Insights Therica Miyana – deniya. She continues: ” April has been a pivotal month; a turning…
The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by the country. Among the leaders met were Hon. Sajith Premadasa, Leader of the Opposition and SJB, Hon. Anura Kumara Dissanayake, Leader of the JVP, Hon….
The late H.D. Sugathapala, Ex Principal of Royal Junior School, Colombo 07 (founder of the “Navarangahala” theatre) at an informal discussion (in mid 1990s) with the late Justice Chris Weeramanthri and few others mentioned the name of Prime Minister Benjamin Disraeli while analyzing his former students who were in politics (Lalith A, Ranil W, Dinesh…
Sri Lanka’s usable foreign reserves fell from USD 7,642 MN in 2019 to USD 1,579 MN by the end of 2021. When compared with Sri Lanka’s regional peers during the pandemic, the decline in its reserves appears to only have happened to Sri Lanka, while its other Asian countries have seen an increase in their reserve…
Bloomberg – Authorities in Sri Lanka this week are expected to name a new finance minister and raise interest rates as they struggle to stabilize an economy spiraling into chaos by a lack of dollars and surging inflation. Prime Minister Ranil Wickremesinghe, appointed last week, is expected to soon choose a finance minister, who will…
Hydropower companies in Sri Lanka had the opportunity to interact with Nepal’s Ministry of Energy, Water Resources and Irrigation (MOEWRI) and Nepal Electricity Authority (NEA) on the investment opportunities in Nepal for hydropower development during a meeting held virtually on 6th May 2022. The meeting was jointly organized by the Embassy of Sri Lanka in…
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