Rupee sheds a third of its value against the dollar as deepening crisis raises threat of default Financial Times – Sri Lanka’s rupee has plunged to a record low to become the world’s worst-performing currency, as President Gotabaya Rajapaksa struggles to contain a worsening economic and political crisis. The Sri Lankan rupee was hovering near…
The Colombo Tea Traders’ Association established in 1894 is the apex private sector body comprising of all Stakeholders namely Growers, Manufacturers, Brokers and Buyers/Exporters. The Industry supports the livelihood of over 2 million people and is pivotal in sustaining the key areas in the rural economy. Sri Lanka exports over 90% of its annual production…
The Board of Investment today announced that it has received 33 investment proposals worth US$ 1,412 million in the first quarter of this year. This value includes investments of 22 new projects into diverse sectors in Energy projects including fuel and Renewable sources (Solar & Wind), heavy industry, logistic & IT infrastructure sectors as well…
The Asian Development Bank’s (ADB) annual flagship economic publication forecasts a muted recovery from the coronavirus disease (COVID-19) pandemic as Sri Lanka’s economy grapples with macroeconomic challenges arising from high debt, low foreign reserves, and inflationary pressures. ADB forecasts Sri Lanka’s economic growth to dip to 2.4% in 2022 and improve marginally to 2.5% in…
SriLankan Airlines has geared up for a busy Summer 2022 by increasing the number of scheduled flights by 40 per cent to match pre-pandemic levels and meet the growing demand for air travel as the industry continues to recover. The frequency increases will come into effect across SriLankan’s network of online destinations with the start…
By Dr. Charitha Perera, Director – Transco Cargo Sri Lanka is in the midst of an economic crisis of unprecedented proportions today. Leading up to the crisis, the Central Bank of Sri Lanka kept the US Dollar frozen for a considerable period. This was when the Dollar was selling at the rate of Rs.203 and…
Minister for Government Policy Coordination of the Republic of Korea, Koo Yun-cheol, who is on an official visit to Sri Lanka, called on the Minister of Foreign Affairs, Prof. G.L. Peiris on 01 April, 2022. The meeting was followed by a luncheon where two sides discussed the entire gamut of bilateral relations and explored ways to…
Over 100 MSMEs in the Southern Province receive support to strengthen resilience against disasters Tourism is a vital economic sector for Sri Lanka, employing 250,000 persons directly and up to 2 million persons indirectly, and accounting for 5% of Gross Domestic Product (GDP). However, over the past three years, the sector has suffered multiple crises…
Reuters – The International Monetary Fund (IMF) said on Tuesday that it is monitoring political and economic developments in Sri Lanka “very closely” as public unrest in the island nation grows amid its worst economic crisis in decades. President Gotabaya Rajapaksa on Monday dissolved the cabinet and appointed a new finance minister, while also seeking…
SLASSCOM, Sri Lanka’s national chamber for the IT-BPM industry, FITIS, Federation of Information Technology Industry Sri Lanka, and the Computer Society of Sri Lanka(CSSL) the national association of ICT Professionals, the key trade chambers representing the IT-BPM industry express their concern on the evolving situation in the country. They urge the government to respond to…
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