The Central Bank of Sri Lanka issued broad guidelines to licensed banks on 28 March 2024, to further strengthen the functions of already established Post COVID-19 Revival Units and reformulate such units as Business Revival Units (BRUs). The enhanced scope of proposed BRUs will facilitate sustainable revival of viable businesses affected by the extraordinary macroeconomic…
Growth in South Asia is expected to be strong at 6.0% in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka. But persistent structural challenges threaten to undermine sustained growth, hindering the region’s ability to create jobs and respond to climate shocks, says the World Bank in its twice-a-year…
Sri Lanka’s economy is projected to see moderate growth of 2.2% in 2024, showing signs of stabilization, following the severe economic downturn of 2022. But, the country still faces elevated poverty levels, income inequality, and labor market concerns, says the World Bank’s latest bi-annual update. Released today, the Sri Lanka Development Update, Bridge to Recovery, highlights that Sri…
In its continuous effort to foster a secure and positive online environment, TikTok has unveiled its latest Community Guidelines Enforcement Report for the fourth quarter of 2023. This release highlights TikTok’s unwavering commitment to transparency, safety, and inclusivity, reflecting its dedication to building trust and ensuring a safe platform for its global community. During the…
Out of the total domestic spends on debit cards, the share of in-store spending is 7 times that of ecommerce. Last holiday season saw over 20% growth in Visa debit transactions vis-à-vis 2022 Visa (NYSE: V), the global leader in digital payments, today announced that Visa debit card spends saw a significant increase of over…
As a collective body of exporters, we have been at the forefront of sustaining employment and ensuring a steady flow of foreign exchange, even amidst the most severe economic downturns faced by our nation. Our membership covers the majority of merchandise exports, which account for some 13% of Sri Lanka’s GDP. Today, we stand united…
For the fiscal year 2022/23 (April to March), tax concessions resulted in a total of LKR 978 billion in foregone revenue, the government reported yesterday (31 March). The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022. This was highlighted by PublicFinance.lk, Sri Lanka’s premier economic insights platform,…
The German – Sri Lanka Friendship Hospital for Women in Galle, was declared open on the 27th of March 2024, by His Excellency President Ranil Wickramasinghe and Minister for Health Hon. Dr. Ramesh Pathirana. With a capacity of 640 beds and an ultramodern hospital complex spanning over 500,000 sqft, the new facility stands as South…
Sri Lanka’s pursuit of fintech excellence gained momentum on March 20th, 2024, as key stakeholders convened virtually for a groundbreaking dialogue between the Central Bank of Sri Lanka (CBSL) and the Central Bank of Bahrain (CBB). Facilitated by Sri Lanka’s Ministry of Technology and the Information Communication Technology Agency of Sri Lanka (ICTA), along with the…
The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted an Investor Forum held in Dambulla on the 27th of March at the Hotel Sannasa – Dambulla. The forum was organized with the objective of raising awareness on the importance of investor education with regard to the…
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