Sri Lanka Prosperity Index up by 0.783 in 2018

Sri Lanka Prosperity Index up by 0.783 in 2018 »

18 Nov, 2019

Sri Lanka Prosperity Index (SLPI), increased to 0.783 in 2018 from 0.548 recorded in 2017. All three sub-indices of SLPI, namely ‘Economy and Business Climate’, ‘Well-being of the People’ and ‘Socio-Economic Infrastructure’ contributed to this increase.

PMI increased to 57.6 index value in October 2019

PMI increased to 57.6 index value in October 2019 »

18 Nov, 2019

Manufacturing PMI increased to 57.6 index value in October 2019 mainly due to increase in Production and New Orders compared to September 2019.

External Sector Performance – September 2019

External Sector Performance – September 2019 »

18 Nov, 2019

Central Banks says In September 2019 (year-on-year), the trade deficit increased, with the fall in export earnings exceeding the decrease in import spending.

Sri Lanka economy remains vulnerable to adverse shocks: IMF

Sri Lanka economy remains vulnerable to adverse shocks: IMF »

5 Nov, 2019

Sri Lanka’s economy remains vulnerable to adverse shocks given the high public debt and low reserves, the International Monetary Fund (IMF) stressed.

Central Bank says Sri Lanka economy to grow 3.5-pct in 2020

Central Bank says Sri Lanka economy to grow 3.5-pct in 2020 »

5 Nov, 2019

In 2020, a new Central Bank report says, the Sri Lankan economy is projected to grow by about 3.5 percent in real terms. "Growth is expected to be broad-based and all major economic activities should make a positive contribution," he says.

Trade deficit contracted in August 2019

Trade deficit contracted in August 2019 »

16 Oct, 2019

The trade deficit contracted in August 2019 as the decline in imports continued while the dip in exports in the previous month has largely recovered. Import expenditure recorded a decline of 16.6 per cent (year-on-year) and export earnings declined fractionally by 0.4 per cent (year-on-year) in August 2019, mainly due to the lower prices of major export categories.

Purchasing Managers’ Index (PMI) valued 54.7 in September 2019

Purchasing Managers’ Index (PMI) valued 54.7 in September 2019 »

16 Oct, 2019

Manufacturing activities expanded at a slower rate in September 2019, recording an index value of 54.7 which is a decrease of 1.9 index points, compared to August 2019. This slowdown in manufacturing PMI was mainly driven by the slowdown in Production and New Orders during the month of September.

Fitch Rtgs: Sri Lankan Bank Lending Rate Cap May Not Support Loan Growth

Fitch Rtgs: Sri Lankan Bank Lending Rate Cap May Not Support Loan Growth »

8 Oct, 2019

The lending rate cap recently imposed by the Central Bank of Sri Lanka (CBSL) on rupee-denominated loans extended by Sri Lankan banks may not improve loan growth in the short term, Fitch Ratings says. To the extent banks cannot price for risk in order to make hurdle rates of return, they may extend less credit for riskier consumer and commercial loans that carry higher losses.

The western province continued larger contribution to GDP

The western province continued larger contribution to GDP »

28 Sep, 2019

The western province continued to account for the biggest share in 2018 as estimated by the Statistics Department of the Central Bank of Sri Lanka (CBSL) according to the Provincial Gross Domestic Product (PGDP). The second and third largest contributors, respectively, were the central and northwestern provinces.

Improving the efficiency of the transfer to market lending rates of recent policy decisions

Improving the efficiency of the transfer to market lending rates of recent policy decisions »

24 Sep, 2019

Over the past eleven months, the Central Bank of Sri Lanka has taken a number of monetary and regulatory policy measures to induce a reduction in market lending rates. These measures include the reduction of the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points in two steps,

Relief on Motor Vehicles Imported for Personal Use

Relief on Motor Vehicles Imported for Personal Use »

24 Sep, 2019

The government has decided to declare a grace period for imported motor vehicles during the period from January 2015 to November 2017 and pending the Hambantota Port customs clearance, subject to the following requirements being met.

Sri Lanka Makes Stronger Presence at the Fine Food Australia – 2019

Sri Lanka Makes Stronger Presence at the Fine Food Australia – 2019 »

22 Sep, 2019

Ten coconut exporters from Sri Lanka were housed in the CDA Pavilion and four businesses from Ceylon Tea were under the Pavilion of the Tea Board. Furthermore, eight individual Sri Lankan exporters representing food industries participated in Find Food Australia 2019 and promoted Sri Lankan value-added food products.

2020-2025 Economic Acceleration Framework launches from Ceylon Chamber

2020-2025 Economic Acceleration Framework launches from Ceylon Chamber »

19 Sep, 2019

The Ceylon Chamber of Commerce launched the working draft of their 2020-25 Economic Acceleration Framework, at the Sri Lanka Economic Summit (SLES) recently.  The Framework was introduced by Dr. Hans Wijayasuriya during the title keynote session, which focused on re-calibrating Sri Lanka’s economic trajectory.

Sri Lanka’s rough rice prediction bumped up to 4.6mn tones for Yala 2019

Sri Lanka’s rough rice prediction bumped up to 4.6mn tones for Yala 2019 »

17 Sep, 2019

In 2019, Sri Lanka enhanced paddy (rough rice) output from both growing seasons to 4,613 million metric tons, up 5.5 percent from an initial estimate, and up 17 percent from last year, state agricultural officials said.

Sri Lanka’s forex reserves US$ 185mn In August

Sri Lanka’s forex reserves US$ 185mn In August »

9 Sep, 2019

The forex reserves of Sri Lanka increased to 8,532.6 million US dollars in the month of August 2019, official information showed. The gross official reserves of Sri Lanka consist of both the central bank and the treasury's balances. Fiscal balances, which operate as debt raising and settlement,

Exports have increased from 13% to 20% of GDP since 2015

Exports have increased from 13% to 20% of GDP since 2015 »

6 Sep, 2019

Sri Lanka's export turnover amounted to $9.5 billion during this year's first seven months, while the goal was $18.5 billion.

This month’s global tea marketing campaign will kick off

This month’s global tea marketing campaign will kick off »

6 Sep, 2019

The much-anticipated worldwide tea marketing campaign would lastly get off the ground on September 25,

Abans Group Opens Trading at CSE to Celebrate 50th Anniversary

Abans Group Opens Trading at CSE to Celebrate 50th Anniversary »

2 Sep, 2019

A market opening ceremony was organized at the Colombo Stock Exchange (CSE) to mark the 50thAnniversary of Abans Group, as part of a series of events organized by the company to celebrate its corporate milestone.

Bangladesh, Sri Lanka’s trade with Asia’s fastest-growing economy

Bangladesh, Sri Lanka’s trade with Asia’s fastest-growing economy »

18 Aug, 2019

Bangladesh, Sri Lanka's trade with Asia's fastest-growing economy, is set to rise when both countries meet later this year for ministerial trade talks-after nearly three years.

Manufacturing and Service Sectors continue expansion in July 2019

Manufacturing and Service Sectors continue expansion in July 2019 »

16 Aug, 2019

According to the Sri Lankan Purchasing Managers Index (PMI) published by the Central Bank's Statistics Department on Thursday, both manufacturing and service industries continued to expand last month after the terrorist attacks of April 21. Manufacturing operations continued to expand at a greater pace in July 2019, recording an index value of 55.7,

Pan Asia Bank extends green lending to Papaya cultivators

Pan Asia Bank extends green lending to Papaya cultivators »

1 Aug, 2019

Pan Asia Bank, with its island-wide network of 85 branches, has been working closely with the agriculture sector in recognition of the significant contribution made by this community, which is engaged in agriculture and related businesses, to the growth of the country’s economy.

Dedicated apparel zone area

Dedicated apparel zone area »

1 Aug, 2019

Rehan Lakhany, Chairman of the Sri Lankan Apparel Exporters Association, said key stakeholders in the Sri Lankan apparel industry are in discussions with the government to create a specialized manufacturing area in the apparel industry.

In the first half of 2019, exports grew 11.4%.

In the first half of 2019, exports grew 11.4%. »

24 Jul, 2019

In the first half of this year Sri Lanka's exports rose 11.4 percent, at $8.4 billion, compared with the corresponding $7.5 billion of last year's era.

Laugfs Gas from Sri Lanka in discussions with LPG’s strategic buyers, hotels

Laugfs Gas from Sri Lanka in discussions with LPG’s strategic buyers, hotels »

20 Jul, 2019

Sri Lankan Laugfs Gas is now entering into discussions with strategic investors to make an investment in its energizing and leisure businesses from a domestic cooking gas supplier to regional traders and hotels, President W.K.H. Wegapitiya said.

Softlogic Group’s sales growth is 14%

Softlogic Group’s sales growth is 14% »

18 Jul, 2019

The Group's resilience and uncompromising atmosphere represent the 14 percent development in revenues, with a turnover of Rs. 75 billion per capita in the year and a moderating economy development combining acquisitions and company development, "said Chairman / General of the Softlogic Group Ashok Pathirage.

Macroeconomic fundamentals 4th Q growth to be favorable: Governor Dr. Indrajith Coomaraswamy

Macroeconomic fundamentals 4th Q growth to be favorable: Governor Dr. Indrajith Coomaraswamy »

11 Jul, 2019

Governor of Central Bank Dr. Indrajith Coomaraswamy said the macro-economic fundamentals of the country were in a pretty good form yesterday, with growth for the fourth quarter favored. "We raised enough funding too, almost by the middle of next year, to fulfill our commitments," he said.

Overnight target rate of Sri Lanka decreased 84 bp since floor rate decreased

Overnight target rate of Sri Lanka decreased 84 bp since floor rate decreased »

10 Jul, 2019

The central bank of Sri Lanka supported overnight prices at around twenty basis points above its policy level, which on 31 May fell 50 basis points and, from the last policy conference, official information showed that the de facto target rate had dropped to a further eighty-one basis points.

Govt complies with more than 60% of budget suggestions-Mangala

Govt complies with more than 60% of budget suggestions-Mangala »

9 Jul, 2019

The Minister stated that a total of 84 suggestions had been submitted, with only 16 being enacted. Samaraweera said that today's world concentrates more on global warming, environmental conservation, wildlife protection, reforestation of forests, reduction of emissions and, in particular, polyethylene and plastic dumping.

The Prime Minister of Sri Lanka is fighting anti-freeholders

The Prime Minister of Sri Lanka is fighting anti-freeholders »

9 Jul, 2019

Premier Ranil Wickremesinghe of Sri Lanka said that he is fighting in court for anti-freeholders to give titles to peasants and others who, through multiple programs, are granted less certain land rights from the state. Wickremesinghe was cited at a lecture in Ampara as stating "There are some groups that oppose the privileges of the freehold through court actions.

Rupee closes weaker in Sri Lanka with easier bond yield.

Rupee closes weaker in Sri Lanka with easier bond yield. »

5 Jul, 2019

Sri Lanka's rupee opened up to the US dollar softer on the ground on Friday at 176.15/21, while bond returns decreased and shares opened up 0.5% higher.

Sri Lanka’s first quarter income tax revenue was significantly greater »

2 Jul, 2019

Although the general government revenue of Sri Lanka dropped in the first quarter of 2019 as imports slowed down, with a fresh internet collection scheme and better enforcement, income tax profits were noticeably greater, the Treasury said.

In the first quarter of 2019, the Sri Lankan Ports Authority made Rs10.5bn profit.

In the first quarter of 2019, the Sri Lankan Ports Authority made Rs10.5bn profit. »

1 Jul, 2019

In the first four months of 2019, the Sri Lankan Ports Authority, which operates the island's merchant shipping harbors, produced a profit of 10.5 billion rupees, the finance ministry said, as cargo volumes rose sharply.

Exports of tea are gaining in May.

Exports of tea are gaining in May. »

1 Jul, 2019

Sri Lankan tea exports totaled 26.6 M / kgs for the month of May 2019, demonstrating an increase of 3.5 M / kgs compared to 23.07 M / kgs for May 2018.

Support for the growth of digital infrastructure for the freelance community

Support for the growth of digital infrastructure for the freelance community »

26 Jun, 2019

The government is making an effort to provide necessary legal or infrastructure support to develop the freelancing community as well as the startup culture in Sri Lanka,

The Governor of the Central Bank focuses on growth rates

The Governor of the Central Bank focuses on growth rates »

25 Jun, 2019

In a recent discussion with the KPMG team, Central Bank Governor Dr. Indrajit Coomaraswamy affirmed that if Sri Lanka continues on this favorable route,

Inflation drop in month of May

Inflation drop in month of May »

24 Jun, 2019

Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1 dropped from 3.6% in April 2019 to 3.5% in May 2019

Nominations are now open for e-Swabhimani 2019

Nominations are now open for e-Swabhimani 2019 »

18 Jun, 2019

The Digital Social Impact Awards launched e-Swabhimani calling for apps for 2019. E-Swabhimani is now in the process of acknowledging digital applications/solutions that have a favorable social impact, in line with the government's policy on digitizing the economy.

YoY inflation in May reached 5%

YoY inflation in May reached 5% »

6 Jun, 2019

YoY inflation as measured by CCPI is 5 percent in May 2019 and 4.5 percent in April 2019.

Governor Advices on the Financial Discipline

Governor Advices on the Financial Discipline »

30 May, 2019

Central Bank Governor, Dr. Indrajit Coomaraswamy yesterday said, Sri Lanka should maintain tight financial discipline over the next few years to strengthen the country’s financial situation and take the country forward as the Easter Sunday bomb attacks have already taken its toll on the economy. However, he said but Sri Lanka has been able to manage the negative impact in the aftermath of the attacks.

The CWG Failed Bid Incurs a Massive Loss.

The CWG Failed Bid Incurs a Massive Loss. »

30 May, 2019

The Auditor General had examined the expenses of the CWG Hambantota 2018 (Pvt.) Ltd from November 23, 2010, to May 31, 2013, its initial share capital, financial donations to it, its financial statements and legal matters in relation to its liquidation.

Hela Clothing Attracts More Investors.

Hela Clothing Attracts More Investors. »

30 May, 2019

Sri Lankan apparel manufacturer, Hela Clothing Group, announced it has completed the balance raise of $3.6 million from its Series A funding round bringing the total equity raised to $10 million,

Sri Lanka set goals to raise US$2 billion

Sri Lanka set goals to raise US$2 billion »

23 May, 2019

Central Bank Governor Dr. Indrajit Coomaraswamy said Sri Lanka's goal is to raise another $ 2 billion ahead of a presidential election in December.

Sri Lanka’s Inflation Rises Up To 3.6%

Sri Lanka’s Inflation Rises Up To 3.6% »

22 May, 2019

Sri Lanka's nationwide inflation in April 2019 determined under the National Consumer Price Index (NCPI) rose to 3.6 percent from 2.9 percent recorded in March on a year-on-year basis, the Department of Census and Statistics reported Tuesday

Lanka to Attract Business Worth USD 1 million from Japan.

Lanka to Attract Business Worth USD 1 million from Japan. »

16 May, 2019

Sri Lankan ICT, BPM delegation at Japan IT Week expects to attract USD 1 mn worth of business by end of 2019.

Increment of Foreign Grants up to 12.5 Billion

Increment of Foreign Grants up to 12.5 Billion »

10 May, 2019

From 8 billion in 2017, the total foreign grants received by Sri Lanka from multilateral and bilateral sources increased drastically to 12.5 billion in 2018.

Central Bank Launches A Roadmap For Sustainable Finance

Central Bank Launches A Roadmap For Sustainable Finance »

12 Apr, 2019

On the 10th of April 2019, the Central Bank of Sri Lanka Launched the Roadmap for Sustainable Finance in Sri Lanka at the Sustainable Banking Network Global Meeting

Government Stabilizes 1.5% of the ISB Interest Rate.

Government Stabilizes 1.5% of the ISB Interest Rate. »

14 Mar, 2019

Resulting in an increase of 1.5% in the interest rate on International Sovereign Bonds (ISBs), the forming of a 52-day illegitimate Government has amounted a loss of Rs. 6.4 Billion in the recent issue of ISBs, Finance Minister, Mangala Samaraweera said yesterday.

Three Major Policy Priorities Established In Order, To Rebuild Economy

Three Major Policy Priorities Established In Order, To Rebuild Economy »

25 Feb, 2019

Mangala Samaraweera, Finance and Media Minister reported that the government is looking forward to and focusing on rebuilding and re-positioning the island with three major economic policy priorities; namely,

Govt Tailored  To Change The Direction Of The Economy

Govt Tailored To Change The Direction Of The Economy »

6 Feb, 2019

The state administration has taken up the challenge of re-rooting the path of the major economic indicators of the country, Eran Wickramaratne, State Minister for Finance and Media said the 60th AGM of the National Chamber of Commerce of Sri Lanka recently.

SL Economy To Maintain 3.75% Growth This Year – Governor

SL Economy To Maintain 3.75% Growth This Year – Governor »

23 Jan, 2019

Sri Lanka will maintain economic growth of around 3.75% in 2019, said Central Bank Governor Dr. Indrajit Coomaraswamy at the Sri Lanka Economic Association (SLEA) annual session held in Colombo last Friday.