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Export earnings decreased by 8.2-pct y-o-y in October 2022
Earnings from the merchandise exports decreased by 8.18 % y-o-y to US$ 1,094.8 Mn in October 2022 as per the data released by Sri Lanka Customs. This was mainly due to the decrease in export earnings from Apparel & Textiles, Tea, Rubber based Products, Coconut based Products, Spices & Essential Oils, and the Fisheries sector. […]
Deceleration in inflation expected to continue in ensuing period: Central Bank
The deceleration in inflation is expected to continue in the ensuing period, supported by subdued aggregate demand pressures, expected improvements in domestic supply conditions, normalisation in global commodity prices, and the timely passthrough of such reductions to domestic prices, along with the favourable statistical base effect. The Central Bank said that the global, as well […]
CBSL expects downward adjustment in bank interest rates; looking at imposing administrative measures
The Monetary Board of the Central Bank has noted with concern the anomalous rise in market interest rates, particularly deposit interest rates and short term lending interest rates, despite the recent improvements in overall money market conditions and the adverse implications on business and economic activity. “The Central Bank would expect a moderation of excessive […]
‘s Central Bank maintains policy interest rates at their current levels
The Monetary Board of the Central Bank has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 14.50 percent and 15.50 percent, respectively, after considering the recent and expected developments in the domestic and global economy and macroeconomic projections. […]
65-pct probability for rates to remain unchanged at upcoming policy review: FCR
First Capital Research (FCR) assigns a probability of 65% for policy rates to remain unchanged at the upcoming monetary policy review while also assigning a 35% probability for a relaxation in policy rates. Moreover, considering the persistent negative liquidity in the banking system, they have assigned a lower probability of 20% for a cut in […]
Government’s attention to resume negotiations on free trade agreements
Government’s intention was to resume the negotiations on free trade agreements said Secretary to the President Saman Ekanayake. It is the vision of the President that Sri Lanka will integrate with the global value chains and with the largest economies in South Asia and East Asia and then expand to the east region linking to […]
‘s Rating
Fitch Ratings has withdrawn Sarvodaya Development Finance PLC’s (SDF) National Long-Term Rating of ‘B+(lka)’. The rating was on Rating Watch Negative, which has not been resolved prior to the withdrawal. Fitch is withdrawing the rating as SDF has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to […]
Emirates to operate double daily direct flights to Colombo from 1 December
Emirates has announced plans to add one more daily direct flight between Dubai and Colombo from 1 December 2022 to cater to the seasonal increase in the demand for travel. The additional service, EK648/EK649, will increase the number of daily flights between the two cities to three, including two direct flights and one operating via […]
Ceylon Chamber calls for independent Central Bank
The Ceylon Chamber of Commerce is firmly of the view that institutions like the Central Bank of Sri Lanka should be allowed to function independently in performing its mandate as in most other countries, particularly at this stage when the country is grappling with a major economic crisis. We emphasize the need to reintroduce the […]
VIDEO: Amazon, Meta, Netflix: Why Big Tech Is Facing Massive Layoffs
Tech companies saw exceptional growth in both revenue and employee headcounts through the pandemic. But now, they’re cutting thousands of jobs. Why big tech is facing massive layoffs?