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Land Valuation Indicator for Colombo District increased by 17-pct during 1H 2022
Land Valuation Indicator (LVI) for Colombo District increased to 186.9 with a year-on-year change of 17.0 percent during the first half of 2022. This annual increase (17.0) and the semi-annual increase (4.6 percent) of LVI, showed a deceleration of the increasing trend observed in the second half of 2021. All sub-indicators of LVI, namely Residential […]
CBSL Monetary Policy Statement Indicates Economic/Forex Stabilisation
August 18, 2022 (LBO) – The monetary policy statement released by the Central Bank of Sri Lanka indicated stabilisation of the Sri Lankan currency and economy across a broad range of measures. “Pressures witnessed in the domestic foreign exchange market have eased to a large extent with the notable decline in import expenditure and improved […]
Groundbreaking ceremony for INSEE Warehouse at Hambantota Port Industrial Park
INSEE Cement, Sri Lanka’s leading cement manufacturer, began construction of their mega capacity warehouse within the industrial park in Hambantota International Port (HIP) last week. The US$ 3 million investment by INSEE will be the largest warehousing facility inside a port in Sri Lanka for raw materials used in the production of cement. The warehouse […]
Finance Minister requests the public to deposit or sell foreign currency notes in possession
In order to attract foreign currency held with the public into the banking system, the Minister of Finance has issued an Order granting an amnesty period of 1 month effective from 15.08.2022 for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession to: i. Deposit into a Personal Foreign Currency […]
DCTS to replace UK GSP; SL to benefit from duty-free exports to UK on more than 80-pct of products
Over 99% of goods exported from Sri Lanka eligible for duty-free access to the UK £69m of tariffs saved on exports to the UK under the new Developing Countries Trading Scheme The UK is reshaping trade with 65 developing countries, including Sri Lanka, through a new trading framework: the Developing Countries Trading Scheme (DCTS). The DCTS […]
UN Sri Lanka & Government sign Sustainable Development Cooperation Framework for Sri Lanka
The United Nations Sustainable Development Cooperation Framework (UNSDCF) 2023-2027 was launched today by the Government of Sri Lanka and the United Nations in Sri Lanka. The UNSDCF is the Framework that guides the work of all the UN Agencies in Sri Lanka and articulates the collective vision and contribution of the United Nations to support […]
U.S. partners with David Pieris Motor Company to boost electric mobility in Sri Lanka
The U.S. government, through its development agency, the U.S. Agency for International Development (USAID), is committed to accelerating clean energy to drive social and economic sustainable growth in Sri Lanka. On August 16, Sri Lanka’s Minister of Power and Energy, Kanchana Wijesekera and U.S. Ambassador to Sri Lanka, Julie Chung attended a signing ceremony for a Memorandum […]
Central Bank relaxes mandatory conversion requirement on service export proceeds
With the view of encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka has withdrawn the mandatory requirement to convert service export receipts/proceeds, that are received in Sri Lanka on or after 12 August 2022. The service exporters may use their export proceeds so repatriated to Sri […]
Reasonable justification required when appointing new Heads of Govt Institutions: President
President Ranil Wickremesinghe has appointed a committee to oversee and grant prior approval for new appointments or changes to the existing positions of chairmen and directors of state corporations, statutory boards and state-owned enterprises. President’s Secretary Saman Ekanayake will chair the committee including Prime Minister’s Secretary Anura Dissanayake and Cabinet Secretary W.M.D.J. Fernando. President’s Additional […]
High impairment provisions neutralise solid 6-month operational growth of ComBank Group
The Commercial Bank Group has reported a six-month financial performance that mirrors the impacts of the country’s macro-economic variables, with solid operational gains negated by extraordinary provisioning in the second quarter for impairment charges and other losses. Comprising of the Commercial Bank of Ceylon PLC, its subsidiaries and an associate, the Group posted a gross […]