Category: Economy
Sri Lanka slaps 100-pct margin on car LCs: Finance Minister
Oct 02, 2015 (LBO) – Sri Lanka will impose a 100 percent margin deposit on car import LCs with effect from today, Finance Minister Ravi Karunanayake told at a media briefing held in Colombo.According to data Sri Lanka’s expenses on vehicle imports has doubled to 744 million US dollars for year 2015 compared to 374 […]
“Megapolis” Sri Lanka’s road to better sustainable development: Minister
Oct 01, 2015 (LBO) – Mega cities are important to transform Sri Lanka into a smart country and Colombo will remain as the epicenter for economic activities, Minister Champika Ranawaka said.“The proposed Megapolis concept is now underway and will span from Negombo to Beruwela and the Colombo city will be functioning as the epicenter,” Megapolis […]
‘s deflation increases to 0.3 pct in Sept from 0.2 pct in Aug
Sept 30, 2015 (LBO) – Sri Lanka’s deflation was lower at 0.3 percent, year-on-year, in September, from 0.2 percent in August, the census and statistics department said. On a 12 month moving average basis, inflation fell to 0.7 percent in September from 1.0 percent in the previous month.There were slight price declines from August to […]
Sri Lanka may consider IMF option: Finance Minister
Sept 30, 2015 (LBO) – Sri Lanka may consider an International Monetary Fund program option after the budget but only under our terms and conditions, Finance Minister Ravi Karunanayake told Lanka Business Online. “It will only happen on our terms,” Karunanayake said. Sri Lanka will have the option of considering bilateral lenders or an IMF […]
Urbanization will play a key role in Sri Lanka’s way forward: Min Hakeem
Sep 30, 2015 (LBO) – Sri Lanka’s future will be defined by the success of its management of urbanization, Rauff Hakeem, minister of City Planning and Water Supply said. “Rapid urbanization creates challenges of ensuring that development is efficiently organized and its rewards equitably distributed,” Hakeem said at the launch of a World Bank report […]
World Bank says Sri Lanka urbanisation higher than estimated
Sep 29, 2015 (LBO) – Urbanisation in Sri Lanka is higher than officially estimated with almost half the population living in urban areas, a senior World Bank official said. “Urbanization in island is close to 50 percent like the rest of world,” Ede Jorge Ijjasz-Vasquez, senior director social, urban, rural and reliance global practice […]
Sri Lanka trade deficit narrows by 32-pct in July
Sept 29, 2015 (LBO) – Sri Lanka’s trade deficit narrowed in July from the same month last year, the central bank said. This was partly due to the base effect as July 2014 recorded the highest monthly import value after November 2012. “The deficit in the trade account in July 2015 contracted substantially by 32.3 […]
Sri Lanka wants holding company structure for public enterprises: Governor
Sept 29, 2015 (LBO) – Sri Lanka’s government is looking at setting up a holding company which will own equity stakes in public enterprises, the central bank governor said. The aim here is to improve good governance and restructure under-performing ones, he said. “The government wants to evolve a holding company which will own equity […]
ADB to triple lending for education in Sri Lanka
Sep 29, 2015 (LBO) – The Asian Development Bank says they will triple lending to one billion US dollars for education and will also help develop the islands capital markets.“In line with the governments initiative to increase spending on education to six percent of gross domestic product we plan to triple lending for education to […]
Sri Lanka currency now competitive after float: CB Governor
Sept 28, 2015 (LBO) – Sri Lanka’s currency is now competitive after being floated last month and will support export growth, the central bank governor told media on Monday. “Like other currencies in emerging markets, the Sri Lankan currency has also adjusted to become slightly weaker against the U.S. currency,” Arjuna Mahendran, the central bank […]
Foreign holding in govt securities falls by USD68 mn in last week
Sept 25, 2015 (LBO) – The holding of Sri Lanka government securities by foreign investors fell to 333.2 billion rupees in the week to September 23, from 342.8 billion rupees in the previous week, information from the central bank showed. This reflects an outflow of 9.6 billion rupees (68 million dollars) for the week, and […]
Germany to help revive GSP+ for Sri Lanka: Visiting Foreign Minister
Sep 23, 2015 (LBO) – Germany would lead the European Union to revive the GSP+ relief for Sri Lanka, the German Foreign Minister said in a statement. “I will take action in that regard, in coordination with the Foreign Ministry of Sri Lanka,” Frank Steinmeier, foreign minister of Germany said when he called on President […]