Category: Economy and Markets
Electronic & Electrical Sector breaks record with over USD 422mn export earnings in 2021
Electronic and Electrical Sector has recorded a 30% increase in its export earnings compared to $328mn recorded last year, despite COVID-pandemic challenges.With the support extended by the Sri Lanka Export Development Board, the industry has shown its knowledge, expertise, competitiveness, and resilience in 2021 to achieve the highest export revenue recoded in the history despite […]
Sri Lankan sapphires highlighted at SL Embassy in China
Sri Lankan gemstones were showcased at a glamorous event hosted by the Embassy in Beijing on 17 January, 2022. Sponsored by the ‘LARWINER – Gem Art Jewellery’, a range of stunning Sri Lankan blue sapphires and other coloured stones were displayed. Around 100 invited guests including many elite dealers attended the event. “LARWINER – Gem […]
Ceylon Chamber of Commerce Strengthens Trade Ties with the Maldives
A Memorandum of Understanding signed recently between the Ceylon Chamber of Commerce and the Maldives National Chamber of Commerce and Industry (MNCCI) will enhance opportunities for bilateral trade, investment and tourism, giving new impetus to a proposed trade agreement between Sri Lanka and the Maldives, State Minister for Regional Cooperation Tharaka Balasuriya announced. Speaking at […]
Opinion: Special goods and services tax, Issues and concerns
Dr Roshan Perera & Naqiya Shiraz Background The new bill titled ‘Special Goods and Services Tax’ was published by gazette dated 07 January 2022.[1] The Special Goods and Services Tax (SGST) was originally proposed in Budget speech 2021 but was not implemented. It has once again been presented in Budget 2022. The SGST aims to […]
CEAT tyres chosen as original equipment for Lanka Ashok Leyland commercial vehicles
CEAT Kelani Holdings has moved into the new year with the added impetus of its appointment as an Original Equipment Manufacturer (OEM) for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. Under this OEM agreement, […]
CBSL raises policy rates by 50bps; urges banks to swiftly increase deposit interest rates
Sri Lanka’s Central Bank has decided to adopt several policy measures with a view to strengthening macroeconomic stability. Accordingly, in consideration of the current and expected macroeconomic developments, the Monetary Board at its meeting held on 19 January 2022, has decided to: a) increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility […]
Women in Management, IFC and Government of Australia recognise inspiring women from Sri Lanka and Maldives
The ‘Top50’ Professional and Career Women Awards 2021 – hosted by Women in Management (WIM), in collaboration with Women in Work, a partnership between IFC and the government of Australia – recently honoured inspiring professional and career women in Sri Lanka and Maldives making a mark in their respective fields. The 11th edition of the […]
‘s INSEE Cement and IUCN partner to support biodiversity conservation
Siam City Cement Group (SCCC Group) and the International Union for Conservation of Nature (IUCN) extended their partnership for another three years by formalizing a new Memorandum of Understanding (MoU) recently to support the implementation of the INSEE Sustainability Ambition 2030 targeting Net Positive Impact (NPI) on biodiversity at sites where SCCC Group operates. The […]
Sri Lanka pays USD 500mn sovereign bond matured today: CB Governor
The Governor of Sri Lanka’s Central Bank Ajith Nivard Cabraal states that Sri Lanka has paid the USD 500 million sovereign bond that matured today (18). Meanwhile, Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’.
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Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’. Fitch typically does not assign Outlooks or apply modifiers for sovereigns with a rating of ‘CCC’ or below. Related: S&P downgrades Sri Lanka; Central Bank disputes
Sri Lanka’s Sovereign Foreign Debt: To Restructure or Not?
By Dr. Dushni Weerakoon: Sovereign debt restructuring can be pre-emptive or post-default. A default is inherently costly as it can result in a sustained loss of access to capital markets. That leaves pre-emptive restructuring when a country deems itself unable to service outstanding debt. The complex creditor landscape of today though makes governments reluctant to […]
S&P downgrades Sri Lanka; Central Bank disputes
Sri Lanka’s Central Bank says that S&P’s assessment to downgrade the rating has clearly failed to recognise the recent progress made by the Government and the CBSL in securing foreign exchange inflows to meet the government’s forthcoming debt obligations. Standard and Poor’s has downgraded Sri Lanka to ‘CCC’ from ‘CCC+’ with the outlook negative.