Category: Economy and Markets
‘s Mineral Sector
December 7, 2022 (LBO) – Demystifying the Minerals Sector Why is it that many entirely legitimate investments by the private sector are immediately demonised as a racket by certain commentators with ulterior motives, and then sensationalized by the media? Conspiracy theories leading to private sector verdicts of guilty unless found innocent seems to be the […]
Coordinated program is required for Sri Lanka’s recovery – WB, ADB, IMF, AIIB
World Bank (WB), Asian Development Bank (ADB), International Monetary Fund (IMF) and Asian Infrastructure Investment Bank (AIIB) representatives decided that a coordinated assistance program supported by the multilateral financial institutions is required for Sri Lanka to recover from the economic crisis the country is currently facing. They reached the agreement following a lengthy round table […]
World Bank Approves Sri Lanka’s Eligibility to Access Concessional Financing
The World Bank today approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger. […]
USAID launch Island plastic challenge to help consumer goods companies address plastic waste
In support of the Ministry of Environment’s policy on plastic waste reduction, the United States Agency for International Development’s (USAID) partner, Island Climate Initiative (ICI) under USAID’s global Clean Cities Blue Ocean Program, is calling on innovators around the world to design solutions to help Sri Lanka’s leading consumer goods companies reduce their plastic footprint. […]
Exterminators PLC transfers to CSE Diri Savi Board
The Ordinary Voting Shares of Exterminators PLC transferred from the Empower Board of the CSE to the Diri Savi Board with effect from 2nd December 2022, a statement said. “The transfer of Ordinary Voting Shares of Exterminators PLC from the Empower Board of the CSE to the Diri Savi Board with effect from 2 nd December […]
‘s Long-Term Local-Currency IDR to CC; affirms RD Foreign-Currency IDR
FitchRatings has downgraded Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’, and has affirmed the Long-Term Foreign-Currency IDR at ‘RD’ (Restricted Default). Fitch typically does not assign Outlooks to ratings of ‘CCC+’ or below. Fitch has also removed the Long-Term Local-Currency IDR from Under Criteria Observation, on which it was placed […]
CCC Proposals on State Owned Enterprise Reform
The presence of SOEs in strategic sectors of Sri Lanka is proof of the significant value creation it can generate through spillover effects. The societal returns too are greater as it links to our day-to-day activities such as the water we drink, the electricity we use, or even the bus or train we ride. Therefore, […]
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 […]
‘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 […]
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 […]