Category: Economy and Markets
Blockchain platform SORA announced launch XOR currency in Sri Lanka
XOR – a blockchain-based currency under SORA – a blockchain-platform that holds XOR (the currency code for the cryptocurrency SORA) announced the launch of the cryptocurrency in Sri Lanka in July 2022. SORA (XOR) isn’t owned by any single nation or individual, but belongs to all of its users, and is designed as a new […]
Diplomat Podcast: Economist Dr. Ganeshan Wignaraja on SL economic crisis
July 25, 2022 (LBO) – Former Executive Director of the Lakshman Kadirgamar Institute Dr. Ganeshan Wignaraja gave a comprehensive analysis of Sri Lanka’s economic crisis to “The Diplomat” publication recently.The interview with Luke Hunt, one of the most articulate on the crisis so far, takes stock of the current situation and points a path forward. […]
Ceylon Chamber Congratulates New President & Highlights Key Priorities
The Chairman of the Ceylon Chamber of Commerce, congratulating the new President of Sri Lanka through a letter, has highlighted key areas that require priority attention. Key priorities: Resuming discussions with the IMF urgently to reach a staff level agreement soon. Expediting the negotiations with creditors to successfully conclude the debt restructuring process […]
Invest to progress, not to regress: bridging the infrastructure gaps in Sri Lanka
By : Tiffahny Hoole and Janani Wanigaratne Sri Lanka is going through a crisis of a magnitude that has never been witnessed in its economic history. The country is in disarray as people wait in lines to purchase essentials. Official reserve assets have plummeted to a US Dollar 1920 1 million by May this year […]
IMF expects to resume discussions with Sri Lanka as soon as possible
The International Monetary Fund says that they are hoping for a resolution of the current turmoil in Sri Lanka in order to resume the discussions on an IMF-supported program. “We hope for a resolution of the current situation that would allow for our resumption of a dialogue on an IMF supported program,” Gerry Rice of […]
Sri Lanka President steps down officially
Sri Lanka’s Parliamentary Speaker Mahinda Yapa Abeywardena said President Gotabaya Rajapaksa has officially stepped down from his post. He made the announcement speaking to reporters from his official residence, earlier on Friday. Abeywardena said as per Article 38 (1) of the constitution he received the letter of resignation of President Gotabaya Rajapaksa , on Friday […]
Fitch Ratings: Non-European emerging markets vulnerable to EU growth shock
A recession in Europe, which is becoming more likely, would increase external strains and growth challenges for some vulnerable non-European sovereigns, including several in north Africa and south Asia that have high export exposure to the EU, says Fitch Ratings. We forecast the eurozone economy to expand by 2.6% in 2022 and 2.1% in 2023, […]
CBEOU requests all political parties to ensure that there is no anarchy in Sri Lanka
Central Bank Executive Officers’ Union (CBEOU) expressed its fullest support to the people’s movement against the futile regime, which should be directly responsible for destroying the Sri Lankan economy, and as promised, we emphasize that the failed President and Prime Minister must bow down to the people’s verdict and vacate their offices. Releasing a statement, […]
Hemas Holdings set to enter Omani market: Foreign Ministry
Sri Lanka’s 72-year-old leading public quoted company Hemas Holdings PLC is set to enter the Omani market. Ambassador of Sri Lanka to the Sultanate of Oman Ameer Ajwad together with Hemas Senior Manager for International Business Promotion Kavindra Kasun Sigera met the Chairman of the Oman Chamber of Commerce and Industry (OCCI), Engr. Redha Juma […]
Aitken Spence expands renewable energy portfolio with solar
Aitken Spence PLC reiterates their commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion. Moreover, it is in line with Sri Lanka’s power and energy strategy to increase power generation from the renewable energy sector. This investment from Aitken Spence […]
Ceylon Chamber appeals to all parties to prevent violence on 9th July
Ceylon Chamber of Commerce notes that a number of political parties, professional associations and civil society organizations have called for mass protests on 9 th July. While clearly understanding the views of the general public and recognizing their freedom of speech and right to express views through public protests, CCC appeals to all parties to […]
CBSL further tightens monetary policy stance; increases SDFR & SLFR by 100 basis points
The Monetary Board of the Central Bank has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points to 14.50 percent and 15.50 percent, respectively. Having noted the higher-than-expected escalation of headline inflation recently and the increased persistence of high inflation […]