Economic

Sri Lanka’s new Minister of Finance, Basil Rajapaksa has appointed five sub-committees to come up with ‘right actions’ to fix the economy, but a fertilizer and agro-chemical ban will stay in place, the state information office said.…

Sri Lanka’s state-run Ceylon Petroleum Corporation has lost 57 billion rupees up to May 2021 after as prices were kept fixed and also due to forex losses from dollar loans, Petroleum Minister Udaya Gammanpila said. Sri Lanka’s current…

Sri Lanka’s gross domestic product grew 4.3 percent in the first quarter of 2021 recovering from a contraction of 1.8 percent in 2020, the state statistics office said. Agriculture grew 6.1 percent, industry grew 5.5 percent and services…

Sri Lanka’s banks which are rationing letters of credit to importers on a case-by-case basis will not usually deny the facility to importers who bring intermediate goods, Deputy Central Bank Governor Dhammika Nanayakkara said. “As far as…

Sri Lanka has allowed domestic firms to borrow and invest in international sovereign bonds which are going at a discount after sovereign downgrades and balance of payments crisis triggered by liquidity injections. Domestic firms can buy…

Sri Lanka is discussing import controls on carefully selected items, Central Bank Governor W D Lakshman said as liquidity injections triggered forex shortages, widened parallel market spreads and undermine the credibility of a 200 to the US…

Several areas in Colombo, Sri Lanka, will experience a 21-hour water cut on Saturday (10) due to improvements to be carried out at the Ambatale water plant aimed at increasing water capacity, a National Water Supply and Drainage Board…

Sri Lanka’s central bank is studying whether to hike a 25 mandatory dollar conversion requirement in the wake of cabinet decision on the matter, Deputy Governor Dhammika Nanayakkara said amid record low rupee rates and excess liquidity in…

Sri Lanka’s first quarter growth would be better than expected, based on initial data Central Bank Governor W D Lakshman said. He said an industrial production index, private credit and external trade showed the economy was performing…

Sri Lanka’s central bank said it was keeping policy rates unchanged at 5.50 percent to inject new money as inflation topped 5 percent in June and food prices rose in double digits and the balance of payments was in deep deficit amid money…