Migration trends
Dr. Bilesha Weeraratne, Research Fellow and Head of Migration and Urbanisation Research at the Institute of Policy Studies, (right) speaks at a discussion on migration trends organised by the Sunday Times Business Club (STBC) on Tuesday. In the picture are (from left) Ms L. Chiranthi Cooray, Deputy General Manager /Chief Human Resource Officer of Hatton [...]
Govt. set to boost forex reserves by $8.4 bn
Buoyed by the impending approval of an International Monetary Fund (IMF) facility on March 20, Sri Lanka will implement an ambitious plan to boost foreign reserves by at least US$8.4 billion through the IMF bailout loan of $2.9 billion, World Bank immediate commitment of $1.5 billion, ADB aid of $1billion and $3 billion through the [...]
Rubber, tea markets crash as rupee firms
The Sri Lankan rupee has been strengthening against the dollar and its impact was severely felt this week at the rubber auction where nothing got sold and at the tea auction where 26 per cent of the stock went unsold. Rubber stocks at the Colombo Auction went unsold for the very first time as prices [...]
Strong rupee to push more $ liquidity into the banking system
The domestic currency appreciation will stimulate more foreign exchange leading to additional liquidity in the banking system, analysts say. A bank CEO said that other than large exporters, other exporters, in general, will actively consider converting their dollars, which will see a larger quantum of foreign currency coming into the country, which in turn will [...]
Ekva to power Sri Lanka’s start-ups
A high-profile team from Ekva LLC, a US company with strong Sri Lankan roots, will launch their accelerator in mid-March in a bid to strengthen, support and grow local start-ups. Their accelerator, uniquely called ek’celerator will accept applications from incorporated or non-incorporated start-ups at any stage from an idea, proof of concept (PoC), or minimum [...]
Finally … cleared the last hurdle
So….Sri Lanka has cleared the final hurdle! I am referring to the much-awaited US$2.9 billion bailout package from the International Monetary Fund (IMF). But wait, I must refer dear readers to a phone call this Thursday morning with the topic being the IMF financial package. The conversation was with Arthika, my nonsensical economist friend also [...]
Economic crisis in Sri Lanka: Are we recovering or falling?
(This article has been compiled based on the discussion organised by the Veemansa Initiative under the title “Economic Crisis in Sri Lanka: Are we recovering or falling further?” to examine the alternative approaches to move forward the crisis-ridden Sri Lanka. The event was held on the February 28 at the Faculty of Arts, University of [...]
Brain drain shows misery in country, should be translated into dollars
Human capital flight, more commonly known as brain drain, characterised as the emigration of highly skilled workers to other, more prosperous countries is a problem faced by Sri Lanka that accelerated over the past year and is impacting all sectors of the economy. Economists and professionals are raising alarms on the loss of skilled and [...]
CB buying dollars to build foreign reserves
Sri Lanka Central Bank will continue buying of dollars from the market to strengthen the buffers in order to build reserves for themselves or provide them to the country’s banks. The aim is often to stabilise the exchange rate, Central Bank sources said. It has done away with fixed exchange rate, of around Rs.360 to [...]
Gold prices drop amidst rupee gains
While the Sri Lankan rupee has been appreciating against the US dollar during the last two weeks, local gold prices have also dropped. “The market is reflecting the cost structure of the rupee value against the US dollar. As a result of the rupee appreciation the prices of 22 and 24 karat sovereign gold have [...]
LAN hosts WeScale Sri Lanka Mentor Night
The Lankan Angel Network (LAN) recently hosted a Mentor Networking Night at Courtyard by Marriott, for the Sri Lankan leg of WeScale, a USAID-led programme for Women Entrepreneurs (WEs) in Bangladesh, India, Nepal and Sri Lanka. Designed to support Women Entrepreneurs in scaling their tech-focused and -enabled businesses to the next level, WeScale is coordinated [...]
People’s Bank demonstrates its resilience in 2022
People’s Bank announced its 2022 results showing consolidated gross revenues, total operating income, and pre-tax profit amounting to Rs.391.2 billion, Rs.130 billion, and Rs.26.7 billion, respectively, compared to 2021 results: Rs.236.8 billion, Rs.110.7 billion and Rs.37.2 billion. In a media release, the bank – the second largest in the country – said consolidated interest income [...]
Singapore investment of $3 m in Peacock Beach Hotel
The Guruge Group has formed a joint venture with Lankaila Pvt Ltd, a Singapore-based company, for one of its subsidiaries – Peacock Beach Hotel in Hambantota. Lankaila will invest US$3 million (around Rs. 1 billion) to infuse capital for this joint venture with Peacock Beach Hotel, Hambantota owned by the Guruge Group, the company said [...]
CEA grants SIEE approval to Hambantota Port Industrial Park
The Hambantota International Port’s (HIP) industrial park will expand its industrial park’s scope to include 90+ diverse industrialised classes within its dedicated free trade zone. Several new categories have been added, including warehousing and logistics, electrical and electronics, mineral products, automobile manufacturing, apparel and textiles, petroleum and oil related products, pharmaceuticals, rubber products, furniture and [...]
BIA E-Gate project to cause a massive loss at a time of economic crisis
The Ministry of Aviation is to expedite the process of establishing electronic gate facilities at the Bandaranaike International Airport (BIA) by awarding the procurement tender of the project to the highest bidder, causing a massive loss to the country. A discussion on this took place recently at the ministry with Airport and Aviation (Sri Lanka) [...]
Paddy yields drop for Maha season, climate change to hit Yala
Sri Lanka’s paddy yields this year are slow despite the availability of fertiliser with the Maha season recording a reduction in production by 16-20 per cent and the Yala season likely to be impacted by a possible El Nino effect later this year. The drop in the yields during Maha has also been attributed to [...]
Eastern Mineral Sands Project ready to commence development
Capital Metals Plc, a UK mineral resources company listed on the London Stock Exchange, is ready to commence development of its high grade mineral sands project in Sri Lanka’s Eastern Province. The extensive studies completed by the local Sri Lankan subsidiary, Damsila Exports (Pvt) Ltd, indicated the availability of commercial quantities of high grade mineral [...]
Colombo Port volumes drop
The Colombo Port has witnessed a drop in volumes in the first two months of this year compared to the same period in 2022 as a result of the general global slowdown and transhipment volumes. In February there was a drop of 15.7 per cent in volumes at the Colombo Port with 482,775 TEUs achieved [...]