IMF agreement with Sri Lanka
IMF Senior Mission Chief Peter Breuer explains to reporters on Thursday after the IMF announced it has reached a staff-level agreement with the Sri Lankan authorities on the second review under the economic reform programme of a 4-year Extended Fund Facility (EFF). Pic by Indika Handuwala
Dollar inflows rise, festive demand for imports drops
A combination of less festive/New Year demand for imports, lack of disposable incomes and increasing remittances along with enhanced foreign exchange flows from tourism has restored the Sri Lanka rupee to favourable proportions against the dollar. On Thursday, the US dollar fell below Rs. 300 for the first time since July 2023, being traded at [...]
Japan to invest again in Central expressway Phase III
Japan has expressed interest in investing again in Sri Lanka’s Central expressway Phase III project from Pothuhera to Galagedara although the then government had rejected the Japanese contractor selected for the project in 2020, Minister of Transport and Highways Bandula Gunawardene said. The government will be seeking Japan’s assistance in constructing the stretch of highway [...]
New vendors for Sri Lanka insurance industry
Telecom operators, supermarkets, online retailers, digital platforms of web aggregators and others will be given an opportunity to become insurance ‘distributors of relevant companies’ under new regulations to provide easy access for customers to insurance. This will be a new role of an insurance ‘distributor’ in addition to the traditional brokering agents, a Finance Ministry [...]
Sri Lanka losing biz, confidence post customs strike
Sri Lanka is losing orders and confidence among foreign buyers as the recent Customs union strike action at the Colombo Port had crippled import export operations. The work to rule campaign initiated by the Customs Department for the past two weeks and the stoppage of work since last Friday at the Colombo Port by Customs [...]
Three Colombo hotels for sale
At least three Colombo city hotels are for sale after the debilitating minimum room rate slapped on them last year, industry officials said. This rate went on to classify Colombo City hotels, from one star to five from pricing their rooms at rates lower than those prescribed by the government, placing a rate of US$100 [...]
CB awaits report of committee on wage hike
The Central Bank (CB) will suspend a controversial wage hike pursuant to the appointment of a special committee to examine the whole issue and its report. On Wednesday, the Parliament Committee on Public Finance (COPF) recommended to postpone the recent salary hike of CB staff with COPF Chairman Dr. Harsha De Silva saying an independent [...]
Govt. to increase income tax threshold by Rs. 50k
The increase in the income tax threshold from Rs. 100,000 to Rs. 150,000 per month is likely to be implemented by next month, to incentivise more individuals to comply with the mandatory income tax registration, highly placed sources said. This move is aimed at increasing the number of tax files and ultimately enhancing transparency in [...]
Better times for tourism
(Calling) Travel agent 1: (message) Sorry I am overseas. Travel agent 2: (message) I am overseas; will contact you on my return. Early March is a period not only known for the start of the ‘big (cricket) match’ season by local schools but also when Sri Lanka’s travel and tourism industry is virtually abroad: at [...]
Money and inflation
It was the 5th Convocation of the SANASA Campus in Kegalle, held on March 1st. I too travelled there with Dr. Howard Nicholas who delivered the convocation speech. We had been invited to join for lunch with the Chancellor and the Chairman of the SANASA Campus Dr. P.A. Kiriwandeniya and the former Vice Chancellor of [...]
Govt. caught up in vicious circle over coal deal with US sanctioned company
The Sri Lankan government has been caught up in a vicious circle of best trade practice violation over its coal procurement contract continuation with a Dubai-based supplier which is under US sanctions. This was the result of Lanka Coal Ltd, a state-owned entity’s ongoing purchase of coal for the period of 2022-2025 for Lakvijaya Power [...]
Turkey’s economic fallout dips Ceylon tea demand
There has been a drop in demand for Ceylon tea’s low grown and mid grown Pekoes as a result of the current economic and financial crisis in the Turkish market, the largest buyer of Ceylon tea. The current currency crisis in Turkey is having an impact on tea buying as well with a “slackening demand [...]
IMF stresses need for achieving economic reform programme objectives
Sri Lanka has to take the next critical step towards finalising the agreements with the official creditors and reach agreements in principle with the main external private creditors in line with programme parameters in a timely manner, IMF Senior Mission Chief for Sri Lanka, Peter Breuer said. Agreement in principle was reached between Sri Lanka [...]
NEO celebrates 5th year anniversary
NEO, the boutique security company, recently celebrated its fifth year anniversary by shifting to a new office. Many distinguished guests including retired Justice Buwaneka Aluwihare, General Milinda Peiris, General Prasad Samarasinghe, Col Manoj Peiris, Major Vijith Welikala, Major Sajith Wijekoon graced the occasion. After the religious ceremony, founder and CEO Rtd Major Tissa Aluwihare addressed [...]
Ceylinco Life achieves milestone in 2023
Ceylinco Life has achieved the milestone of two decades of unbroken market leadership in Sri Lanka’s life insurance industry, posting impressive premium income and consolidated income growth in the year ending 31st December 2023. Policyholders received a record Rs. 23 billion in net claims and benefits in 2023, up by 22 per cent year on [...]
BOC – ‘People’s Banking Services Brand of the year’
The Bank of Ceylon (BOC) clinched the prestigious ‘SLIM Kantar People’s Banking Services Brand of the year.’ at the SLIM Kantar People’s Awards presented on March 19.. The bank’s leadership in empowering the nation through digitalisation, good governance, best practices, financial inclusion, sustainability initiatives, improving financial literacy, enabling savings and thrift, encouraging employability through entrepreneurship [...]
Dialog, telecom brand of the year
Dialog Axiata PLC has been voted the ‘Telecommunication Brand of the Year’ for a 13th year by Sri Lankan consumers at the SLIM-KANTAR People’s Awards 2024. Organised by the Sri Lanka Institute of Marketing (SLIM), the national body for marketing in Sri Lanka, the awards aim to recognise brands that have made a profound impression [...]