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Lanka News

Economy

Sri Lanka rupee firmer, stocks fall at open

Friday July 3, 2020 12:32:26 ECONOMYNEXT – Sri Lanka rupee opens firmer at 185.90/186.00 to US dollar in the spot market on Friday while bond yields were flat and stocks opened lower, dealers and brokers said. Rupee closed at 186.05/15 to the greenback on Thursday. In equities the Colombo’s All Share Price Index fell... Read More

Sri Lanka downgraded to World Bank lower middle income country as per capita income falls

ECONOMYNEXT – Sri Lanka has been re-classified as a lower middle income country by the World Bank as per capita income dropped amid real effective exchange rate and flexible inflation targeting which brought currency collapses and growth rates below inflation. Sri Lanka’s per capita gross national produced (GNP) dropped over 200 dollars from 3,968 dollars... Read More

Sri Lanka boots out foreign contractors building 76km Highway and hands over job to locals

Thursday July 2, 2020 12:31:46 ECONOMYNEXT- The Cabinet has decided to revoke all the agreements signed with foreign contractors relating to the construction of the ‘Ruwanpura’ expressway signed by the previous government, said Co-Cabinet Spokesman Bandula Gunawardena. The Ruwanpura Expressway will run from Kahathuduwa to Pelmadulla with interchanges at Ingiriya and Rathnapura, the expressway... Read More

Government asks electricity consumers to pay their bills, relief measures will follow

ECONOMYNEXT- The government is asking electricity consumers to pay their bills in full for now until a proper method for relief is found, a senior Minister said. Co-Cabinet Spokesman Bandula Gunawardena asked the electricity consumers to pay up now until a proper relief method for the payments is introduced by the Cabinet next week. Speaking... Read More

SLPP cannot tear up the MCC deal as it is already signed – former MP Chanaka

Wednesday July 1, 2020 16:15:05 Former MP D V Chanaka/SLPP ECONOMYNEXT- The Sri Lanka Podujana Peramuna is saying that that it is not easy to rip apart the Millennium Challenge Compact agreement with the United States as the former government has received money according to the deal. SLPP elections Candidate D... Read More

Sri Lanka needs to rethink how it should train and manage migrant workers – Foreign Secretary

Wednesday July 1, 2020 15:33:09 SEEKING AMNESTY – Migrant workers in Kuwait line-up to get amnesty papers before they leave for home/migrantworker.org ECONOMYNEXT – The COVID 19 induced crisis in migrant labour should prompt a re-think in how Sri Lanka should train and manage its overseas workers, a top official said.... Read More

COVID-19 a strategic window of opportunity for Sri Lanka: Prof Nalin Abeysekera

ECONOMYNEXT – The following is the second in a series of interviews with academics and public intellectuals on the way forward for Sri Lanka in a post-COVID-19 world. Prof Nalin Abeysekera (Professor in Management Studies) at the Open University of Sri Lanka believes COVID-19 is a strategic window that has been opened for Sri Lanka... Read More

Sri Lanka import controls extended indefinitely amid money printing

Wednesday July 1, 2020 08:54:35 ECONOMYNEXT – Sri Lanka has indefinitely extended sweeping import controls and license regime introduced for three months from May 22 after unprecedented money printing triggered foreign exchange shortages indefinitely. Excess liquidity in money markets which was 88 billion rupees (representing the potential loss of about 470 million US dollars... Read More

Sri Lanka inflation in June 2020 at to 3.9-pct

Wednesday July 1, 2020 07:15:09 ECONOMYNEXT – Sri Lanka’s consumer price inflation in the 12-months to June 2020 eased to 3.9 percent from 4.0 percent in May, though food prices picked up sharply, data from the state statistics office showed. The Colombo Consumer Price Index gained 0.8 percent in June to 135.3 points, slower... Read More

Sri Lanka debt relief, US$400 swap line from India still under discussion

Tuesday June 30, 2020 16:17:56 ECONOMYNEXT – Discussions still ongoing with Sri Lanka over a request 400 million US dollar swap line for the central bank and debt relief, India’s High Commission (embassy) in Colombo said. “The matter had been taken up at the leadership level and has been followed up by senior functionaries... Read More

Sri Lanka remittances down 23-pct in May but up from April

Tuesday June 30, 2020 06:44:46 ECONOMYNEXT – Sri Lanka’s foreign remittances fell 23.3 percent from a year earlier to 431.8 million US dollars in May 2020 but has picked up from a low of 375 million US dollars in April amid a Coronavirus pandemic, official data shows. Sri Lanka was under strict lockdowns in... Read More

Sri Lanka slaps import taxes on more fresh, dried fruits after printing money

Monday June 29, 2020 13:34:20 ECONOMYNEXT – Sri Lanka has slapped more import taxes on fresh and dried fruits including pears, apricots and peaches for six months from June 17, as more trade barriers were erected amid money printing and currency falls. A special commodity levy – an all inclusive import tax – of... Read More

Eran says if MCC money was given to government Auditor General can easily trace it

Monday June 29, 2020 12:09:53 EASILY TRACED -Former MP Eran Wickremeratne says MCC grant money can be easily traced ECONOMYNEXT- Samagi Jana Balavegaya National List candidate Eran Wickramaratne is saying that if any part of the MCC grant money was given to the previous government then the Auditor General can easily... Read More

Mobius says central bankers cannot fix economies, Sri Lanka rupee relatively stable

Monday June 29, 2020 07:59:28 ECONOMYNEXT – Central bankers cannot solve economic problems and large liquidity injections will lead to devaluations, though most emerging market currencies including Sri Lanka’s have been relatively stable in the Coronavirus pandemic, a global investor said. “Central bankers are not in a position to recover economies or generally solve... Read More

Sri Lanka’s central bank to guarantee Covid-19 credit

Sunday June 28, 2020 21:42:07 ECONOMYNEXT – Sri Lanka’s central bank said it will guarantee loans given by banks for Coroanvirus affected businesses, from their own funds as well as 175 billion rupees of liquidity released through two reserve ratio cuts. “Under this Scheme, the Central Bank will provide a credit guarantee to banks,... Read More

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