Over Rs 2 bn so far paid to depositors By Shamindra Ferdinando Bimputh Finance PLC (BFP) suspended by the Central Bank in terms of Section 37 of the Finance Business Act No. 42 of 2011 is in the process of paying its depositors. A senior official of the Department of Supervision of Non-Bank Financial Institutions […]

Economists expect Sri Lanka s central bank to pause now but resume its rate cut cycle in the second quarter of this year to bolster the island nation s recovery after an unprecedented crisis.

By Sanath Nanayakkare When a country is in an economic crisis, it creates an environment conducive to implementing economic reforms which would be difficult to do in good times, however, it still depends on how far the reformist leaders can shape the opinion of the people and the people’s willingness to take those reforms on […]

By DEVENDRA SAKSENA Currently, the words ‘debt trap’ have a distinctly Chinese connotation. According to the Western press, the Chinese, as part of their geostrategy, have inveigled poor nations into borrowing huge amounts from them for fanciful infrastructural projects; almost all borrower countries are in dire economic straits, because most such projects are lying incomplete, […]

ECONOMYNEXT –Central Bank Governor Nandalal Weerasinghe urged the public to become informants to broaden the tax net and thus reduce both overall direct and indirect taxes. The government has raised Value Added Tax (VAT), an indirect tax to 18 percent from 15 percent with effect from January 1. The move also will see some VAT […]

Sri Lanka has recorded a 57.5% increase in workers remittances in 2023 compared to the preceding year, the Central Bank of Sri Lanka (CBSL) says.

By Rathindra Kuruwita There is a lot of confusion over the amendments to the Value Added Tax (VAT), and it will take a long time for the authorities to address the teething problems in the relevant software systems, Samagi Jana Balawegaya (SJB) MP, Harsha de Silva says. Dr. de Silva pointed out that there was […]

The Central Bank of Sri Lanka (CBSL) has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a Primary Dealer for a further period of six months.

The Central Bank of Sri Lanka (CBSL) has reported an increase of 23.2% in Sri Lanka s official reserve assets from September 2023 to October 2023.

by Neville Ladduwahetty What Sri Lanka has achieved since it declared itself insolvent is hailed by some with much optimism. The “relative stability” currently experienced is presented by the Governor of the Central Bank “as the outcome of a united effort from the outset” (The Island, December 26, 2023). The focus of that collaborative effort […]

by Sivamohan Sumathy And I wish to speak of a poet here. Kurinjith Thennavan is an auto-didact. He did not learn to become a writer in our schools or university. He is a worker. He was shut out of our free education mandate even as he and others like him were enabling it. He was […]

By Shamindra Ferdinando Even after imposing 18 percent Value Added Tax (VAT) on fuel with effect from January 1, the government continued to charge Rs 50 on a litre of both petrol and diesel purportedly to recover losses incurred by the highly corrupt state owned Ceylon Petroleum Corporation (CPC) over the years, Samagi Jana Balawegaya trade union […]