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Foreign Debt Servicing, Chief Reason The market, after a lapse of nearly a month was compelled to borrow from state owned Central Bank of Sri Lanka’s (CBSL’s) reverse repo facility due to its illiquid status at Monday’s (August 20) trading. As a result, CBSL lent some Rs. 700 million to the market through this facility ...
A country’s industrial policy needs to be linked to its comparative strengths and advantages, International Finance Corporation’s (IFC’s) Country Manager Adam Sack said on Thursday. He said that among Sri Lanka’s comparative advantages are its location and educated labour force. Speaking at the Industrial Association of Sri Lanka’s (IASL’s) AGM, Sack also stressed on the ...
A slowdown in credit demand from both the Retail and SME sectors is currently visible in a bank’s lending pattern, its CEO designate told an investor forum in Colombo on Wednesday. “We see a lessening in demand from those sectors,” Ms. Renuka Fernando, CEO designate Nations Trust Bank plc (NTB) said, in response to a ...
Sri Lanka and Swaziland Tuesday signed an agreement on Economic, Commercial and Technical Cooperation between the two countries following bilateral discussions held between Sri Lankan President Mahinda Rajapaksa and the visiting King Mswati III of Swaziland. King Mswati III accompanied by Queen Inkhosikati LaMahlangu and his delegation arrived in the island yesterday for a three-day ...
Sri Lanka and Swaziland Tuesday signed an agreement on Economic, Commercial and Technical Cooperation between the two countries following bilateral discussions held between Sri Lankan President Mahinda Rajapaksa and the visiting King Mswati III of Swaziland. King Mswati III accompanied by Queen Inkhosikati LaMahlangu and his delegation arrived in the island yesterday for a three-day ...
Following is the part one of the Daily FT article featuring the Acuity Stockbrokers Research on Economy and Strategy titled “Lion Leads Frontier” launched last week. Better than the rest General frontier market risks remain pertinent to Sri Lanka Investors in frontier markets are well aware of the risk-return tradeoff intrinsic to these markets. Low ...
Following is the full text of Secretary to Ministry of Finance and Planning and Ministry of Economic Development Dr. P.B. Jayasundera’s keynote address titled ‘Sri Lankan Economy in Perspective’ at first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit yesterday under the theme ‘Positioning Sri Lanka in the Global Economy’ Chairman, ...
By Cassandra Mascarenhas Setting its sights on placing Sri Lanka in the global economy and expanding its reach in overseas markets, the Sri Lanka Economic Summit 2012, the Ceylon Chamber of Commerce’s annual flagship event, aptly themed ‘Positioning Sri Lanka in the Global Economy,’ commenced last evening at the Cinnamon Grand. In the context of ...
Case study Middle East Sri Lanka is one of the most sought-after tourist destinations in the world. It is surrounded by the Indian Ocean strategically located between West Asia and South East Asia and has been an important stop on the silk route or the Silk Road. It has all requirements to be one ...
By Shelton Dharmaratne Changing global trends will continually pose challenges to economic theory and policy and the ways in which we analyse tourism activity. Sri Lanka Tourism’s public policies are trapped in a dynamic, ongoing process and it has become increasingly evident that the Government is struggling to comprehend the tourism industry, its impact and ...
Around two weeks back when I was invited to address the business chambers of Pakistan in Karachi, I realised that the bond between the people of Pakistan and Sri Lanka was not due to business or commerce but the game of cricket. Whenever I mentioned cricket in my addresses, there was a round of applause ...
The Oxford Dictionary definition of ‘inept’ is ‘acting or done with no skill’. An ineptitude results is such behaviour being manifested An ‘Inept’ocracy’ has been defined in the Urban Dictionary as ‘a system of government, where the least capable to lead are elected, by the least capable of producing, and where the members of society ...
All newspapers carried headlines a few days ago stating that May 2012 tourist arrivals have increased by 17.5% from last year. It is reported that the May arrivals of 57,506, was higher than even that of April, which showed only a 9% increase YOY. So far, total arrivals for 2012 up to end May is ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
After Thursday’s (May 31) state owned People’s Bank defence of the exchange rate (ER), first at Rs. 132.50 and then at the Rs. 131/80 level, the ER gained by a rupee over that of Thursday’s close (Rs. 132/50) to end last week at the Rs. 131/20/131/50 level in two way quotes on market play. One ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011. As a result the trade deficit widened, putting the ...
Sri Lanka will have to tackle its inflation problem if it wants to attract foreign direct investments (FDI), IMF’s Deputy Managing Director (DMD) Naoyuki Shinohara told this reporter in an interview at Washington, DC on Sunday. He however said that the island’s macroeconomic outlook was looking good, with inflation coming down, coupled with the institution ...
CB asks banks overnight for their forex commitments for Thursday and Friday; steps up bank visits Convenes meeting with treasury heads of banks; rupee crisis figures in monthly CB-bank CEOs meeting as well Dealers say no room for speculation given the very narrow net open positions; new rules apart
Sri Lanka’s economic sectors, agriculture, industries and services are performing well and we are today able to provide a robust new investment destination as a frontier country to the rest of the world. In that background, many investors realise that Sri Lanka is well poised to offer a safe and sound investment opportunity to its ...
Economic Development Minister Basil Rajapaksa yesterday said that Mahinda Rajapaksa Government has achieved highest economic growth in Sri Lanka’s post independence history and has brought stability to the economy within a short period of time of after the defeating of terrorism. This statement Minister Rajapaksa made at the Economic Planning Review meeting held at the ...
The challenges Sri Lanka has to face in its march towards development are manifold. Although the war has ended the wrong political ideologies, the proposals and timetables it created are still in operation. By Government Information Department Additional Director General Chandrapala Liyanage Similarly, various social activity groups and individuals and organisations operating under the advice ...
Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...
The Secretary of Defence and Urban Development Gotabaya Rajapaksa was invited as a Guest of the Government of Japan in order to interact with the key political leaders, senior technocrats and cabinet ministers. Secretary Rajapaksa, on the day before he left to Colombo, met Minister of Education, Culture, Sports , Science and Technology Hirofumi Hirano; ...
By Cheranka Mendis While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show. Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the ...
With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...
The exchange rate (ER) last week had the dubious distinction of making a steep dive to hit Rs. 130 by being depreciated by nearly Rs. 5 against the US dollar ($) in a week in interbank trading on the back of import demand, but since then has seemingly been tenuously holding on to those levels ...
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted at the beginning ...
My column today is an attempt to focus our attention on a few less spoken or untold developments that may have a profound influence on how we carve our way through in creating a desirable social, economic and political future for mankind on this only planet of ours. While I will not specifically touch on ...
Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...