Economic
Emirates has announced it will increase its services to Colombo from six to seven flights a week, with the seventh weekly flight commencing 3 May.
The confectionery industry worth Rs. 150 billion is still in the dark over the immediate ban on palm oil imports, with no proper directions given on the procedures to obtain licences, whilst many small and medium-sized enterprises (SMEs) are running short of stocks amidst increased demand.
The Government yesterday backed proposed legislation for the Port City Commission as a “turning point” for the overall economy and insisted sufficient safeguards have been built into the Bill to protect Sri Lankan interests and ensure compliance under local laws.
The Colombo stock market has lost Rs. 127 billion in value during the past three sessions with gains enjoyed for two weeks erased sparking fresh investor concerns.
ඉතිහාසයේ මුල් වරට කජු සංස්ථාවට කජු මද අලෙවියෙන් මාර්තු මාසයේ රුපියල් කෝටියක ආදායමක් උපයා ඇතැයි සංස්ථාවේ සභාපතිනි නීතීඥ සාරංගා රත්නායක පැවසුවාය.
State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal yesterday vehemently refuted Opposition concerns over the rupee being quoted different rates by banks.
Former Central Bank Senior Deputy Governor and Daily FT columnist W.A. Wijewardena tweeted last week that the Government has come up with a unique way to manage its upcoming liability of $ 1 billion International Sovereign Bond (ISB).
A sharp intra-day plunge of the rupee yesterday caused widespread concerns in financial markets, businesses as well as in Parliament whilst exposing loose statements by those in the Government defending the artificial strength of the currency.
The Central Bank has imposed a suspension on purchase of Sri Lanka International Sovereign Bonds by commercial banks until 23 April.
Indicating a strong revival in manufacturing activities in the country, the manufacturing PMI reached a 9-month high of 67 in March, the Central Bank said in its latest report.
The Colombo stock market began a new week on a negative note amidst multiple litigation against the Port City Commission Bill.
The Central Bank on Friday adjusted regulations for the repatriation of export earnings for the second time this month, expanding the time given to exporters from two weeks to 30 days to convert 10% of their earnings into local currency.
The Colombo stock market enjoyed a prosperous day in its first trading post-Sinhala and Tamil New Year with both indices up amidst high turnover.
The rupee further strengthened against the US dollar yesterday, aided by improved sentiments and positive outlook for inflows.
The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) has decided to suspend business of Swarnamahal Financial Services PLC (SFSP), in terms of Section 31(1) of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 12 April.
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