Economic

Central Bank has directed all licensed commercial banks and National Savings Bank to suspend the purchase of Sri Lanka International Sovereign Bonds (ISBs) for six months unless such purchase is funded by new foreign currency inflows sourced from abroad.

Global financial giant Citi has cautioned Sri Lanka that its denial of a debt crisis shouldn’t be a strategy, and called for effective restructuring and boosting of income streams.

Chinese tyre manufacturer Shandong Haohua Tyre’s plan to set up a $ 300 million project to manufacture tyres for the export market received Cabinet approval to be marked for significant tax concessions under the Strategic Development Act (SDA).

The Sri Lanka Tea Board (SLTB) has allocated Rs. 450 million for several fresh development initiatives hoping for a gradual shift towards enhancing the yield and quality of Ceylon Tea by encouraging additional 50 million new plants by next year.

Global financial giant Citi’s research arm is forecasting Sri Lanka’s economy to contract by 4% this year before rebounding to a 3% growth in 2021.

The decision to scrap the Colombo Light Rail Transit (LRT) was taken as it is not a priority project for the Government, State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

Local importers have expressed their concerns over the Cabinet’s decision to extend the validity period of the order issued under the Foreign Exchange Act regarding the restriction on outflows of foreign exchange by six months.

Two Non-Executive Directors have resigned from the Board of the Bank of Ceylon (BOC) with effect from 8 December.

The upward momentum at the Colombo Stock Market continued with indices gaining sharper to cross the 6,500 points level amidst higher turnover.

Launching a broadside against multiple agencies warning of Sri Lanka’s debt sustainability, State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal yesterday questioned their independence and expressed confidence investors would not be distracted by their “ill-advised and subjective” statements.

The Colombo stock market yesterday completed 12 consecutive days of gains showing consistency whilst turnover hit a new high of Rs. 5.3 billion as investor sentiments gathered more momentum.

SriLankan Airlines yesterday became the first global carrier to operate a flight to Melbourne, Australia’s second-largest city, post-COVID.

Signalling intent to turnaround sluggish growth by boosting demand the Finance Ministry yesterday said it would immediately begin implementing a slew of Budget proposals targeted at providing relief to public sector workers, Small and Medium Enterprises (SMEs), youth, dairy farmers and students.

State-owned giant Bank of Ceylon (BOC) has succeeded in enjoying growth in its inward remittances business.

The International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT have announced the winners of the coveted Most Admired Companies of Sri Lanka in the 2019/20 financial year.

Markets are showing mounting concern about Sri Lanka’s ability to manage debt loads, amid financial deterioration that sparked a downgrade deeper into junk Friday.

State-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation Ltd., which is slated to be one of the largest in the region, is scheduled for commissioning in June 2021. The facility, spread across 63 acres, is in the Mirijjawila Export Processing Zone, Hambantota.

The Sri Lankan Government implemented measures to protect the country’s currency by slapping a temporary vehicle import ban in March, 20 in the face of the COVID-19 threat.