Economic

The Central Bank has extended the deadline to seek extended debt moratorium from Non-Bank Financial Institutions (NBFIs) for business and individuals impacted by COVID-19 till 10 December.

The Central Bank (CB) yesterday said there was Rs. 185 billion excess liquidity in the market, partly due to the monetary institution purchasing foreign exchange from the market.

The Colombo stock market bounced back thanks to renewed buying yesterday after multiple sessions of uncertainty whilst turnover slightly above the daily average.

The Employers Federation of Ceylon (EFC), the unofficial trade union of employers, has raised concerns over the compulsory retirement age for private sector employees by amending the Employees’ Provident Fund (EPF) Act, introduction of a Social Security Fund as well as implementing a daily wage of Rs.1,000 for the plantation workers.

The Central Bank (CB) yesterday said gold pawning in the first nine months had reached Rs. 241 billion, up from Rs. 197 billion in the first six months, but was still only a fraction of overall credit.

Sri Lanka’s Foremost Economic Summit will be inaugurated by President Gotabaya Rajapaksa as the Chief Guest on 1 December.

Sri Lanka’s coconut industry is to undergo structural reforms harnessing the economic potential with incentives provided in the Budget 2021, industry sources said.

Backing lower interest rates as the best growth formula, the Central Bank yesterday decided banks would charge only 7% on mortgage-backed housing loans and would introduce lending targets to

The Joint Apparel Association Forum (JAAF) yesterday expressed confidence in revival of the country’s biggest export sector next year onwards aided by policy direction and support outlined in the Budget 2021 as well as recovery in key markets post-COVID-19.

The Central Bank (CB) yesterday said gold pawning in the first nine months had reached Rs. 241 billion, up from Rs. 197 billion in the first six months, but was still only a fraction of overall credit.

Representing Sri Lanka’s largest sector in tourism, The Hotels Association of Sri Lanka (THASL) in a statement yesterday hailed the budget as a pragmatic financial road map with a view to creating more job opportunities for the country’s youth and preserving foreign exchange by encouraging local businesses to invest in areas to curb imports.

The Sri Lanka Ports Authority (SLPA) yesterday said the servicing of vessels has normalised, though clearing the backlog of containers accumulated for several weeks will take a little longer.

Commercial banks have been directed to bring down interest rates on lending to restart economic activities and promote sectors with higher growth and earning prospective, Central Bank announced on Thursday 26.

Sri Lanka Customs yesterday said that 10,500 entities and individuals have completed the e-registration process, with the registration of a further 1,000 suspended with immediate effect.

The Government has complicated commodities trading by slashing the Special Commodity Levy (SCL) on some essential commodities to 25 cents from Rs.50 and enforcing the maximum retail price (MRP/controlled price) without considering tax revenue implications and market dynamics, consumer affairs experts divulged.

Central Bank has disbursed Rs179 billion to provide immediate financial support for small and medium-enterprises (SMEs), which have been severely affected by the corona virus disease up to last month,Governor of the Bank Prof. Professor W. D. Lakshman disclosed.

The All Share Price Index (ASPI) at the end of trading yesterday closed in positive year-to-date (YTD) returns territory for the first time in 2020.

The Colombo Stock Market opened a fresh week on a negative note, after having failed to rise sharply over a Government touted “development-oriented and investor-friendly” Budget 2021, prompting analysts to claim investor sentiments are bruised more than invigorated.