Economic

In its June edition, business magazine LMD says there’s “no hope of respite from floating rupees, fiscal storms and wolves at the door”, noting that “the May LMD-NielsenIQ Business Confidence Index (BCI) survey provides some valuable insights”.

ඩොලරය ස්ථාවරවේ

The Cabinet of Ministers on Monday at its meeting approved the extension of controls on select capital transactions under the Foreign Exchange Act.

REUTERS: Sri Lankan shares retreated 3% yesterday to record their biggest weekly decline since late April, dragged down by industrials and financials, amid a worsening economic crisis in the country.

The Colombo stock market dipped sharply yesterday over macro concerns though turnover improved.

April sees dip for second consecutive month
CBSL says policy measures aimed at discouraging non-urgent imports and higher export growth help to narrow trade deficit for fourth consecutive month
Expenditure on imports has declined, year-on-year, for the second consecutive month in April as curb measures by the Central Bank kicked in whilst higher exports helped cut the trade deficit. Imports in April amounted to $ 1.699 billion down by 0.5%. However, April data reflects a sharper dip in comparison to $ 1.8 billion spent in March.

ජුනි මාසය අවසන් වනවිට තමාගේ ධුර කාලය අවසන් වුවද තවදුරටත් මහ බැංකු අධිපතිවරයා ලෙස රාජකාරි කිරීමට කැමැත්තෙන් පසුවන බව ආචාර්ය නන්දලාල් වීරසිංහ මහතා පවසනවා. බීබීසී මාධ්‍ය ආයතනය සමග සම්මුඛ සාකච්ඡාවකට එක්වෙමින් ඔහු මේ බව සඳහන් කර තිබේ.

First Capital says substantial forex gains on selective counters gave a rich airbrush on quarterly earnings
Quarter-on-Quarter up 51% to Rs. 173.2 b

Workers' remittances in May picked up month-on-month in May but remained negative at cumulative level as per latest data released by the Central Bank.

Prime Minister Ranil Wickremesinghe on Wednesday met with Members of Parliament to brief them on the current economic situation.

මෙම වසරේ මුල් මාස කිහිපය තුළ මෙරට තේ අපනයනය සියයට 5 ක පමණ ප්‍රතිශතයකින් පහත වැටී ඇති බවයි ශ්‍රී ලංකා තේ මණ්ඩලය පවසනවා. එහි අධ්‍යක්‍ෂ ජනරාල් අනුර සිරිවර්ධන සඳහන් කළේ තේ නිෂ්පාදනය අඩුවීම ද මෙම තත්ත්වයට බලපා ඇති බවයි.

Both countries warn citizens of economic crisis and shortages of basic necessities
FCDO lifts advisory against non-essential travel to SL imposed in May
Urges UK travellers to check local information, stay away from protests
US Govt. maintains advisory at Level 3 requesting to reconsider travel to SL
Warns US citizens possibility of terrorist attacks in public places

Makes key observations and directives during meeting to review Industries Ministry
New Industrial Policy coming up
Steps to relax rules and regulations that hinder industrial development
Govt. keen to shift from trade-dependent economy to a production system

The country’s most diversified blue chip Hayleys PLC has doubled its Group after-tax profit to an all-time high of Rs. 28.1 billion in FY22.

තමන් උපයන ලද මුදල් බැංකු හරහා මෙරටට එවන විදෙස්ගත ශ්‍රී ලාංකිකයින්ට ස්වයං රැකියා ණය සහ නිවාස ණය ලබාදීමට ඉදිරියේදී කටයුතු කරන බව විදේශ සේවා නියුක්ති කාර්යංශය පවසනවා.

Says industry potential blocked by animal feed shortage and import tariffs
Insists export firms can hike production to 10,000 tons per month whilst earning 10-20 times more
Awaits favourable response from Finance Ministry on request for imported animal feed be considered as a tax rebate after export
Opines lack of local animal feed quantity remains the same for years restricting industry growth
Cites 40% of the SMEs have given up on industry amidst crisis, leading to a 40% drop in eggs production and a 30% dip in chicken output
Warns chicken and egg prices are likely to soar resulting in protein deficiencies among children

Tourism Minister Harin Fernando says move a big win

The Colombo stock market indices were mixed yesterday whilst finishing the week on a negative note amidst low turnover.