Economic
The Cabinet of Ministers at its meeting on Monday gave the go ahead for Finance Minister Basil Rajapaksa to gazette the Special Goods and Services Tax (GST) Bill and submit it in Parliament for approval.
The Central Bank of Sri Lanka (CBSL) has issued a new directive on the maximum interest rates on mortgage-backed housing loans by banks.
Sri Lanka aims to attract 2.3 million tourists for this year with key focus on the Indian, Middle Eastern and Russian markets, whilst hoping that the traditional markets in Europe will rebound in the latter part of 2022.
The Headline inflation, as measured by the year-on-year (YOY) change in the Colombo Consumer Price Index (CCP1), increased to a record 12.1% in December 2021 from 9.9% in November 2021.
CBSL ups interest rate on foreign currency deposits to lure more inflows
Banking analysts say maximum rate could be as high as 6.5% for normal FCY deposits and 8.5% for Special Deposit Accounts
Imposes cap on maximum USD interest rate of 10% on USD-LKR swap transactions arresting unfavourable development of high 40%-50% rate hitherto
Akin to a New Year bonanza, the Central Bank yesterday announced a higher interest rate for foreign currency (FCY) deposits whilst separately capping maximum rates on USD-LKR swaps.
The Colombo stock market sustained its 2022 opening positivity for the second consecutive day despite mid-day profit-taking amidst high turnover.
Expresses confidence reserve position will remain at comfortable levels throughout 2022
Blames hasty and inexplicable decisions of certain rating agencies to downgrade the Sovereign for undue delays in certain expected foreign currency inflows
Earlier 7% cap fixed for five years replaced with average monthly prime lending rate, effective from January 1
Minister of State Dilum Amunugama says that there is a problem in the business sector behind the current gas crisis and that a businessman is trying to expand his business through this crisis.
The Colombo stock market yesterday had to struggle to close its benchmark index marginally up despite satisfactory turnover.
ASPI records highest daily gain in history
Daily turnover tops Rs.9.6bn
Foreigners end up as net buyers
ASPI finishes at record 12,226 points level with 80.48% return , S&P SL20 up 60.47%
Market capitalisation swells by 85% to nearly Rs. 5.5 trillion
Net foreign outflow hits a record of Rs. 52.6 b
Debutant LOLC General Insurance share price gains by 159% or Rs. 12.60 to Rs. 20.50
Minister Prasanna Ranatunga says move will further boost national carrier’s resilience in cargo operations
UL accounts for 25% of country’s total exports via air freight, 27% of total imports
Though passenger revenue is up, airline has not reached pre-COVID levels yet
Independent policy thinktank Advocata yesterday, in a statement, said that a coupon system that enforces quotas and rationing will not solve the country’s Balance of Payments problem.
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