Economic

In talks with international hotel chain operators in Mykonos Island in Greece for partnership
Uber-luxury hotel and family day beach club in Unawatuna, Galle also gets top ranking for Indian tourists by Travel and Leisure India magazine

Says no tangible interest from bond-holders to sell January 2022 ISB maturities at discounted price that prevailed during the latter part of September
Bonds quoted at discounted prices but volumes not available for purchase
Opines majority of ISB holders not ready to part with ISBs, signifying continuing confidence of the issuer
$ 500 m of ISBs mature in January and $ 1 b in July next year

The Central Bank of Sri Lanka (CBSL) said yesterday it has appointed a working committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money, having identified the need to introduce new and low-cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels.

6-month move aimed at exploring possibility of absorbing company to ‘Master Plan for Consolidation of Non-Bank Financial Institutions Sector’

Tourism Minister Prasanna Ranatunga has instructed officials to resume development work of internal airports and flights by next month. As such, the Colombo-Jaffna scheduled flights will resume by next month subject to strict health protocols.

Global giant Citi has said it remains credit neutral on Sri Lanka, describing downside risks as high despite the measures outlined in the Central Bank’s short-term Road Map.

The Central Bank has reconstituted the 14-member Financial System Stability Committee (FSSC), a key consultation and advisory initiative of the monetary authority.

Though welcoming new moves, issues caution saying developing countries should ask ‘why?’ before ‘how?’

2022 Appropriation Bill presented in Parliament
Overall, as much as 50% of ministries, including several economically important ones, have seen their allocations cut
Budget vote on 10 Dec.

Govt. losing revenue with shortage of several high-tax products due to hoarding
Manufacturers say distribution continuing as usual despite shortage

The ninth edition of the series ‘A Step by Step Guide to Doing Business in Sri Lanka’ published by the Central Bank of Sri Lanka (CBSL) has been released in English medium for the public.

Minister Weerawansa meets heads of 19 Advisory Councils to resolve issues faced by industrialists
Import restrictions on essential raw material, transaction delays, non-issuance of foreign exchange, delays in Customs clearance listed as key issues impacting industrial sector
Separate meetings to be held with Finance Ministry, Central Bank, Customs for redress
Stakeholders commend Minister for relying on Advisory Councils to develop industrial sectors

තොග වෙළඳාම අඩුවෙයි

Banking sector credit to private sector jumps by 15% to Rs. 134 b, enhancing first 8 months’ figure by Rs. 625 b
In 2020 private sector borrowing was only Rs. 374 b
Net credit to Government up Rs. 168.7 b in August but that to public corporations dips by Rs. 4 b

Arrivals up 169% to 13,547 from August
Increase largely influenced by relaxed travel restrictions, aggressive vaccination programs globally and growing consumer confidence
India, Pakistan, Germany, UK and Russia among top source markets
India beats Kazakhstan as largest single country source; Europe highest by region, up by 15% to 17,987 in first 9 months

Wheat flour, bread, bakery products, milk powder and cement prices jacked up
Litro marginally reduces price hike announced on Sunday

Borrowers given 3 options in debt freeze till March 2022; required to apply for concessions by 1 November

With a view to commence the ‘Smart Sri Lanka,’ the Government has decided to appoint a committee consisting of skilled professionals in the public and private sectors on rules and regulations required to attract investments from companies operating in block chain technology and crypto currency mining.