Economic

The Central Bank of Sri Lanka (CBSL) has released $ 50 million to two State banks to enable the clearance of cargo carrying hundreds of essential goods, which have been stuck at the Colombo Port for weeks.

CB Governor Nivard Cabraal in conversation with private sector representatives on Friday during his meeting with the country’s exporters and importers. Soon after the meeting, Cabraal tweeted saying the exchange of views with the main importers and exporters in Sri Lanka was very helpful. “Their commitment to stabilise our economy is very encouraging. I look forward to working with them,” Cabraal added

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has partnered Samsung Sri Lanka to enable all Samsung Galaxy S21 flagship series users to experience the power of 5G through their devices on Dialog’s 5G trial network, the first of its kind in South Asia.

The Sri Lanka Association of Inbound Tour Operators (SLAITO) together with the One Industry One Voice yesterday welcomed the initiative taken by the Government to relax health protocols keeping in mind the safety of the public and the tourist.

ASPI surpasses 9,000 points again to close at 3-week high thanks to biggest single-day gain in 7 months
Foreign selling spikes pushing YTD net foreign outflow to over Rs. 44 b

New Central Bank Governor Nivard Cabraal yesterday met with top importers and exporters in person.

The Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) yesterday in a statement expressed its deep concern over the Central Bank assertion that nearly $ 3 billion of earnings had not been repatriated back to the country.

ඉදිරි මාස තුන සඳහා ඉන්ධන ආනයනය කිරීමට අවශ්‍ය ඩොලර් රජය ලබාදෙන බව මහ බැංකු අධිපති අජිත් නිවාඩ් කබ්රාල් මහතා පැවසීය.

The Colombo stock market gathered more strength yesterday helping a positive finish to the week reversing the trend suffered in the previous two.

Welcome opening of new PCR testing unit at BIA, but insist State should encourage greater Lankan private sector involvement
Say Govt. forging partnership with foreign company a surprise
Private sector labs carry out 60% of SL’s total PCR workload
Lament approval for additional private labs for testing not received yet

Central Bank new Governor Nivard Cabraal on Saturday ruled out Sri Lanka going to the International Monetary Fund (IMF) to seek financial support to manage the debt servicing challenge saying the Government will rely on “homegrown workable solution”.

The Colombo stock market sustained its positive sentiment though turnover remained below recent average for the second consecutive day.

The more active S&P SL20 index gained by 1% or 34 points and the benchmark All Share Price Index improved by 0.5% or 42 points. Turnover was Rs. 2 billion, lower compared to Wednesday’s Rs. 2.5 billion but volume improved to 100 million shares from 88.7 million shares on Wednesday.

Former top stock John Keells Holdings (JKH) maintained its recent uptick with share price gaining by 2% to Rs. 134.25 though on thin volume. Most valued and profitable Expolanka led contribution to index gain as well as in turnover.

Asia Securities said the indices closed on a positive note for the second consecutive session mainly on price gains in EXPO, while other heavyweight stocks such as JKH, HAYL, and MELS also moved higher during the session indicating some positive bias in the market.

Waives off immigration tax for 2 years, landing charges and parking fees for 4 years

The Central Bank has reminded commercial banks not to encourage the grey market for foreign exchange dealings.

It said the August gain came primarily from the High Grown sector which recorded 4.9 million kilos, highest since 2013 and a sharp 20.7% more than 2020 quantity.

The Colombo stock market yesterday set a new benchmark as investors remained bullish for the second consecutive day with robust turnover though some profit-taking was evident.

Inter-terminal trucking is being expedited at the Colombo Port in a bid to improve efficiency.

The Fabric and Apparel Accessories Manufactures Association (FAAMA) last week expressed confidence in achieving the $ 800 million turnover target for the year, with the industry’s order books for the October-December quarter being full.