Economic

Justice Minister Ali Sabry yesterday declared that the Port City Colombo was the most anticipated multi-faceted development project and it would serve as a first step in creating a compelling value proposition for Sri Lanka.

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.

The Central Bank of Sri Lanka (CBSL) yesterday allayed undue fears and misinterpretation of forex reserves situation in the country, saying the somewhat distressing situation is “under control” as efforts are ongoing in a dynamic process to improve the status quo.

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?’

The Colombo stock market yesterday snapped a three-day losing streak as investor sentiment bounced back after the Central Bank kept policy rates unchanged.

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.

මේ වසරේ මේ දක්වා කාලය තුළ අමෙරිකානු ඩොලරයට සාපේක්‍ෂව රුපියලේ අගය සියයට 6 යි දශම 8 කින් අවප්‍රමාණය වී ඇතැයි මහබැංකුව පවසනවා.

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

Savings giant NSB has successfully raised Rs. 11.54 billion via an Unlisted Rated Redeemable Senior Debenture issue through private placement.

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

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.