Economic

The Central Bank of Sri Lanka (CBSL) has published a special publication on the history of currency used in Sri Lanka, titled ‘The 70-year journey of currency issue and management’ co-authored by CBSL Retired Director Communications Shellomi H. Gunawardena and CBSL Retired Senior Manager W.M.K. Weerakoon.

The Central Bank has released the ‘Economic and Social Statistics of Sri Lanka – 2021’, an annual publication of the Central Bank (CB) for public access.

The organisers of the Most Admired Companies Award – the Chartered Institute of Management Accountants (CIMA), the International Chamber of Commerce Sri Lanka (ICCSL) and Daily FT, are delighted to have AIA Insurance on board as the Platinum Sponsor.

Says move due to delay by authorities to revise prices upwards
Temporary halt will lead to short-term interruption of supplies
To lobby further with authorities to return to biz
Says subsidiary companies will continue with their normal businesses without any interruptions

Reiterates Govt. has taken all measures to repay the upcoming ISB maturity of $ 1 b due in end-July
Recalls Moody’s downgraded SL on 28 September 2020 before a $ 1 billion ISB was to mature on 4 October 2020 and Govt. successfully settled the liability without any hesitation
Flags off need for Govt. to revisit its relationship with rating agencies
Invites investors to approach Sri Lankan policy authorities at the highest levels who always remain open for constructive dialogue
The Government on Monday expressed its surprise over the decision by Moody’s Investors Service to place Sri Lanka’s rating “under review for downgrade,” saying it was an “unwarranted” statement that was “ill-timed, ill-judged and hence unacceptable”.

The Joint Apparel Association Forum (JAAF), yesterday expressed optimism over the possibility of securing an industry-critical extension of EU GSP+ program after its most recent round of discussions with the State Ministry of Regional Cooperation.

Fitch Ratings yesterday warned that Sri Lankan corporates could face rating pressure should the Government further restrict imports amid weakening external finances.

Emerging market (EM) sovereign ratings have been fairly stable in 2021, with only four downgrades and no upgrades, after a net 30 downgrades in 2020, Fitch Ratings says in a new report.

Over Rs. 1 b of net selling yesterday pushing YTD figure to over Rs. 31 b; So far in July, over Rs. 4.5 b net selling
Surpassing of Rs. 26 b to Rs. 31 b threshold happened within past 10 market days, fuelling fresh concerns

Colombo City Centre (CCC) is offering exclusive rewards for customers who have been fully vaccinated. As an initiative to promote the importance of vaccination in the battle against COVID-19, the Colombo City Centre rewards scheme hopes to motivate citizens to extend their support towards the vaccination drive in Sri Lanka and reward them for their dedication on the path to recovery.

ASPI crosses 8,000 points and turnover tops Rs. 6 b as bourse gains to 5-month high
Active investor play on Expolanka sees stock generating Rs. 40% of turnover or Rs. 2.5 b; share price gains Rs. 8.30 (15.23%) to close at Rs. 62.80

Pandemic-induced fiscal responses and economic contractions have led to a sharp rise in public debt among rated sovereigns in the Asia-Pacific (APAC) region, but there is significant variation between individual sovereigns’ performance, says Fitch Ratings.

Export of gems, diamonds and jewellery have doubled this year in comparison to the corresponding period in 2020, with officials hinting that full year performance will be robust even though the industry remains wary of recent policy changes.

First half performance up 27% to $ 4.3 b; June shipments up 9% to $ 978 m

Global giant Barclays Bank in its latest credit research has sounded upbeat, saying Sri Lanka is making ends meet despite challenges.

The Colombo stock market sustained its rally fired by new found optimism, with both indices up amidst near Rs. 5 billion turnover.

Newly-appointed Finance Minister Basil Rajapaksa on Saturday assured relief to people and forex stability amidst the COVID-19 pandemic via better economic management.

Market sees rare net foreign buying of modest Rs. 10 m after Rs. 103 m net buying in Sunshine Holdings