Economic
A late yet strong recovery lifted the spirits of investors at the Colombo stock market yesterday, though it closed negatively ending a five-day winning streak.
The Sri Lanka Tourism Development Authority (SLTDA) yesterday received the green light from Health Services and the Police to allow tourists to move between provinces in a bio-bubble setting.
Monetary Board says economy seeing renewed disruptions due to emergence of third wave of the COVID-19 pandemic after notable rebound in 2020 second half and early-2021
Estimates adverse effects on economic activity from third wave of COVID to be lesser than first two waves
Stresses need for continued fiscal and monetary support to place the recovery process on a firm footing
Says external sector remains resilient despite multitude of challenges
Emphasises accommodative monetary policy stance and high level of rupee liquidity aimed at supporting economic recovery through provision of affordable credit to productive sectors of the economy
Forecasts inflation to remain within 4-6% range in the near to medium term
Assures any pressures over medium term will be addressed with appropriate measures
Rupee depreciated by 6.6% against dollar thus far in 2021
End-April gross official reserves were estimated at $ 4.5 b (excluding Bank of China Swap facility)
The Monetary Board yesterday kept policy rates unchanged, as mostly expected, to continue with its support for the recovery of the economy amidst a worsening COVID-19 pandemic.
Dialog Axiata PLC has posted a robust first quarter with consolidated after-tax profit growth of 65% to Rs. 2.43 billion.
The Sri Lanka Telecom PLC (SLT) Group has released its financial results for the first quarter of 2021, with a remarkable 14.3% year-on-year growth in Profit After Tax (PAT) to Rs. 2.1 billion.
The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI), whilst thanking the Government for its efforts in obtaining vaccines to tackle the COVID-19 pandemic, said yesterday it would continue to collaborate closely to ensure that imports are strictly from legitimate distributors registered with its principals, who are the global manufacturers.
The country's GDP would suffer an estimated loss of Rs 150 billion if a lockdown is imposed for 10 days, said State Minister of Money and Capital Market.
Speaker Mahinda Yapa Abeywardena will announce the Supreme Court determination on the Colombo Port City Economic Commission Bill to the House tomorrow.
The Colombo stock market yesterday failed to take off from its Wednesday’s late rally as it closed negative for the second consecutive day.
Ahead of debate this week, Parliamentary Committee on Public Finance briefed on progress and plans of Port City
BOI says ready for first investment in Port City
$ 100 b investment to be implemented in 2 phases
Work on International Financial Centre scheduled for completion in 2025
Committee says projects that get tax concessions must contribute to overall economy
The Colombo stock market closed on the up yesterday, even though it finished the week on a negative note.
The government has shot down a request by the private sector to pay for the importation of Astrazeneca vaccines for the corporate world as several are desperately awaiting the second jab, the Daily Mirror learns.
The Central Bank (CB) is expected to hold policy rates steady at Thursday’s Monetary Policy Review for May, predicts First Capital.
Top diversified blue chip Hayleys Plc yesterday announced historic results in FY21 with consolidated post-tax profit up by near 400% to Rs. 14.05 billion whilst pre-tax figure was a staggering Rs. 19.2 billion, up 250% from the previous year.
Value growth highest in a year as March marks 8th consecutive month of gain
First Capital says high growth confirms businesses and individuals speeding-up economic activities
ICRA Lanka foresees credit demand to moderate in April
Central Bank has forecast private sector credit to grow by 14% in 2021 as against 6.5% last year
“The BOI enterprises are encouraged to continue operations, while strictly adhering to the guidelines issued by the Ministry of Health. The countrywide travel restrictions will not cause any inconvenience to the cargo movements and logistic facilities. Exports of the companies will continue unabated amidst travel restrictions,” BOI Chairman Sanjaya Mohottala said in a statement yesterday.
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