Economic
Former Central Bank Senior Deputy Governor and Daily FT columnist W.A. Wijewardena tweeted last week that the Government has come up with a unique way to manage its upcoming liability of $ 1 billion International Sovereign Bond (ISB).
The public holiday declared today will not be applicable for State and private banks, the Secretary of the Ministry of Public Administration said.
The Central Bank has imposed a suspension on purchase of Sri Lanka International Sovereign Bonds by commercial banks until 23 April.
Indicating a strong revival in manufacturing activities in the country, the manufacturing PMI reached a 9-month high of 67 in March, the Central Bank said in its latest report.
The private sector on Friday voiced their strong opposition to replace the existing Tourism Act with a new one, saying it will be destructive and untimely whilst there had not been proper consultation.
The Central Bank on Friday adjusted regulations for the repatriation of export earnings for the second time this month, expanding the time given to exporters from two weeks to 30 days to convert 10% of their earnings into local currency.
The Colombo stock market enjoyed a prosperous day in its first trading post-Sinhala and Tamil New Year with both indices up amidst high turnover.
Reuters: Shares closed higher yesterday, recording their best week in 11, helped by gains in the consumer and industrial sectors.
The Monetary Board of the Central Bank of Sri Lanka (Monetary Board) has decided to suspend business of Swarnamahal Financial Services PLC (SFSP), in terms of Section 31(1) of the Finance Business Act, No. 42 of 2011 (FBA) with effect from 12 April.
The Central Bank yesterday warned the public against investment or dealing in virtual currencies as there are no regulatory safeguards under Sri Lankan law and as such users run significant risks including being in violation of foreign exchange regulations.
The Government yesterday backed proposed legislation for the Port City Commission as a “turning point” for the overall economy and insisted sufficient safeguards have been built into the Bill to protect Sri Lankan interests and ensure compliance under local laws.
The Sri Lankan rupee dipped further today against the US dollar, as the selling rate of a dollar was recorded at Rs.204.62.
The Central Bank yesterday revamped the mandatory conversion of 25% of exporter earnings imposed in February to 10% within 30 days despite reserves dipping to $ 4.1 billion at the end of March.
The depreciation of the rupee persisted, with yesterday’s $ exchange rate crossing the Rs. 203 mark.
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