Economic

Sri Lanka’s technology sector is set to receive a vital boost as several local banks come forward to offer debt facilities without the need for tangible collateral.

The reduction of the Special Commodity Levy on sugar from Rs. 50 per kilo to 25 cents per kilo in October last year allowing bulk imports by one importer had resulted in a loss of Rs. 16 billion in tax revenue, a report submitted by the Finance Ministry to the Committee on Public Finance has revealed.

A group of long-term equity investors yesterday expressed optimism of improved outlook for the Colombo stock market as well as the economy following a meeting with State Minister of Money, Capital Markets and Public Enterprises Reform Nivard Cabraal on Saturday.

China has approved the long-awaited $ 1.5 billion swap that is expected to boost the country’s flagging reserves, State Minister of Money, Capital Markets, and State Enterprise Reform Ajith Nivard Cabraal said yesterday.

The Colombo Stock Exchange (CSE) yesterday withdrew what was dubbed as a ‘contentious’ circular issued in January 2021, followed by a clarification in early February.

මහජන බැංකු සභාපතිවරයා ලෙස සුජීව රාජපක්ෂ මහතා තමන්ටම අයත් සමාගමක් වෙනුවෙන් රුපියල් මිලියන 25ක ණය මුදලක් මහජන බැංකුවෙන් ම අනුමත කරගෙන ඇති බවට පාර්ලිමේන්තුවේදීත් ඉන් පිටතදීත් විපක්ෂය විසින් චෝදනා කරන ලද අතර; ඊට අමතරව සමගි ජන බලවේගයේ තරුණ බලවේගය නියෝජනය කරමින් මයන්ත දිසානායක මහතා ඇතුළු පිරිසක් විසින් ද පසුගිය දා මහජන බැංකු සභාපතිවරයාට එරෙහිව මහබැංකු අධිපතිවරයා වෙත පැමිණිල්ලක් ඉදිරිපත් කර තිබුණි.

Cabinet Co-Spokesman Dr. Ramesh Pathirana said the decision was made in line with policies of the Government, where the State Pharmaceutical Corporation (SPC) is adopting strategic measures to increase its local production of pharmaceuticals.

The Colombo stock market yesterday powered its way to a strong rise thanks to confidence boosting by investors and policy makers.

Sri Lankan banks will face a deteriorating operating environment caused by the country’s weakened credit profile and COVID-19 pandemic impact, a new report by ratings agency Fitch said yesterday, warning State banks were likely to have higher risk appetites given Government reliance on them for funding.

Shares ended lower yesterday driven by a slide in financial services and consumer discretionary stocks, brokers said with the Colombo Stock Exchange (CSE) All Share Index ending 1.15% lower at 7,212.66.

The merchandise export sector has begun 2021 on a negative note overall though some products saw growth year-on-year whilst services have got off to a positive start, latest data released by the Export Development Board (EDB) showed yesterday.

Reuters: Shares snapped a four-day losing streak yesterday, helped by gains in industrial and financial stocks.

Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal yesterday said the country›s economic growth in the first quarter will be around 3.5% to 4% given the rebound of economic activities.

The Ceylon Motor Traders Association (CMTA) yesterday voiced its concerns over the new Standard Operations Procedure (SOP) proposed by the Ministry of Industries on local assembly and local value addition of motor vehicles.

Countries across the world today are faced with severe economic hurdles and ramifications brought upon by the COVID-19 pandemic, with some key industries having come to a grinding halt.

People’s Bank yesterday announced the results for its year ended 31 December 2020, reporting consolidated net loan growth of Rs. 315.7 billion; representing a 21.6% growth year on year and accounting for close to one-third of overall net sector credit extended during the period.

Tourism Minister Prasanna Ranatunga has requested the Government to extend banking and finance sector relief granted to the tourism sector till 31 December as opposed to ending it on 31 March, as previously planned.

Sri Lanka’s first National Financial Inclusion Strategy (NFIS) was launched yesterday to make financial services more accessible, efficient, and affordable for all households and businesses in the country.