Economic

The Central Bank yesterday issued a slew of revised forex regulations, including introducing new accounts for forex borrowings and repatriating emigrant incomes as well as allowing exemptions for Inward Investment Accounts (IIAs) and unveiling three new resident investor categories. Issuing a statement, the monetary authority said regulations issued under the Foreign Exchange Act, No. 12 of 2017 (FEA) had been revised for further simplification and clarity improvement.

The Colombo stock market bounced back yesterday after three consecutive negative sessions as investors returned to buying mode on improved sentiments.

The rupee further strengthened against the US dollar yesterday, aided by improved sentiments and positive outlook for inflows.

Reuters: Shares ended lower on Friday, as industrial stocks slumped and financials slipped.

Emirates has announced it will increase its services to Colombo from six to seven flights a week, with the seventh weekly flight commencing 3 May.

The confectionery industry worth Rs. 150 billion is still in the dark over the immediate ban on palm oil imports, with no proper directions given on the procedures to obtain licences, whilst many small and medium-sized enterprises (SMEs) are running short of stocks amidst increased demand.

Industry legend Prema Cooray, veteran Ministry Secretary Dr. Prathap Ramanujam and tourism industry leader Abbas Esufally join growing dissent over scrapping of existing Act of 2005
Cooray insists new Tourism Act was unwarranted and putting private sector representation out of key agencies is unjustifiable and highly detrimental

The Colombo stock market has lost Rs. 127 billion in value during the past three sessions with gains enjoyed for two weeks erased sparking fresh investor concerns.

ඉතිහාසයේ මුල් වරට කජු සංස්ථාවට කජු මද අලෙවියෙන් මාර්තු මාසයේ රුපියල් කෝටියක ආදායමක් උපයා ඇතැයි සංස්ථාවේ සභාපතිනි නීතීඥ සාරංගා රත්නායක පැවසුවාය.

SriLankan Airlines, the flag carrier of Sri Lanka and a member of the prestigious oneworld alliance, said yesterday it would commence flight operations to Nairobi – Kenya, its second destination in East Africa after flying to the Seychelles.

State Minister of Money and Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal yesterday vehemently refuted Opposition concerns over the rupee being quoted different rates by banks.

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 headline inflation in March as measured by the year-on-year (YOY) change based on the NCPI has been compiled as 5.1%, up from 4.2% in February.

A sharp intra-day plunge of the rupee yesterday caused widespread concerns in financial markets, businesses as well as in Parliament whilst exposing loose statements by those in the Government defending the artificial strength of the currency.

The Central Bank has imposed a suspension on purchase of Sri Lanka International Sovereign Bonds by commercial banks until 23 April.

The Sri Lanka Tourism Development Authority (SLTDA) has updated the health protocols for tourists and further eased entry restrictions for international travellers.

The Colombo stock market began a new week on a negative note amidst multiple litigation against the Port City Commission Bill.

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.