Economic
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.
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 yesterday said it was seeking support from multiple sources to manage Sri Lanka’s upcoming debt repayments and reiterated commitment to meeting its obligations even as reserves slipped to $ 4.1 billion at the end of March.
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 Monetary Board, at its meeting on Tuesday, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50% and 5.50%, respectively.
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.
An equity fund to provide crucial seed capital for deserving Small and Medium Enterprises (SMEs) is likely to bear fruit following discussions between a dedicated group within Chartered Accountants of Sri Lanka and the State Minister of Money, Capital Markets and State Enterprises Reform Nivard Cabraal.
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