Economic

State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal yesterday nudged local investors and business community to have faith in a turnaround of the economy and Sri Lanka’s fortunes, as the new Government has already set in motion, and will implement in the future, favourable measures and policies.

The Fabric and Apparel Accessory Manufacturers Association (FAAMA) is urging the Government to reduce prices of furnace oil as it impacts competitiveness and deprives the country from saving valuable foreign exchange.

Presidential Task Force on Economic Revival and Poverty Eradication Chairman Basil Rajapaksa recently stressed Sri Lanka has the potential to become a seafood processing hub given its strategic location and marine resources.

Net foreign outflow of foreign investments from the rupee-denominated Government securities market has topped the $ 500 million mark in the first seven months of this year, the Central Bank said.

Export Development Board (EDB) Chairman Prabhash Subasinghe is renewing his call for greater product and market diversification to enhance Sri Lanka’s foreign exchange earnings amidst COVID-19 challenges.

Premier blue chip John Keells Holdings (JKH) yesterday emerged as the most valuable stock after Ceylon Tobacco Company (CTC) saw an unusual price dip of Rs. 20 or 2% though on a volume of 99,064 shares done via 181 trades.

The Colombo stock market remained buoyant with both indices up and turnover hitting an over six month high, continuing the newfound optimism.

බිත්තර මිල ඉහළ යාම කෘතිමව නිර්මාණය කළ එකක් නොවන බව සමස්ත ලංකා බිත්තර නිෂ්පාදකයින්ගේ සංගමය පවසනවා.

Despite global and local challenges, Sri Lanka’s merchandised exports for the last three months have nearly achieved the $1 billion mark, proving its resilience and rebound.

The Securities and Exchange Commission (SEC) has finalised its new Act for submission to Finance Minister PM Mahinda Rajapaksa, to be tabled before the Cabinet for approval.

The Government will offer swap arrangements to investment that could come into the country through Treasury bills and bonds, Capital Markets and State Enterprises Reforms State Minister Ajith Nivard Cabraal told Parliament yesterday, outlining plans to boost growth through attracting investment.

Sri Lanka will be restricting textile and ready-made garment imports and increasing import tax on textiles.

The Government has decided to invest Rs. 2 billion to boost cargo capacity at the Bandaranaike International Airport (BIA) by 100% to facilitate international trade and to enhance Sri Lanka’s hub status in South Asia.

The Index of Industrial Production (IIP) for July increased by 2.4% compared to the same month in 2019, the Census and Statistics Department said yesterday, indicating that the economy was gradually recovering from the COVID-19 impact.

The Central Bank has relaxed ownership limits in licensed commercial banks for both multilateral financial institutions and others.

The Colombo Stock Exchange (CSE) yesterday said the Bourse has recorded a noteworthy turnaround in recent months, driven by a progress of the indices and improved investor interest.

REUTERS: Shares ended higher for a fourth straight session on Friday, helped by gains in financial and consumer stocks.

eZ Cash, the country’s first and largest mobile money and payment service by Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, partnered VisionFund Lanka, a leading socially responsible microfinance institution affiliated with World Vision Lanka and also a subsidiary of VisionFund International, to facilitate customers with a convenient and sustainable QR card repayment facility for their microfinance loans.