Economic

Sri Lanka tea trading continues it’s upward trend fetching a record price of Rs 700 per kilo of upcountry and low country at the recent auction held in Colombo on Friday 8, estate superintendents said.

Industrial Export and Investment Promotion Mini-ster Prasanna Ranatunga has advised exporters not to cut jobs despite the challenging times posed by the COVID-19 pandemic. He made these remarks at a special meeting this week with key officials of the Export Development Board (EDB) and Board of Investment (BOI) to discuss on the way-forward strategies of exports and investment promotion.

FDI hit by Easter Sunday attacks and political uncertainty
Significantly lower than $ 2.1 b in 2018 and $ 1.9 b in 2017
India, Singapore, Canada, Hong Kong and China top investors
Hambantota industrial zone, Port City, hotels and mixed development pegged as best sectors to attract investment
Major reforms needed to attract FDI consistently, says CB Annual Report

Sri Lanka’s Rupee has strengthened to Rs.191.5 against the US Dollar despite the sharp fall of reserves, amid foreigners exiting from government securities, Central Bank data showed.

Transparency International Sri Lanka (TISL) has warned the government of the repercussions it could face by loosening restrictions on accepting the foreign currency.

For a Government in transition, and a new administration barely three months old, to be facing the impact of perhaps the worst pandemic in world history can be very unfortunate, apart from being the biggest-ever challenge in Sri Lanka’s history. That is exactly what President Gotabaya Rajapaksa elected on 16 November 2019 and his interim Government and officials have been facing since late January 2020.

Sri Lanka’s first-ever hundred per cent locally manufactured petrol and electric prototype cars would be launched by next year, Sri Lanka's racing legend Dilantha Malagamuwa said, yesterday.

Says NPL ratios likely to rise, virus to worsen operating environment, outcomes deeply linked to macroeconomic performance

To operate 27 dedicated freight services per week out of Colombo from 18 May

The Colombo Stock Exchange (CSE) is set to resume trading on Monday (11 May 2020) after its longest ever shut down aimed at combating the COVID-19 pandemic.

Seeks proposals for post-COVID-19 revival from 34 national and regional associations for consideration before submitting to Cabinet

Sri Lankan economy, already reeling under a purported ‘demand-side’ shock and it has to bear a ‘supply-side ‘shock when the country unlocks public and private sectors to resume activities ON Monday11 living with Covid for almost two months. 

Pharmaceutical Chamber in talks with Govt. to revise costs of price-controlled drugs due to rupee depreciation
Says industry struggling to meet rising costs on top of non-payment of suppliers
Over 70 types of price-controlled drugs account for 65% of market share
NMRA says no consensus yet, final decision lies with Health Minister

The Monetary Board of the Central Bank has further reduced policy to tackle the economic fallout of COVID-19 in Sri Lanka with banks still failed o follow suite.

Considering the difficulties faced by some customers of financial institutions affected by the COVID-19 pandemic to obtain certain relief measures, the Central Bank of Sri Lanka has extended the deadline (30.04.2020) for submitting requests for debt moratoriums and 4% per annum refinancing facility for two months working capital, until 15 May 2020.

Denies accusations of unions that workers placed in risky situations
Says industry, RPCs and other stakeholders have worked with Govt.
Insists all support given to educate and protect workers
All returnees from overseas and Colombo registered and quarantined
Rs. 400 m worth of dry rations distributed
Pledges to continue support and implement any new directives from Govt. or health authorities

Former Central Bank Governor Dr. Indrajit Coomaraswamy has been appointed as a Non Executive Independent Director to the Board of Tokyo Cement Company (Lanka) Plc with effect from 25 March, 2020.

Taking advantage of lower global prices, the Government has imposed a fresh round of import duties and surcharges on fuel, essentially doubling taxes, aimed at shoring up flagging public revenue.