Economic

Despite global and local challenges, Sri Lanka’s merchandised and service exports have risen by 11.4% to $ 8.5 billion in the first half of this year, prompting the Government to attribute it to a series of development efforts and assure further support. Releasing the latest yet provisional data, Development Strategies and International Trade Minister Malik Samarawickrama said yesterday that export sector performance was commendable, though he admitted there is significant scope for higher value. “The 11.4% growth, despite the impact of the October 2018 undemocratic constitutional coup, and the Easter Sunday tragedy, as well as global challenges, is very satisfactory. For the first time, three months of 1H 2019 - January, March and June - have produced over $ 1 billion worth of merchandised exports. We had originally set an ambitious $ 20 billion target for 2019, but we may miss it and end up at around $ 18.5 billion, which will be still higher than the $ 16 billion achieved last year,” Samarawickrama said.

The Central Bank requested licensed banks and Non-Bank Financial Institutions (NBFIs) to reduce interest rates on deposits with effect from April 29, 2019.

CB closely monitoring rates, assures further measures to support economic growth

The Government plans to bring in new laws in September to enhance the scope and the independent decision-making ability of the Central Bank to further regulate the banking and the non-banking sectors, a top official said yesterday.

Central Bank Governor Dr. Indrajit Coomaraswamy has backed proposed Amendments to the Monetary Law Act as essential to stop governments making the Central Bank print money, which undermines macroeconomic fundamentals essential to strong growth.

Next Hotel Colombo featuring Kafnu will be opening its doors to visitors both here and overseas in the fourth quarter this year marking the revival of tourism and business in Sri Lanka erasing the bitter memories of Easter terror.

Sri Lanka’s inflation as measured by the year on-year change in the National Consumer Price Index (NCPI) decreased to 2.1 per cent in June 2019 from 3.5 per cent in May 2019 due to high base prevailed in the corresponding month of the previous year, Central Bank announced.

Cash strapped SriLankan Airlines strives to survive in the face of mounting loses by introducing business and brand promotion along with exploitation tactics without resorting to restructural procedueres suggested by the government.

Fantasy Island will become Colombo’s premier family entertainment center located at Waters Edge in Battaramulla.

Sri Lanka’s Cooperative sector has become a burden to the treasury as it has to reimburse the massive bank loans obtained by a large number of cash strapped Cooperatives countrywide, official sources said.

The Board of Investments (BOI) yesterday issued a clarification on import of post-consumer goods for re-export.

Exports bounced back in May, posting a 4% gain from a year earlier and dismal 0.4% growth in April, whilst declining imports helped narrow the country’s trade deficit.

The Government has made arrangements to mobilize foreign financing of US$ 2,439 million by entering into 19 Agreements with foreign development partners and lending agencies from 1st January to 30th April 2019.

Licensed Banks and Non-Bank Financial Institutions (NBFIs) have been directed to bring down interest rates on deposits and lending with retrospective effect from 29 April 2019, Central Bank announced yesterday (Friday 19).

A self- powered housing model for low income households will be devised with the aim of providing best architectural housing structure with the use of maximum daylight for low income households in Sri Lanka.

The Sri Lanka Ports Authority (SLPA) is purchasing three Ships to Store (STS) cranes for the Jaya Container Terminal (JCT) 5 expansion, Minister of Ports, Shipping, and Southern Development Sagala Rathnayaka said.

The listed Debenture Issue of Bogawantalawa Tea Estates plc was not only its debut in the Colombo Stock Exchange but also the recording of a unique fund raiser, especially suited for the plantation sector, company management claimed.

Carmart (Pvt) Ltd, the sole distributor in Sri Lanka for the world-renowned European vehicle brand Peugeot has introduced an attractive and one-of-a-kind offer.