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The US markets extended their losses on Monday, continuing the downturn that began last week, while Asian markets also saw significant declines, particularly in Japan, a country with very low interest rates. The Dow Jones Industrial Average dropped by 1,033 points, or about 2.6 percent, the S&P 500 fell by 3 percent, and the Nasdaq
Following diplomatic discussions held by Prime Minister Dinesh Gunawardana and Fisheries Minister Douglas Devananda during their visits to China, the Chinese Government has donated 75,000 fishing nets. Minister Devananda has organized the distribution of these nets to fishing communities in the Northern and Eastern provinces. The distribution plan allocates the nets as follows: The nets
Sri Lanka is set to launch a digital program allowing migrant workers to report concerns while employed abroad, according to Minister of Labor and Foreign Employment, Manusha Nanayakkara. The new initiative will be accessible via smartphones, enabling domestic workers to report issues such as unpaid salaries or any other problems they encounter. This development was
Sri Lanka agreed to a revised deal with the IMF that includes significant tax changes: These changes are expected to be approved by parliament by July 2024 and take effect in January 2025. Concerns and Context: This tax reform is part of Sri Lanka’s effort to address its economic challenges with the help of the
Sri Lanka’s Central Bank (CBSL) has announced a partial easing of foreign exchange controls, effective June 20th, 2024. This new regulation follows a proposal approved by the Cabinet of Ministers to amend the existing rule established under the Foreign Exchange Act No. 12 of 2017. The previous rule, initially implemented in April 2020 to address
The Sri Lankan rupee started the trading day on Wednesday (today) a touch weaker against the US dollar. The opening exchange rate was 302.20/35 rupees to the dollar, compared to 302.10/20 on Tuesday. Meanwhile, the Colombo Stock Exchange (CSE) witnessed a positive opening. The All Share Price Index (ASPI) rose by 0.11% to reach 12,117
COLOMBO, Sri Lanka (June 4, 2024) – The Sri Lankan rupee opened flat against the US dollar on Tuesday, continuing a trend of relative stability in the foreign exchange market. The opening rate was 301.95/302.05 per dollar, unchanged from the previous day’s closing rate. Bond yields also exhibited minimal movement. A bond maturing on December
COLOMBO, Sri Lanka – Litro Gas, Sri Lanka’s leading supplier of domestic liquefied petroleum gas (LPG), has announced a price reduction for its cylinders effective tonight, June 4th. Litro Gas Chairman Muditha Peiris confirmed the price reductions, which apply across all cylinder sizes. The 12.5 kg cylinder will see the most significant decrease, dropping by
The International Monetary Fund (IMF) has scheduled a review of Sri Lanka’s economic program for June 12th. This review will assess the country’s progress on reforms and economic policies. “The session will evaluate Sri Lanka’s economic policies and reform progress,” stated State Minister for Finance Shehan Semasinghe. “We look forward to the continued support of
Sri Lanka’s rupee opened with minimal movement on Friday, hovering around 301.75/80 per US dollar. This is a slight change from the previous day’s closing rate of 301.85/90. Bond Yields Mixed The bond market also saw mixed signals. While some bonds like the one maturing on December 15th, 2026, remained stable at 9.70/80 percent, others