Discussing government policies, regulations, and legislative changes affecting businesses and the economy, including tax laws, trade agreements, and monetary policy decisions.
Minister Vijitha Herath has clarified that the new government has not printed any currency notes or taken loans from foreign institutions. The statement was made in response to a question posed by a journalist at Monday’s (28) Cabinet press conference. Minister Herath explained that while the Central Bank of Sri Lanka regularly issues new treasury
The Supreme Court (SC) recently addressed a petition alleging that the State incurred a loss of Rs. 85 billion due to the previous government’s decision to grant a casino operating license for the Lotus Tower, Colombo, under President Ranil Wickremesinghe’s administration. During the hearing, President’s Counsel Navin Marapana, representing the petitioner Ven. Malgalle Sujatha Thero,
Sri Lanka’s new government is set to present an interim budget for the first quarter of 2025 in November, according to Prof. Anil Jayanth Fernando, Chief of the National People’s Power (NPP) Economic Council. The full Budget for 2025 is expected to be passed by Parliament in January. The interim budget will introduce policies aligned
Kavan Ratnayaka has stepped down from his role as the Independent, Non-Executive Chairman of the Bank of Ceylon (BOC). The announcement was made in a disclosure to the Colombo Stock Exchange, effective September 22. Ratnayaka had been appointed to the position in March 2024.
The Ceylon Chamber of Commerce (CCC) has congratulated newly elected President Anura Kumara Dissanayake and pledged its commitment to collaborate with stakeholders on growth strategies. In a statement, the CCC highlighted 10 economic priorities for President Dissanayake to focus on in the first six months of his term: The CCC reaffirmed its support for transforming
Sri Lanka’s capital market is bracing for a cautious approach as it awaits President-elect Anura Kumara Dissanayake’s inaugural speech, with investors eager for insights into the future policy direction under his leadership. While a “wait-and-see” sentiment prevails, there is a hint of short-term optimism, as analysts believe Dissanayake’s leftist victory has already been factored into
In a landmark decision, Sri Lanka’s Cabinet has approved the National Trade Facilitation Roadmap bill, marking a significant advancement in the country’s efforts to modernize its cross-border trade processes and align with global trade facilitation standards. This roadmap will serve as the official strategy for implementing comprehensive trade reforms aimed at streamlining trade procedures and
Sri Lanka’s Coconut Development Authority (CDA) will be granted expanded powers to regulate the quality of imported edible oils, including coconut and palm oil, according to a recent government statement. This decision was made following a proposal by Minister of Plantations, Mahinda Amaraweera, which received Cabinet approval. The move aims to protect the domestic coconut
The Government has announced plans to ease the current regulations on the repatriation of export earnings in response to feedback from exporters and government agencies. The existing rules, outlined under ‘Rules for Repatriation of Export Earnings No. 01 of 2022,’ will be amended to provide greater flexibility for managing export earnings. The proposed changes, set
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