Economics Foreign Inflows into Sri Lanka’s Government Securities Rise Amid Deflationary Policies Foreign investment in Sri Lanka’s government securities rose 15.7% last week, reaching 50.6 billion rupees, driven by deflationary policies and U.S. Federal Reserve rate cut expectations. The peaceful election of JVP’s Anura Kumara Dissanayake boosted investor confidence. Markets Sri Lankan Rupee Strengthens to

Markets Sri Lanka Rupee Stable at 293.05/15 Against US Dollar; Bond Yields Steady Sri Lanka’s rupee remained flat at 293.05/15 to the US dollar on Thursday, while bond yields saw minor fluctuations. The All Share Price Index dropped 12.96 points (0.11%), and the S&P SL20 declined by 8.90 points (0.25%). Market turnover stood at 334

Economics ADB Pledges Continued Support for Sri Lanka’s Development A delegation from the Asian Development Bank (ADB), led by Country Director Takafumi Kadono, met with President Anura Kumara Dissanayake to reaffirm support for Sri Lanka’s development. Discussions focused on boosting tourism, particularly in the Northern Region, as well as enhancing the energy, financial, and small-scale

Economics IMF Advocates Dedollarization and Monetary Policy Reform in Sri Lanka The IMF has sparked political debate in Sri Lanka by recommending dedollarization measures, including statutory reserve requirements for foreign currency liabilities and modernizing monetary policy. Aimed at promoting the local currency, these proposals have raised concerns about their potential long-term impact on the country’s

Economics CEB Accused of Rs. 50 Billion Burden on Electricity Consumers The Electricity Consumers’ Association (ECA) claims the Ceylon Electricity Board (CEB) is burdening consumers with Rs. 50 billion in extra costs by purchasing fuel at retail prices. The ECA alleges this pricing formula, implemented by the previous government, has led to higher electricity tariffs

Business Tea Sales Average Rises by US $0.06 in September 2024 The national tea sales average for September 2024 increased to Rs.1,207.99 (US $ 4.04), up by Rs.19.50 and US $ 0.06 from August. Year-on-year, the figures rose by Rs.42.27 and US $ 0.41. All elevation categories showed positive growth, with notable increases in Low

Business Aviyana Named Main Sponsor of Sri Lanka Trade Fair Dubai 2024 Aviyana, Sri Lanka’s premier 7-star hotel, has become the main sponsor for the Sri Lanka Trade Fair Dubai 2024, set for November 2-3. The event will strengthen business ties between Sri Lankan exporters and Gulf buyers, featuring industries like gems, spices, tea, and

Economics Sri Lanka Reduces Fuel Prices: Sri Lanka reduced petrol prices by 21 rupees to 311 rupees per litre, and diesel by 24 rupees to 283 rupees per litre, effective from September 30. Sinopec lowered diesel to 280 rupees per litre, while super diesel dropped by 33 rupees and kerosene by 19 rupees to 319

Business Sri Lanka’s Hela Apparel Raises Rs 1.5 Billion Through Rights Issue Hela Apparel Holdings Plc raised Rs 1.5 billion through a rights issue, issuing 319.5 million shares. The funds will settle bank borrowings via a sub-subsidiary. The company recently expanded globally by acquiring UK-based Focus Brands for £8 million. Shares were trading at Rs