Markets
Gold Prices in Sri Lanka Today – 14th November 2024
As of 14th November 2024, gold prices in Sri Lanka are as follows: 24 Carat 1 gram at Rs. 26,470, 22 Carat 1 gram at Rs. 24,270, and 21 Carat 1 gram at Rs. 23,170. Prices for 8-gram units are Rs. 211,800 for 24 Carat and Rs. 194,150 for 22 Carat.
Sri Lanka Rupee Strengthens to 292.15 Amid Quiet Bond Market
On Thursday, the Sri Lankan rupee strengthened to 292.15/18 against the US dollar. Bond trading was subdued due to election day, with limited activity. In equities, the ASPI rose by 0.69%, while the S&P SL20 gained 0.98%. Market turnover reached 167 million rupees.
NDB Reports Strong Profit Growth Amid Improving Economic Conditions in Sri Lanka
National Development Bank (NDB) reported strong results for the nine months ending 30th September 2024, with a 9% increase in net operating income to Rs. 21.5 billion. Pre-tax profit reached Rs. 9.4 billion, while post-tax profit stood at Rs. 4.5 billion. NDB raised Rs. 5 billion in Tier II capital.
Economics
Sri Lanka’s Rupee to Remain Resilient, SLBA Chief Says
Sri Lanka’s rupee is expected to remain stable, with gross foreign exchange reserves forecast to exceed US $12 billion before debt repayments begin in 2029, according to SLBA Chief Bingumal Thewarathanthri. He expressed confidence in the rupee’s resilience, despite challenges like rising import demand and fluctuating oil prices.
Policy Shifts in Sri Lanka’s Construction Sector After Polls
Under President Anura Kumara Dissanayake and the NPP government, Sri Lanka’s construction sector may see significant changes, including a focus on affordable housing, state oversight, stricter regulations, and local content mandates. These shifts could impact profitability, foreign investments, and project management, reshaping the industry’s landscape.