Sri Lanka’s tourism sector has generated over $2 billion in revenue during the first eight months of 2024, despite a shortfall in tourist arrivals, according to the latest data from the Central Bank. Tourism earnings between January and August reached $2.16 billion, representing a 66.1% year-on-year (YoY) increase. The earnings for the first eight months
A recent report highlights that the Maldives banking system is grappling with 6.7 billion rufiyaa in excess liquidity, a legacy of money printing during the Covid-19 pandemic. This surplus liquidity is now being converted into loans, which is putting pressure on the country’s currency peg. According to Edition.mv, an online news portal, the Maldives Monetary
Ceylon Grain Elevators PLC (CGE), Sri Lanka’s leading poultry producer, reported a decline in both revenue and profit for the second quarter of 2024 due to an oversupply of chicken, which led to lower prices and reduced volumes. Despite this, demand for feed and Layer Day Old Chicks (DOCs) remained stable, supported by consistent demand
Sri Lanka has achieved a significant milestone in its tourism sector, reaching a target of 1.2 million tourists by August 2024. According to the Sri Lanka Tourism Development Authority (SLTDA), the country welcomed 1,198,059 tourists during the first seven months of the year. July saw a record-breaking 187,810 arrivals, marking the highest monthly total in
Tourism Minister Harin Fernando has identified visa-free entry as a major challenge in meeting Sri Lanka’s tourism goals. He noted that neighboring countries offering visa-free access to travelers present significant competition. “All our regional competitors are providing free visas for visitors, which makes it challenging to meet our target numbers,” Fernando said. Despite these challenges,
Sri Lanka is set to enforce new trade regulations that will make exporting metal scrap illegal without a proper licensing system, according to a statement from the Finance Ministry. The upcoming measures will prohibit the export of metal, iron, related equipment, and scrap without a license. Future metal exports will require recommendations from the Ministry