National consumer prices in Sri Lanka saw a slight increase in July, rising by 2.5% compared to the same month last year. This marks a modest uptick from the 2.4% increase observed in June, as the high base effects from the previous year began to dissipate. Despite this year-on-year rise, prices for many food and
Sri Lanka’s rupee held steady at 303.60/65 to the US dollar on Thursday, according to dealers. The currency was nearly unchanged from Wednesday’s close of 303.55/65. Bond yields remained broadly stable following the central bank’s policy rate cut, while stocks saw a slight increase. In the secondary bond market, yields showed minimal movement. A bond
Fitch Ratings has reaffirmed the ‘A-(lka)’ National Long-Term Rating for Sri Lanka’s National Development Bank Plc (NDB), maintaining a Stable outlook. This decision reflects recent improvements in the operating environment, as indicated by macroeconomic indicators. Fitch anticipates that Sri Lanka’s stabilizing economic conditions will support NDB’s ability to grow and maintain business volumes. However, the
Sri Lanka’s rupee started weaker against the US dollar, opening at 305.40/60 on Thursday, with bond yields experiencing a decline and stocks initiating 0.17% higher, according to dealers. On Wednesday, the rupee closed at 305.35/55 against the greenback. In the equity market, Colombo’s All Share Price Index began 21.13 points higher at 12,282, while the
Sri Lanka is contemplating the financial implications of raising the interest rate for senior citizens’ savings to 15%, requiring an estimated Rs 40 billion annually. State Minister of Finance Ranjith Siyambalapitiya highlighted this during a parliamentary session, emphasizing the government’s cautious approach in light of fiscal considerations. Responding to queries from opposition leader Sajith Premadasa,
The International Monetary Fund (IMF) has shed light on the varied impacts of rising interest rates across different economies in its recent World Economic Outlook. While global growth has defied expectations by staying afloat during this tightening cycle, the reasons behind this resilience hinge on the peculiarities of individual housing markets. The IMF pinpoints the
Sri Lanka’s Board of Investment (BOI) recognized Brandix Apparel, the country’s leading garment manufacturer, as the Most Outstanding Exporter in the Merchandise category at its 45th-anniversary celebration. This prestigious award highlights Brandix’s significant contribution to Sri Lanka’s export sector. The ceremony featured the presentation of two awards to Brandix. Hasitha Premaratne, Group Managing Director, received
The Asian Development Bank (ADB) has unveiled a new chapter in its collaboration with Sri Lanka. The ADB Sri Lanka Country Partnership Strategy (CPS) 2024-2028, launched in Colombo, outlines a five-year roadmap for fostering sustainable recovery, building resilience, and reigniting economic growth in the island nation. This strategic partnership moves beyond traditional project financing. Takafumi
The World Bank’s latest Sri Lanka Development Update paints a cautiously optimistic picture of the nation’s economic future. While 2024 is projected to witness a modest growth of 2.2%, indicating stabilization after a severe downturn, significant hurdles persist. Positive signs abound. Inflation is declining, bolstered by new fiscal policies and a current account surplus –
Good news for Sri Lankan consumers! The All Ceylon Poultry Traders Association (ACPTA) is urging the government to halt egg imports as local production increases. ACPTA President Ajith Gunasekara attributes this growth to the reopening and expansion of poultry farms that were shuttered during the COVID-19 pandemic. With local production on the rise, egg prices