Sri Lanka’s economic climate is experiencing a positive shift, and LAUGFS Gas PLC is passing on the good news to consumers. Citing a combination of favorable factors, the company announced a significant reduction in the prices of its LAUGFS-branded domestic liquefied petroleum gas (LPG), effective as of yesterday. Dr. Niroshan J Pieris, CEO of the
Sri Lanka’s service sector is showing positive signs with notable net inflows from tourism, transportation, and IT/BPO services. This is balanced by some outflows in other service sectors such as technical and business services. A particularly bright spot is the computer and IT/BPO sector, which is leading the charge in generating income. Worker remittances are
EY Global Delivery Services (GDS) Sri Lanka is celebrating a remarkable second year and gearing up for even greater heights. The company is experiencing phenomenal growth and plans to more than double its staff size. To accommodate this expansion, EY GDS will occupy an additional floor at the World Trade Centre, bringing on board a
The Central Bank Governor of Sri Lanka addressed several key issues related to the nation’s economic recovery and monetary policy. He expressed frustration with the slow pace of banks in assisting struggling businesses. He emphasized the need for banks to establish “business recovery units” and “special corporate work out” schemes to aid companies with large
By the end of March, Sri Lanka’s tourism sector demonstrated resilience and growth, reaching a milestone figure of USD 700 million in earnings. Simultaneously, foreign remittances stood at USD 963 billion, reflecting the significant contribution of overseas Sri Lankan workers to the country’s economy. Notably, tourism earnings up to February amounted to USD 687 million,
Sri Lanka’s export sector witnessed a modest increase in February 2024, marking a positive trend after a decline in January. The total merchandise export earnings reached $983.7 million, representing a 0.17% rise compared to February 2023. This growth also signifies a 1.3% improvement from January 2024, suggesting a gradual recovery in the country’s export performance.
In a groundbreaking move for investor relations, Sri Lanka’s Commercial Bank of Ceylon PLC unveiled an AI-powered Annual Report Assistant (AIPARA) for its 2023 report. This innovation marks a first-of-its-kind achievement, allowing users to interact with the report by asking questions directly. AIPARA signifies a major step forward in the bank’s ongoing digital transformation efforts.
The Sri Lankan government’s recent decision to absorb a significant portion of SriLankan Airlines’ debt has sparked debate. While the move aims to facilitate the airline’s sale, concerns linger about the burden placed on taxpayers. The Advocata Institute, a public policy think tank, argues that taking over the airline’s loans – amounting to $210 million
The Sri Lankan Rupee has shown signs of strengthening against the US Dollar, according to the Central Bank of Sri Lanka (CBSL). This development marks a significant shift, as it’s the first time since July 5th, 2023, that the buying rate for USD has dipped below Rs. 300. The CBSL reports indicate a buying rate
Sri Lanka appears to be emerging from a challenging economic period. Data indicators point towards a significant decline in inflation and a rise in foreign exchange reserves, suggesting a gradual path towards stability. The Asian Development Bank (ADB) acknowledges this positive momentum and has pledged its continued support through a new Country Partnership Strategy (CPS)