Sri Lanka’s rupee is expected to remain stable on a ‘very comfortable terrain’ in the coming years, with gross foreign exchange reserves forecast to exceed US $12 billion before capital repayments to creditors begin in 2029, according to the Sri Lanka Banks’ Association (SLBA) Chief and Standard Chartered Sri Lanka CEO Bingumal Thewarathanthri. Despite potential
Sri Lanka’s gross foreign exchange inflows exceeded imports by $757 million in August 2024, according to data released by the Central Bank of Sri Lanka. The total inflows for August stood at $2.411 billion, while imports were recorded at $1.654 billion. These inflows included $1.224 billion from merchandise exports, the highest since August 2022, $577.5
The Colombo Stock Exchange began to recover after opening lower following Sri Lanka’s presidential election over the weekend. The All Share Price Index (ASPI) rose by 81.21 points, or 0.74%, reaching 11,047, while the S&P SL20 increased by 1.43%, or 44.27 points, to 3,146, with a turnover of 682 million. Stockbrokers indicated that it’s too
Sri Lanka’s banking sector outlook has stabilized, with the Central Bank’s decision to prevent dividend repatriation playing a key role in the sector’s recovery. According to Maninda Wickramasinghe, Managing Director and CEO of Fitch Ratings Lanka Ltd., Sri Lanka can expect a sovereign rating upgrade immediately after the completion of its debt restructuring. At an
Quarterly Financial Review Tokyo Cement Group reported a turnover of Rs. 11,665 million for the first quarter ended 30 June 2024, marking a 3% decline compared to the same period last year. Profit After Tax (PAT) also fell by 18% to Rs. 707 million. The revenue drop, despite increased sales volume, was attributed to price
According to a survey by Verité Research, a Colombo-based think tank, more Sri Lankans are optimistic about the economy, and government approval has significantly increased. The government’s approval rating has surged to 24% in July, a notable rise from 7% in February 2024. Additionally, 28% of respondents rated current economic conditions as “good” or “excellent,”