The Central Bank of Sri Lanka has expressed its readiness to support the government should it decide to ease restrictions on motor vehicle imports. This indication comes in light of Sri Lanka’s stable balance of payments and a current account surplus for the second consecutive year, according to Central Bank Governor Nandalal Weerasinghe in an
Sri Lanka’s newly elected President Anura Dissanayake’s economic team held its first meeting with an International Monetary Fund (IMF) delegation. The discussions, which took place at the Presidential Secretariat, focused on reviewing the current IMF program and exploring future collaboration. The IMF delegation, which included Peter Breuer (Senior Mission Chief), Sarwat Jahan (Resident Representative), and
A delegation from the International Monetary Fund (IMF) is set to visit Sri Lanka this week to meet with President Anura Kumara Dissanayake, a senior official announced. The team’s visit is described as a courtesy call, according to Anil Jayantha, head of the Economic Council of the President’s National People’s Power (NPP) party. In his
Sri Lanka’s capital market is bracing for a cautious approach as it awaits President-elect Anura Kumara Dissanayake’s inaugural speech, with investors eager for insights into the future policy direction under his leadership. While a “wait-and-see” sentiment prevails, there is a hint of short-term optimism, as analysts believe Dissanayake’s leftist victory has already been factored into
Sri Lanka’s wage board has announced new daily wage rates for tea and rubber workers effective from September 10, as detailed in a recent gazette notice. The minimum daily wage has been set at 1,350 rupees for a standard ‘norm’ of each estate. Additionally, workers will receive an extra 50 rupees for every kilo of
As of July 2024, Sri Lanka’s central bank continues to face a challenging financial situation, with net foreign reserves remaining in the negative at US$728 million. This represents a significant improvement from mid-2022, when net foreign assets were deeply negative at US$4.6 billion. The drastic decline in reserves in 2022 was driven by borrowing through
Sri Lanka’s economy will remain stable under the National People’s Power (NPP) administration, according to party leader Anura Kumara Dissanayake. Addressing the business community, Dissanayake emphasized that while economic changes will be made, they will be carefully assessed to prevent any destabilization. Dissanayake assured that the NPP’s approach is not driven by populist politics, citing
The Government has announced plans to ease the current regulations on the repatriation of export earnings in response to feedback from exporters and government agencies. The existing rules, outlined under ‘Rules for Repatriation of Export Earnings No. 01 of 2022,’ will be amended to provide greater flexibility for managing export earnings. The proposed changes, set
Sri Lanka’s rupee opened stronger at 300.45/60 to the US dollar on Friday, compared to Thursday’s close of 300.80/301.05. Despite this strengthening, the bond market continues to experience volatility due to policy uncertainty, affecting investor interest in longer-term securities. The yields on short-term bills were quoted at 9.75/85 for the 6-month bill and 10.15 percent
Sri Lanka’s balance of payments (BOP) remains in surplus in 2024, but it trails slightly behind the figures from 2023, according to official data. By June 2024, the country recorded a BOP surplus of $1.761 billion, compared to $1.957 billion in the same period the previous year. The surplus, reflecting an improvement in net international