Presidential candidate Anura Kumara Dissanayake has attributed Sri Lanka’s 2022 financial crisis to incumbent President Ranil Wickremesinghe, while largely absolving former President Gotabaya Rajapaksa. Speaking at an election rally, Dissanayake claimed that Wickremesinghe was the architect of the crisis, whereas Rajapaksa’s missteps stemmed from ignorance. “They ended essential supplies like oil, gas, and electricity. Ranil
Sri Lanka’s rupee opened weaker on Thursday at 304.25/50 against the US dollar, compared to Wednesday’s 303.75/85, according to market dealers. Bond yields saw an upward movement, while the stock market opened stronger. In the secondary bond market, a bond maturing on December 15, 2028, was quoted at 11.85/90 percent, up from 11.70/80 percent the
Sri Lanka is expecting a mission from the International Monetary Fund (IMF) in two weeks, President Ranil Wickremesinghe announced at a campaign rally in Homagama on Wednesday. “In two weeks when the IMF team comes, we must either confirm that we will implement the agreement and receive the next installment, or inform them of any
The US Federal Reserve has cut its interest rate by 50 basis points, bringing the target overnight rate to 4.75%-5.00%. Fed Chair Jerome Powell stated that inflation and employment are now more balanced. “Inflation is much closer to our target, and we are increasingly confident that it is moving sustainably toward 2 percent,” Powell said
The Finance Ministry has announced a reduction in the cess levy on imported cement by Rs. 1 per kilogram, effective from 6 September 2024. This adjustment was made under the authority of Ranil Wickremesinghe, Minister of Investment Promotion, and with the agreement of the Minister of Finance, Economic Stabilisation, and National Policies. This decision revises
As of 9th September 2024, the gold prices in Sri Lanka remain steady, with updated rates for both 22 Carat and 24 Carat gold. Here’s the latest breakdown of gold prices: Gold Unit Gold Price Gold Ounce Rs. 753,460.00 24 Carat 1 Gram Rs. 26,580.00 24 Carat 8 Grams ( 1 Pawn ) Rs. 212,650.00
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
Sri Lanka’s rupee opened steady at 298.90/299.00 against the US dollar on Thursday, according to market dealers. Bond yields saw a rise, and the Colombo Stock Exchange (CSE) opened with a 0.42 percent gain. Bond Market Performance: Stock Market Update: Sri Lanka’s financial markets remain volatile, with currency stability and bond yield fluctuations reflecting global
Sri Lanka’s rupee closed weaker at 304.00/20 to the US dollar on Monday, down from 303.55/65 on Friday, dealers said, while bond yields were broadly steady. A bond maturing on 15.12.2026 closed at 10.40/50 percent, slightly down from 10.40/55 percent. A bond maturing on 15.12.2027 closed at 11.60/70 percent, up from 11.50/65 percent. A bond
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,”