The Hambantota International Port Group (HIPG) has unveiled a major $41 million investment to enhance its container operations, set to be fully operational by January 2025. This upgrade includes the installation of four advanced Quay Cranes (QCs) and 13 Rubber-Tyred Gantry Cranes (RTGs) at Hambantota International Port (HIP), increasing the port’s capacity to handle 1
Sri Lanka’s rupee opened slightly stronger on Tuesday, trading at 290.60/65 to the US dollar, compared to Monday’s close of 290.65/70, according to market dealers. In the bond market, yields were mostly steady with slight movements observed: Meanwhile, the Colombo Stock Exchange recorded modest gains. The All Share Price Index (ASPI) rose by 0.19 percent
Inflation in Colombo fell further into deflationary territory in November 2024, as anticipated by the Central Bank, with a significant decline in non-food prices and a slower decrease in food prices compared to the previous month. The Colombo Consumer Price Index (CCPI) saw a 2.1% drop in the year through November 2024, a sharper decline
Holders of Sri Lanka’s defaulted sovereign bonds have been given sufficient incentives to participate in the exchange launched this week, according to Central Bank Governor Nandalal Weerasinghe. Governor Weerasinghe stated that bondholders have strong reasons to join the exchange, including exchange fees and the introduction of macro-linked bonds. These bonds offer capital appreciation and coupon
The Sri Lankan rupee opened stronger on Tuesday, trading at 291.00/15 to the US dollar, compared to 291.25/35 on Monday, according to market dealers. Meanwhile, bond yields showed a downward trend. Bond Market Update Stock Market Performance In the equities market, indices opened positively: Market turnover was recorded at 23 million rupees, reflecting moderate trading
Sri Lanka’s rupee opened stronger at 291.05/20 against the US dollar on Tuesday, improving from the previous day’s rate of 291.35/45. Meanwhile, bond yields saw an uptick across various maturities. In the stock market, the All Share Price Index opened higher but dropped 0.74 percent, or 98.20 points, to close at 13,132. The S&P SL20
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
As of 14th November 2024, gold prices in Sri Lanka have been updated with the following rates for various carat and weight categories: Gold Unit Gold Price Gold Ounce Rs. 750,380.00 24 Carat 1 Gram Rs. 26,470.00 24 Carat 8 Grams ( 1 Pawn ) Rs. 211,800.00 22 Carat 1 Gram Rs. 24,270.00 22 Carat
The National Development Bank PLC (NDB) has announced robust financial results for the nine months ending 30 September 2024, highlighting its resilience and strategic adaptability in an improving economic landscape. NDB Director/CEO Kelum Edirisinghe stated, “The positive trend in Net Interest Margins (NIMs), cost efficiency, and credit quality reflects our focused strategy to enhance shareholder
The latest edition of LMD, a leading business magazine, reveals a significant boost in economic sentiment following Sri Lanka’s recent presidential election. The LMD-PEPPERCUBE Business Confidence Index (BCI) survey indicates a surge in optimism within corporate circles, marking a positive shift under the new executive. According to the survey, October saw a dramatic increase in