The Sri Lankan rupee has been recognised as the best performing emerging market currency as of August 2024, showing an impressive spot return of 8.21%, according to Bloomberg market data. The rupee has held this title for five consecutive months, starting from March, making it the strongest emerging market currency so far this year. In
As of August 30, 2024, the price of gold in Sri Lanka continues to fluctuate with the following rates available for 22 Carat and 24 Carat gold. Gold Unit Gold Price Gold Ounce Rs. 757,143.00 24 Carat 1 Gram Rs. 26,710.00 24 Carat 8 Grams ( 1 Pawn ) Rs. 213,700.00 22 Carat 1 Gram
Sri Lanka’s high alcohol taxes are pushing consumers, already impacted by the economic crisis, toward illegal and dangerous alternatives, warns Harry Jayewardena, the Chairman of Distilleries Corporation of Sri Lanka (DCSL). The company has reported a decline in sales over the past year due to the rising costs of legal alcohol products. In the DCSL
Port City Colombo has reached a key milestone, successfully onboarding over 100 companies as Authorised Persons (APs) by 24 August 2024. These companies span a wide array of sectors, including IT, finance, logistics, shipping, healthcare, tourism, real estate development, and global capability centres. This development positions Port City Colombo as a crucial player in attracting
Sri Lanka’s rupee opened slightly weaker on Wednesday, trading at 300.30/80 against the US dollar, compared to 300.00/30 the previous day, according to market dealers. Meanwhile, bond yields saw a marginal increase. The bond market remained quiet, with active quotes yet to commence. A bond maturing on 1st July 2028 was quoted at 12.60/70%, up
Sri Lanka’s economic growth is anticipated to slow down in the second half of 2024, with a projected overall growth of 3.2%, according to Bloomberg Intelligence. The research arm of Bloomberg attributes the slowdown to tight fiscal policies and weak consumer sentiment, which are expected to limit the pace of recovery. Despite these challenges, Sri
Sri Lanka’s rupee opened weaker on Monday, trading at 299.75/300.50 against the US dollar, according to currency dealers. This follows the rupee’s close at 299.70/300.00 against the greenback on Friday. In the bond market, yields dipped, with a bond maturing on 01.07.2028 quoted at 12.45/55 percent, down from 12.45/60 percent. Meanwhile, a bond maturing on
Sri Lanka experienced a significant increase in loan demand across the retail, corporate, and small and medium enterprise (SME) sectors during the second quarter of 2024, according to a recent survey by the Central Bank of Sri Lanka. This uptick is attributed to lower interest rates and stable exchange rates, reflecting improved economic confidence and
Sri Lanka’s budget deficit saw a significant reduction of 52% in the first half of 2024, dropping to 515.7 billion rupees. During the same period, government revenues surged by 42% to 1,860.6 billion rupees, driven largely by a 43% increase in tax revenues, totaling 1,709.3 billion rupees, according to interim budget data. The budget’s current
Sri Lanka’s tea exports in July 2024 totaled 21.35 million kilogrammes, marking a 6.2% year-on-year decline. While bulk and packeted tea exports showed negative variances, tea bags recorded a marginal gain compared to July 2023. The FOB value for July 2024 increased to Rs.1,773.70, up Rs.158.39 from the previous year. From January to July 2024,