The Central Bank of Sri Lanka hosted the 45th SAARCFINANCE Governors’ Meeting and Symposiumduring 13-14 June 2024 in Colombo. The event was attended by the Governors, Finance Secretaries,and other delegates from the Central Banks and Ministries of Finance in the SAARC region. The SAARCFINANCE Governors’ Symposium, themed “Central Banking amid Multi-faceted GlobalEconomic Challenges,” was held on the first day of …
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President Ranil Wickremesinghe emphasized that he has not deviated from the principles of the democratic socialist system in Sri Lanka. He noted that two key objectives have been incorporated, ensuring that all citizens have an adequate standard of living and promoting rapid development across the country through public and private economic activities aimed at social objectives and the public good. …
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The IMF Executive Board completed the 2024 Article IV Consultation and Second Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $336 million) to support its economic policies and reforms. Performance under the program has been strong. All quantitative targets for end-December 2023 were met, except the …
Continue ReadingCurrently, institutions providing money transfer services in Sri Lanka such as banks and non-bank financial institutions, are regulated by the Central Bank of Sri Lanka (CBSL) or other relevant authorities to ensure financial system stability. However, some entities providing similar services operate outside the formal system, potentially disrupting the money transfer system and not being subject to Anti-Money Laundering and …
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Minister of Transport, Highways and Mass Media, Dr. Bandula Gunawardena stressed the necessity of adhering to the loan agreements with the International Monetary Fund (IMF) until 2028 while formulating the budget for the upcoming year 2025, regardless of the governing administration. He also highlighted the obligation for parties aspiring to assume state power to disclose their compliance with these agreements …
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Next Three Years Aimed at Building A Bright Future for Youth – The President President Ranil Wickremesinghe announced that the government has initiated the first step towards economic stability by submitting the Economic Transformation Bill. He stressed that regardless of which government or leader takes power, it is imperative to adhere to this agreement to effectively rebuild the national economy. …
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The President has instructed the introduction of relief packages for the education and fishing sectors. State Minister of Technology, Kanaka Herath, announced that the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka. The State Minister emphasized that a two-week period has been allocated for a formal public …
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President Ranil Wickremesinghe announced plans to construct 250 new bridges across Sri Lanka to enhance road connectivity and maximize the benefits of national development projects for rural communities. The President made this announcement while addressing a celebration at the Shangri-La Hotel in Colombo today (03), marking the successful completion of 750 rural bridges by Janson Bridging International from the Netherlands …
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Following the seasonal pattern where activities across many sectors slowdown during the traditional new year celebrations, Sri Lanka Purchasing Managers’ Index for Construction (PMI – Construction) decreased to an index value of 31.9 in April 2024. This indicates a contraction in construction activities compared to the previous month. As per the respondents, most construction sites were temporarily closed during the …
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Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100) decelerated to 0.9% in May 2024 from 1.5% in April 2024. This deceleration in the headline inflation is broadly in line with the projections of the Central Bank of Sri Lanka (CBSL). Prices of the items in the Food category, on year-onyear basis, remained unchanged in May 2024 …
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