Former president Ranil Wickremesinghe-led government was negotiating with the IMF for the release of the fourth tranche of the $2.9 billion facility A high-level team of the International Monetary Fund will arrive in Sri Lanka on Wednesday (October 2, 2024) to meet the new government headed by President Anura Kumara Dissanayake and discuss the latest economic reforms supported by the …
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The selling rate of the US dollar has fallen below Rs. 300 for the first time since June 8, 2023. According to the Central Bank of Sri Lanka, the selling rate of a US dollar was recorded at Rs. 299.35 while the current buying rate stands at Rs. 290.30.
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The National People’s Power (NPP) government led by President Anura Kumara Dissanayake is to abandon initial plans by the previous rule to sell off or divest the cash-strapped SriLankan Airlines, an official said. The Chairman of the NPP Economic Council Prof. Anil Jayantha said the government believes that the national career should remain with the state given its significance for …
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“Sri Lanka Socio-Economic Data – 2024”, the annually published data folder of the Central Bank of Sri Lanka, is now available for public information. The current data folder is the 47th volume of the series. This easy-to-carry booklet contains information categorised under 14 topics, namely, Country Profile; Key Economic Indicators; Country Comparisons; Socio Economic Conditions; Human Resources; National Accounts; Agriculture; …
Continue ReadingThe Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 26 September 2024, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 8.25 per cent and 9.25 per cent, respectively. The Board arrived at this decision after carefully …
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Allocate Rs. 25,000 per hectare for the Maha season as a fertilizer subsidy. Implement a fuel subsidy specifically for fishermen. Honourable President Anura Kumara Dissanayake has instructed the Treasury to provide an allowance of Rs. 25,000 per hectare to paddy farmers for the Maha season of 2024/25. According to this initiative, the fertilizer subsidy, which was previously set at Rs. …
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According to the Consumer Affairs Authority (CAA), the prices of egg-based bakery products should also decrease in line with the reduction in the price of eggs in the market. He further emphasized that steps should be taken to pass this benefit on to consumers. The Chairman of the CAA, Thusitha Indrajith, stated that the price of an egg, which was …
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Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘RD’ (Restricted Default) and Long-Term Local-Currency IDR at ‘CCC-‘. Fitch typically does not assign Outlooks to issuers with a rating of ‘CCC+’ or below. A full list of rating actions is at the end of this rating action commentary. Key Rating Drivers Restructuring Negotiations Ongoing: The sovereign remains …
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President Ranil Wickremesinghe emphasized that discussions with private bondholders have successfully concluded, marking a significant step in freeing the country from bankruptcy. He further stated that an official acknowledgment of Sri Lanka’s recovery from bankruptcy is expected soon, along with the swift implementation of plans to advance the country. The President made these remarks during a meeting with the Executive …
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Purchasing Managers’ Indices indicate expansions in both Manufacturing and Services activities in August 2024. Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 55.5 in August 2024. This indicates an expansion in manufacturing activities,yet at a slower rate compared to the previous month. All the sub-indices, except for Employment, remained above the neutral threshold …
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