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The Colombo stock market yesterday closed on a negative note, apparently losing the steam with which it rose to highest gain since 2010 last week.

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“As soon as the novel coronavirus (COVID-19) was announced as a pandemic, we knew the borders will be closed and it will have an adverse impact on our exports,” EDB Chairman Prabhash Subasinghe told the Daily FT.

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Sri Lanka economy was already slowing down considerably, before the corona virus began infecting people and now the country has to brace for a sharper economic slowdown and if the situation gets worse, even a recession.

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World Bank has projected that Sri Lanka’s foreign remittances which amounted to 7.8 percent of the GDP in 2019, are expected to decline by 19 percent this year.

Tuesday, 26 May 2020 07:09

Central Bank defends money printing

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The Central Bank recently presented a spirited defence of its money printing and insisted that it had performed its duty to provide liquidity at a time when the entire country was struggling from the COVID-19 impact, and expressed confidence that it would not result in inflationary pressures and currency depreciation.

Tuesday, 26 May 2020 07:02

CSE extends trading hours

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The Colombo Stock Exchange (CSE) has announced extended trading hours from today.

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Sri Lanka’s banking sector will be facing liquidity and debt default issues as a result of moratoriums and other relief given for debtors of banks to enable them to survive in the present economic crisis triggered by the Covid-19 pandemic, finance and banking analysts said.

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Sri Lanka tourism will restart resurgence like a phoenix rising from the ashes following the green light given by the authorities to reopen all hotels and restaurants even amidst Covid-19 crisis.

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Hundreds of Sri Lanka Telecom (SLT) customers are facing communication difficulties during Covid-19 crisis period as a result of the state owned entity’s action to disconnect their land phone ,peo tv and broad band connections for non payment of bills.

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Sri Lanka has engaged in an unprecedented money printing and reserve appropriation drive running into billions of rupees are aimd to meet financial demands at a time the country was facing its worst-ever economic crisis due to the ongoing coronavirus pandemic.

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