Development and Economic News
Government to regulate micro finance institutions countrywide
In the wake of irregularities and complaints of haressing poor creditors, the government is to regulate 15,000 microfinance institutions that are illegally operating in the country.
Central Bank signs agreement with Govt. to retain 5% inflation target
The Central Bank has inked an agreement with the Government to uphold a 5% inflation rate, with a permissible 2 percent variation.
Sri Lanka Tourism earnings soar to US $ 1.5 b by end of 3Q
Sri Lanka’s tourism sector has surged ahead in 2023, with earnings totalling nearly $ 1.5 billion in the first nine months of the year, alongside a notable influx of over 1.01 million visitors.
Central Bank expresses dismay on restructuring state banks
The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed
Central Bank expresses dismay on restructuring state banks
The Central Bank, the sole regulator of banks and financial institutions, is in the dark relating to a decision taken to restructure six state banks as indicated in a list issued by State Owned Enterprise Restructuring Unit (SRU) to the media, Central Bank (CB) Governor Nandalal Weerasighe proclaimed
Government to impose zero customs tariff for electric vehicle imports
Sri Lanka’s motor traders have raised serious concerns on the government’s decision to impose a zero customs tariff on the CIF value to import electric vehicles with power up to 500 kW or Plugin Hybrid Electric Vehicles (PEHV) up to 3000CC in semi-knockdown (SKD) form for local assembly.
Central Bank Chief anticipates IMF Board approval by November
The Central Bank Governor Nandalal Weerasinghe revealed yesterday that they anticipate the completion of the International Monetary Fund (IMF) first review by the end of this month with approval from its Board in November, with the subsequent process of debt restructuring in tandem with these efforts.
SriLankan Airlines incurred US$ 6 mn in losses due to flight delays
Minister of Ports and Aviation Nimal Siripala de Silva has revealed that the recent delays of eight flights have caused losses to the tune of US$ 06 million to the national carrier SriLankan Airlines
SL Mineral industry trquests 300% tax rebate for research and development
The Export Development Board (EDB) has identified the value-added Mineral products sector as a potential sector to be developed and promoted in the international market.
IMF focuses attention on Governmental reviews of corrupt practices
The International Monetray Fund has focused attention the Governmental reviews and investigations into specific cases, including SriLankan Airlines’ interactions with Airbus, the decision to sharply reduce the import tax on sugar in 2020, and the events around the issuing of bonds in February 2015.