Webinar on ‘Italy – New partnerships for business’

The Sri Lanka Italy Business Council together with the Embassy of Italy and the Ceylon Chamber of Commerce conducted a Webinar titled ‘Italy – New partnerships for business’ on September 10, 2020. The is the first webinar out of series of webinars to promote a greater knowledge on Italian manufacturing, which is not well known to Sri Lanka as well as on the export financing tools that Italian Government provides, that may be of benefit to many importers in Sri Lanka.

50% probability for policy rates to remain unchanged due to improvement in high frequency indicators: First Capital Research

First Capital Research believes that the Central Bank of Sri Lanka (CBSL) will maintain the same policy stance in this monetary policy review, but given the concerns around economic growth, the research arm stated that the CBSL is likely to retain the monetary policy stance at “accommodative”.

CB approved 61,907 loans amounting to Rs. 178 billion through Saubagya COVID-19 Renaissance facility

The Central Bank of Sri Lanka, as of 15th October 2020, approved 61,907 loan applications received from COVID-19 affected businesses. These applications were for a total of Rs. 177,954 million and registered under the three Phases of the Saubagya COVID-19 Renaissance Facility. So far, the Licensed Banks have released loans amounting to Rs. 133,192 million among 45,582 affected businesses island-wide (See Table 1 for details).

SL’s manufacturing and services sectors expanded in September

The Purchasing Managers’ Indices (PMIs) for both manufacturing and services activities expanded in September 2020, the Statistics Department of the Central Bank of Sri Lanka announced yesterday (15).

Manufacturing activities expanded at a higher rate in September 2020, compared to August 2020.

WB board approves $12bn for COVID-19 vaccines, treatments in developing countries

The World Bank said its executive board approved on Tuesday $12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments for their citizens.

Sri Lanka state agencies to import basmati rice from Pakistan

The Cabinet of Ministers has approved the proposal presented by Minister of Trade to import 6,000 metric tons of Basmati rice annually under the provision of the Pakistan-Sri Lanka Free Trade Agreement (FTA) and to allow only the Sri Lanka State Trading Corporation (STC) and Cooperative Wholesale Establishment (CWE) to import rice under this agreement.

Sri Lanka’s merchandise export earnings surpass $1bn mark in September

Sri Lanka’s merchandize exports have surpassed the $ 1 billion mark in September after July during this year,  the Export Development Board (EDB) said.

Export Development Board (EDB) Chairman Prabhash Subhasinghe mentioned; “I am extremely pleased to see $1 Billion of exports in September.

Sri Lanka official reserves fall to US$6.6bn in September

Sri Lanka’s gross official reserves were down by US$777.3 million to US$ 6,652.8 million in September 2020 from US$ 7,430.1 million in August 2020, latest Central Bank data showed.

By the end of September, foreign currency reserves were 6,175.5 million dollars while the reserve position in the IMF was 67.4 million dollars.

“QR Code method vital to prevent black money economy”

Sri Lankan’s financial literacy especially in the rural areas is very low and due this there is a large black economy , Minister of Trade Dr. Bandula Gunawardane said speaking at the launch of “DIERO LANKAQR” awareness campaign by the Payments and Settlements Department of CBSL.

New rules on Special Deposit Accounts

Approval of the Cabinet of Ministers was granted at their meeting held on the 08 April 2020 for the issuance of orders under the foreign exchange act No. 12 of 2017 for the opening and maintenance of recently introduced Special Deposit Accounts (SDAs) in order to deposit money remitted into the country across the banking system for a period of 06 months, with the objective of encouraging the influx of foreign exchange into the country.