Two national budgets in 2025 possible: KPMG
Sri Lanka could potentially see a unique fiscal year in 2025, with the possibility of two national budgets being presented, according to KPMG Sri Lanka. The situation could likely arise due to the delay in presenting the 2025 budget, noted KPMG Principal Tax and Regulatory Rifka Ziyad, elaborating on the Vote on Account, which was […]
Read MoreSinopec Fuel Oil Lanka strengthens SL’s bunkering sector with High Sulphur Fuel Oil
Sinopec Fuel Oil Lanka (Pvt) Ltd. (SFOL) has announced the introduction of High Sulphur Fuel Oil (HSFO) to the Sri Lankan market for bunkering, a move that is set to transform the country’s maritime fuel sector. This strategic initiative underscores Sinopec’s commitment to customer-centric solutions, addressing a significant supply gap in Sri Lanka’s bunkering industry. […]
Read MorePower outage in a monkey, people of Sri Lanka in distress
A monkey has caused a nationwide power outage. The incident took place in the South Asian country of Sri Lanka. A monkey has entered the power grid, causing a nationwide blackout. The disturbance began around 11:30 am local time on Sunday. After about 3 hours of efforts, the problem was not resolved. As a result, […]
Read MoreSri Lanka begins 2025 with 17.5% increase in workers’ remittances
Remittances from Sri Lankans working abroad have continued to be strong providing much needed heft for the country’s strengthening external sector and thereby the broader economy. According to the data available through January 2025, Sri Lankans working abroad had sent back US$ 573.0 million via official channels, up sharply from the US$ 487.6 million recorded […]
Read MoreSri Lanka’s only viable recovery avenue is to continue current IMF-backed path: Anura
President Anura Kumara Dissanayake stressed that Sri Lanka’s only viable path for recovery is to continue on the current International Monetary Fund (IMF)-backed path and to build up the economy on this foundation. He shared these remarks at the 26th Presidential Export Awards Ceremony held in Colombo yesterday. “Either we can collapse with this foundation […]
Read MoreJapan provides 300 million Yen grant for ‘Clean Sri Lanka’ programme
The Government of Japan has extended a grant of 300 million Japanese Yen (approximately LKR 565 million) to Sri Lanka to enhance waste management infrastructure facilities under the ‘Clean Sri Lanka’ programme, the President’s Media Division (PMD) said. A Memorandum of Understanding (MoU) for the grant was signed today at the Presidential Secretariat in the […]
Read MoreSri Lanka eases vehicle import ban, but can people afford a new car?
Sri Lanka is set to relax a ban on some vehicle imports in a sign the country is returning to normal after a severe economic crisis that toppled a president. From 1 February, imports of buses, trucks and utility vehicles will be allowed to resume, while restrictions on other vehicles are expected to be gradually […]
Read MoreMMBL-Money Transfer achieves record US $ 350.8mn in worker remittances in 2024
MMBL-Money Transfer was responsible for bringing in a record US $ 350.8 million in foreign exchange into Sri Lanka in 2024. This represents 5 percent of the total worker remittances that came into the country last year. This also accounts for 77 percent of the overall Western Union remittances to the country. MMBL-Money Transfer is […]
Read MoreSri Lanka records highest deflation in 65 years
Sri Lanka’s consumer prices fell by 4% in January, the highest deflation rate since July 1960, official data showed Friday, as the South Asian nation emerges from its worst economic meltdown. January was the fifth consecutive month of deflation, according to the Colombo Consumer Price Index. Inflation hit a record 69.8% in September 2022 at […]
Read MoreCurrent policy rate sufficient to bring inflation back to 5% target: CBSL
In line with widespread expectations, the Central Bank kept its Overnight Policy Rate (OPR) — its new key policy rate — at 8.00 percent at its first policy meeting of the year. This decision was made with confidence that inflation will return to the medium-term target of 5 percent by the third quarter of this […]
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