Author Archive for Economy

Sri Lankan rupee at record low; stocks up from near 5-yr closing trough

Monday, October 22nd, 2018

COLOMBO, Oct 22 (Reuters) – ** The Sri Lankan rupee hit a record low on Monday as banks and importers purchased the U.S. dollar, while stocks edge up from their nearly five-year closing low hit in the previous session. ** The rupee dropped 0.4 percent to an all-time low of 172.50 per dollar, surpassing its […]

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Yahapalana Shylocks

Monday, October 22nd, 2018

Editorial Courtesy The Island October 22, 2018, 8:51 pm Former Petroleum Minister Chandima Weerakkody has called the government’s fuel pricing formula an affront to the people’s intelligence. He views it as a mechanism contrived to jack up fuel prices continually and raise funds for a spendthrift government. He is one of the ousted SLFP ministers who […]

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Not pounds and pence – here’s a different way to measure our wealth

Sunday, October 21st, 2018

Kamal Ahmed Economics editor Courtesy BBC How do you measure the value and success of the economy? Traditionally, by reporting on gross domestic product – the amount an economy produces of goods like cars and services like tourism. But, since the financial crisis that measure has been questioned. It can go up – showing growth – while […]

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Fuel pricing formula not suitable for Sri Lanka – Ravi

Saturday, October 20th, 2018

By Tharindi Pabasara Courtesy Adaderana The fuel pricing formula is not suitable for Sri Lanka, says the former Minister of Finance Ravi Karunanayake. He stated this responding to the queries raised by the media today (19). According to the former Minister Karunanayake, it is sufficient to formulate a method of determining the prices without being counterproductive to […]

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China’s foray into North SL stalled; India relieved

Saturday, October 20th, 2018

Anirban Bhaumik, DH News Service, New Delhi,  Sri Lanka has stalled China’s bid to spread its tentacles into the island nation’s war-ravaged Tamil-majority Northern Province, where several reconstruction projects are being funded by India. Sri Lanka has this week reversed its earlier decision… Read more at: https://www.deccanherald.com/national/india-relieved-chinas-foray-698835.html

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‘Handicapped sovereignty’: escalating costs of Sri Lanka’s post-war development vision

Saturday, October 20th, 2018

BENJAMIN BROWN, LORITTA CHAN, and KANCHANA N RUWANPURA  Courtesy opendemocracy.net As capital elbows its way in and remakes the world according to its own designs, the need to democratise this polity is more urgent than ever. Early in October 2018, the latest IPCC report issued a stark warning, urging ‘rapid, far-reaching and unprecedented changes in all aspects of society’ within the next […]

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චීනයෙන් ලංකාවට සැර කණේ පහරක්.. [Video]

Friday, October 19th, 2018

lanka C news ශ්‍රී ලංකාවේ මුළු විදේශ ණයවලින් චීනය වෙත ගෙවීමට ඇත්තේ 10%ක ප්‍රමාණයක් පමණක් බව චීනය අවධාරණය කරයි. චීන විදේශ කටයුතු අමාත්‍යාංශය මාධ්‍ය ප්‍රකාශක ‘ලු කන්ග්’ මහතා මේ බව සඳහන් කළේ එරට දී පැවති මාධ්‍ය හමුවක් අමතමිනි. චීන රජය විසින් ශ්‍රී ලංකාව ණය උගුලක සිර කර ඇතැයි පැවසෙන ප්‍රකාශ සම්පූර්ණයෙන්ම අසත්‍ය බව ද කොළඹ […]

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Sri Lanka reverses $300-mln China housing deal ahead of PM’s India visit

Thursday, October 18th, 2018

COLOMBO, Oct 18 (Reuters) – Sri Lanka has reversed a decision to award a $300-million housing deal to China in favour of a joint venture with an Indian company, the government said, ahead of a visit by the prime minister to its South Asian neighbour. Prime Minister Ranil Wickremesinghe will meet his counterpart Narendra Modi […]

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Fuel pricing formula revealed

Thursday, October 18th, 2018

Courtesy Adaderana Sri Lanka’s much-talked about Fuel Pricing Formula was revealed in detail to the media by Minister of Finance and Mass Media Mangala Samaraweera, at a press conference in Colombo today (18). The Cabinet of Minister had granted approval for the implementation of a cost reflective formula based pricing system of auto fuels effective […]

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Cabraal-led Expert Committee for economic crisis: Joint Opposition JO

Wednesday, October 17th, 2018

Kalathma Jayawardhane Courtesy The Daily Mirror Former President Mahinda Rajapaksa had decided to appoint a Special Economic Committee headed by former Central Bank Governor Ajith Nivard Cabraal, to look into the economic crisis in the country, and to provide recommendations, the Joint Opposition (JO) said today. JO member MP Wimal Weerawansa told a news conference that […]

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Rupee will hit 200 if S’pore FTA is on: JO

Tuesday, October 16th, 2018

Lahiru Pothmulla Courtesy The Daily Mirror The joint opposition (JO) said today the Sri Lanka rupee would hit 200 against the US Dollar by the end of this year if the Singapore FTA, which had enabled thousands of items to be imported without taxes, was still operative. JO MP Bandula Gunawardana told a news conference that […]

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Only 8% of budget promises are on track, says think tank

Tuesday, October 16th, 2018

Courtesy Adaderana A private sector think-tank says that only 8% of the government’s budget promises are progressing in line with their targets and that the pace of progress is slow, at the end of the first six months of 2018. Further, progress on 33% of proposals are categorised as either broken, neglected or undisclosed.” This […]

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Will take care of debt issues of Belt and Road projects: China

Monday, October 15th, 2018

Courtesy The Daily Mirror China’s Vice Finance Minister Zou Jiayi has acknowledged debt issues with some of its ‘Belt and Road’ projects, saying the government will strengthen macro-supervision on the debt sustainability aspect of its overseas investments, the Reuters reported on Saturday. The debt sustainability issue of Belt and Road (projects) is a complicated issue, but […]

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මිල සූත්‍රය ගැන නොදන්න බව කීමට ආණ්ඩුවක් අවශ්‍ය නෑ

Monday, October 15th, 2018

ඉෂාරා සිල්වා උපුටාගැණීම  මව්බිම නව ඉන්ධන මිල පිළිබඳ තීරණය කිරීමට රාජ්‍ය ඇමැති ආචාර්ය හර්ෂ ද සිල්වා අගමැතිවරයා සාකච්ඡා කළ බව පුවත්පත්වල සඳහන් වන බවත් එම මිල තීරණය සම්බන්ධයෙන් ජාත්‍යන්තර මූල්‍ය අරමුදල කුමක් කියන්නේද, නව තීරණයෙන් රුපියල මස්තබාල්දු වන එක නතර වෙනවාද, බදු අඩු කිරීමට තීරණය කරනවාද යන්න රටට හෙළි කළ යුතු බවත් පාර්ලිමේන්තු මන්ත්‍රි ආචාර්ය බන්දුල […]

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අපි රට බාර දෙනවිට ආර්ථිකය තිබුණේ ඉහළම තැනක

Monday, October 15th, 2018

පනාගොඩ – චම්පා ජීවන්ති උපුටාගැණීම  මව්බිම අද හැමෝම අහන ප්‍රශ්නයක් තමා කවුද විපක්‍ෂයෙන් ඉදිරි ජනාධිපතිවරණයට ඉදිරිපත් කරන අපේක්‍ෂකයා කියලා. මේ ගැන එක්සත් ජාතික පක්‍ෂයට විශාල ප්‍රශ්නයක් පැනනැඟිලා තියෙනවා. ඒගොල්ලෝ එක එක දේවල් කියනවා ඒ ගැන. එහෙත් දෙවරක්ම ජනාධිපතිවරණයට තමන්ගේ පක්‍ෂයේ නායකයාව ඉදිරිපත් කරන්නට බැරි වෙච්ච එක ගැන එයාලා කල්පනා කරන්නේ නැහැ. ඒ කොහොම වුණත් ඒ පිළිබඳව […]

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Value of US Dollar nears 173 mark

Friday, October 12th, 2018

By Tharindi Pabasara Courtesy Adaderana The Sri Lankan Rupee depreciated against the US Dollar as the selling rate of the US Dollar reached the 173 mark. According to the daily indicative exchange rates of the Central Bank of Sri Lanka, the buying rate of the US Dollar is recorded at Rs 169.0186 while the selling rate is […]

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At what value of rupee would CB think it needs to stop depreciation? At 200 or 250 or 300?

Thursday, October 11th, 2018

A Response from Ajith Nivard Cabraal, former Governor of the Central Bank Courtesy The Island October 11, 2018, 9:04 pm In Aesop’s Fables’ “The Fox and the Grapes”, the fox, when it finds that it is unable to reach the grapes it is seeking, claims that the “grapes are sour”, and hence it’s not worthwhile reaching […]

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‘Price control through taxation, self-defeating’

Thursday, October 11th, 2018

By Hiran H.Seneiwiratne Courtesy The Island October 11, 2018, 8:15 pm The government’s price control practice  through taxation on essential items does not serve the purpose because it limits the value in reducing cost and damage markets by preventing the supply of products from rising to meet demand, a top market research company said. “The price […]

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Govt’s repeated mantra on corruption and ‘debt mountain’ scared away investors: Godahewa

Tuesday, October 9th, 2018

by Sanath Nanayakkare Courtesy The Island The current government’s needlessly self-destructive overemphasis of corruption and the oft-repeated ‘debt mountain’ scared away foreign investors who lost faith in the country’s administrative and financial system, Dr Nalaka Godahewa, former chairman of the Securities Exchange Commission (SEC) told the media at the Patriotic Professionals’ press briefing held on Monday. […]

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බැරි එකාට බෑමයි කියා නාහෙන් හඬන ලංකාවේ ආර්ථිකය

Tuesday, October 9th, 2018

ආචාර්ය නාලක ගොඩහේවා උපුටාගැණීම  මව්බිම ලංකාවේ මේ අවස්ථාවේ විශාල සමාජ ආර්ථික දේශපාලන අර්බුදයක් ඇති බව නොපිළිගන්නා අයෙක් වේ නම් ඒ එක්කෝ බොරුකාරයෙකි. නැත්නම් මෝඩයෙකි. මන්ද සත්‍යය ඕනෑම අයකුට ඇස් ඉදිරිපිටම දක්නට ඇති බැවිනි. දේශපාලන වේදිකාවල රටේ ජනතාවට හැමදාමත් බිල්ලන් මවන වත්මන් අගමැතිවරයාගේ අලුත්ම හෙළිදරව්ව නම් ලෝක ආර්ථික අර්බුදයක් ඇති බවත් ලංකාව ඉන් පීඩනයට ලක්වී ඇති බවත්ය. […]

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To Solve Its Debt Problem, Pakistan Should Either Follow Malaysia Or Turn Into The Next Sri Lanka

Tuesday, October 9th, 2018

Panos Mourdoukoutas Courtesy forbes.com The IMF won’t solve Pakistan’s debt problem. In dealing with a soaring foreign debt, Pakistan has a couple of choices. One of them is to cancel Chinese projects, as Malaysia did back in August. The other choice is to allow China to turn debt into equity, as Sri Lanka did back in […]

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Liberal capitalism and currency depreciation

Monday, October 8th, 2018

JANAKI CHANDRARATNA It is heartening to note that the government is paying serious attention to the rapid depreciation of the rupee and the deterioration of the economy. We are being told that the import of luxury cars and other luxury items will be suspended for a short period of six months to improve foreign exchange […]

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Sri Lanka entering a dark era of long queues for food and basic goods: Cabraal

Monday, October 8th, 2018

by Sanath Nanayakkare Courtesy The Island Woeful mismanagement of the economy coupled with the resultant steep fall in foreign reserves and the unjustifiable depreciation of the rupee will leave the government with serious cashflow problems in the future and the general public will have to stand in queues across the country every single day for hours […]

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Sri Lanka rupee hits record low for 4th session; stocks gain

Monday, October 8th, 2018

COLOMBO, Oct 8 (Reuters) – ** The Sri Lankan rupee hit a record low for a fourth straight session on Monday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a fourth consecutive session to a more than two-week closing high. ** The rupee fell to […]

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අදූරදර්ශී අසමත් ආණ්ඩුව , ආර්ථිකය කාබාසිනියා කරමින් රුපියලට කළ අපරාධය – හිටපු අධිපති කබ් රාල්ගෙන් විවරණයක්

Monday, October 8th, 2018

 සාකච්ඡා කළේ – ශ්‍යාම් නුවන් ගනේවත්ත[Divaina] රුපියල පිරිහීම වාසියි කියන අය පුළුවන්නම් ඒක ජනතාවට කියන්න – කබ්රාල්ගෙන් අභියෝගයක් අද හැම දෙනාම කතා කරන්නේ රුපියල කඩා වැටීම ගැනය. මේ තත්වය පාලනය කිරීමට රජයත් මහ බැංකුවත් පිළියම් යෙදිය යුතුව තිබේ. අගමැති රනිල් වික‍්‍රමසිංහ මහතා මෙන්ම මුදල් හා ජනමාධ්‍ය ඇමති මංගල සමරවීර මහතාද මේ සම්බන්ධයෙන් ආනයන පාලනය කළ […]

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Rupee depreciation: Govt. and CB have abdicated vital statutory duty

Sunday, October 7th, 2018

by Ajith Nivard Cabraal Former Governor, Central Bank of Sri Lanka Courtesy The Island October 7, 2018, 9:56 pm As per the Monetary Law Act (MLA), it is a statutory duty of the Central Bank’s is to maintain “economic and price stability”. In so doing, the MLA requires the Monetary Board “to maintain the international stability […]

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Halt waste and extravagance in the wake of economic woes

Saturday, October 6th, 2018

The Editorial Courtesy The Island Despite some reassuring noises from the Central Bank, the rupee keeps depreciating and the repercussions across the national economy must necessarily be pervasive. We’ve already had a fuel and gas price increase and given the way the global oil markets are behaving, it is unlikely that local prices will remain […]

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BLUNDERS BEHIND THE Rupee DEBACLE

Saturday, October 6th, 2018

By Udaya P Gammanpila Courtesy Ceylon Today The rupee is now resting for a while in its continuous sliding journey, thanks to the Central Bank.  The Central Bank has generously released its foreign reserves to the forex market to stabilize the rupee. The Bank has released 184 million dollars for this purpose. As a result, instead […]

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ශ්‍රී ලංකා මහ බැංකුවේ පසුගිය මාස 5 ට සංචිත ඩොලර් මිලියන 1268 ක් රුපියල ගොඩගන්න දැනට වැයකරලා

Friday, October 5th, 2018

 ඉතා හදිසි වැදගත් පුවත්පත් නිවේදනයි කැෆේ සංවිධානය හා ශ්‍රී ලංකා මානව හිමිකම් කේන්ද්‍ර‍ය ශ්‍රී ලංකා මහ බැංකුව සතු ඩොලර් සංචිතය 2018 අප්‍රේල් සිට සැප්තෑම්බර් දක්වා කාර්තුව තුල ඩොලර් මිලියන 1268 කින් පහත වැටී ඇතැයි ශ්‍රී ලංකා මානව හිමිකම් කේන්ද්‍ර‍ය පුවත්පත් නිවේදනයක් නිකුත් කරමින් පවසයි. 2018 අප්‍රෙල් මස බැංකුව සතු සංචිත ඩොලර් මිලියන 9015 ක් වූ අතර, […]

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China didn’t put SL into a debt trap: Envoy

Friday, October 5th, 2018

Courtesy The Daily Mirror The Chinese Government did not get Sri Lanka into a debt trap by lending money to it,” Sri Lankan Ambassador to China Karunasena Kodituwakku has said. If anybody is saying that the Chinese government lent money to us to put Sri Lanka into a debt trap, I don’t agree with that […]

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