Courtesy Hiru News Due to several reasons including the COVID-19 pandemic, global political imbalances and gradual erosion of fiscal position of the country, Sri Lanka is now facing social, economic and financial distress leading to disturbances to normal lives of our people. Although the authorities are taking measures to address the current situation of the […]

Courtesy Hiru News The finance ministry in a press release said that the Sri Lankan government is suspending normal debt servicing of all affected external debts.  Sri Lanka is entering into a ‘pre-emptive negotiated default’ by giving notice ahead of time and asking lenders to come to the negotiating table, which is not a ‘hard default’ […]

Courtesy Adaderana Several leading licensed commercial banks in Sri Lanka have today declared their selling rate of the US Dollar at Rs. 330. Meanwhile the buying price of the dollar has been declared at Rs. 320. Accordingly, the following selling rates of the USD had been listed by commercial banks: Bank of Ceylon – Rs. […]

Courtesy Hiru News The Governor of the Central Bank Dr. Nandalal Weerasinghe stated that One of the ways to overcome the current crisis situation is to allow the Central Bank to function independently. He was speaking at a special media briefing on ‘Economic Crisis Emergency’ held last night (08). He also stated that it does […]

Courtesy Hiru News Sri Lanka’s central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis. “The rate hike will give a strong signal to investors and markets that we […]

Courtesy Hiru News Finance Minister Ali Sabry says he and a delegation including the Central Bank Governor and the Finance Minister Secretary along a team of technical experts will leave for Washington on the 18th to hold talks with the International Monetary Fund. The Minister said that the selection of financial and legal consultants for […]

Courtesy Hiru News Sri Lanka will need about $3 billion in external assistance in the next six months to help restore supplies of essential items including fuel and medicine, according to finance minister as reported by Reuters on Saturday. The nation has been hard hit by prolonged power cuts and shortages which have drawn protesters […]

Courtesy Adaderana The Sri Lanka government, through the Finance Ministry, has published Request for Proposals (RfPs) from interested parties or agencies for the appointment of financial advisors and legal consultants for managing its external debt sustainability. The scope of work of financial advisors includes evaluation of the debt stock in the background of maintaining sound macroeconomic fundamentals, advising the […]

Courtesy The Daily Mirror CB says substantial policy response is imperative” to address inflationary pressures and stabilise exchange rate CB’s SDFR and SLFR now stand at 13.50% and 14.50%, respectively However, analysts fear policy rate move could result in mass-scale defaults and even push economy towards a recession The Monetary Board of the Central Bank […]

බැංකුවේ අධිපති ආචාර්ය නන්දලාල් වීරසිංහ පිලිතුරු දෙයි https://www.facebook.com/jagath.priya/videos/502863268214768

Courtesy Adaderana One of the ways to overcome the current crisis situation is to allow the Central Bank to function independently, the newly-appointed governor Dr. Nandalal Weerasinghe says. The CBSL Governor stated this addressing the media for the first time this evening after assuming duties in his new position. He also pledged to work with […]

Courtesy Hiru News Monetary Policy Review: No. 03 &ndash; April 2022<br />The Central Bank of Sri Lanka Significantly Tightens its Monetary Policy&nbsp;Stance to Stabilise the Economy The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 April 2022, decided&nbsp;to increase the Standing Deposit Facility Rate (SDFR) and the Standing […]

Courtesy Hiru News The Governor of the Central Bank Dr. Nandalal Weerasinghe says that technical discussions have been initiated with the International Monetary Fund and steps have been taken to expedite its process from tonight (08). A virtual meeting has been requested for 11th April with IMF. The meeting can be held even without the […]

Courtesy Hiru News The new Governor of the Central Bank, Dr. Nandalal Weerasinghe says that he believes that the Central Bank of Sri Lanka has the potential and the strength to steer the country’s economy in the correct direction.

Courtesy BDNews24 Bangladesh’s economy is robust” and the government has been exercising extreme caution” so that the country does not face a crisis like that of Sri Lanka, Prime Minister Sheikh Hasina has said. She made the remarks after Jatiya Party Chairman GM Quader expressed concern over the risks facing Bangladesh’s economy in parliament on […]

Ajit Ranade Courtesy mint A global shock on top of fiscal profligacy and a foreign debt overload could wreck large economies too. The entire cabinet of Sri Lanka resigned this week, collectively expressing its inability to handle the country’s worsening economic crisis. This was just hours after the lifting of a curfew that was imposed […]

Rohan Laksiri General Secretary Federation of University Teachers’ Associations (FUTA).  We are currently experiencing the worst economic and political collapse in the history of Sri Lanka post-independence. The present government, consisting of a two-thirds majority in Parliament and an executive president with unlimited powers obtained through the infamous 20th Constitutional Amendment, has, in a short […]

උපුටාගැණීම ලංකාදීප ජෝන් හොප්කින්ස් විශ්ව විද්‍යාලයේ ව්‍යවහාරික ආර්ථික විද්‍යාව පිළිබඳ මහාචාර්යවරයෙක් වන ස්ටීව් හැන්කි මහතාගේ නවතම උද්ධමන වගුවට අනූව ශ්‍රී ලංකාව හයවෙනි ස්ථානය දක්වා ඉහළට පැමිණ ඇත. ස්ටීව් හැන්කි මහතාගේ උද්ධමන වගුවට අනූව 14.2% ක් ව තිබූ ශ්‍රී ලංකාවේ උද්ධමනය 55% දක්වා වාර්තාගත ලෙස ඉහළ ගොස් ඇත. මහාචාර්ය ස්ටීව් මහතාට අනූව ශ්‍රී ලංකාව තුළ 1884 […]

by Arundathie Abeysinghe Courtesy Asianews.it The amount would be added to the 2.8 billion the Chinese have granted since the outbreak of the pandemic. New economic agreements also with India. Blackouts continue due to lack of fuel. Colombo (AsiaNews) – Sri Lanka has made a new request to China for 2.5 billion dollars: a loan […]

Courtesy Adaderana Debt issues seen constraining growth, jeopardize economy Negotiations on possible IMF support to start in April Bloomberg – Sri Lanka faces solvency” issues because of risks stemming from unsustainable debt levels that jeopardize the nation’s economy, according to International Monetary Fund staff. Based on staff analysis, the fiscal consolidation necessary to bring debt down […]

Courtesy The Daily Mirror The proposed US $ 1 billion loan to be obtained from China will be utilised to settle the previous loans from the Chinese banks, Daily Mirror learns. Sri Lanka’s current loans from China also amount to nearly US $ 1 billion, a top source said. The latest method will be adopted […]

Courtesy Adaderana The International Monetary Fund (IMF) says Sri Lanka needs to implement a credible and coherent strategy covering both the near- and medium-term to restore macroeconomic stability and debt sustainability. In its Staff Report for the 2021 Article IV Consultation with Sri Lanka, the IMF recommended a comprehensive set of policies with specific measures. […]

By WILL KENTON Courtesy Invetopedia.com What Is a Currency Board? A currency board is an extreme form of a pegged exchange rate. Management of the exchange rate and the money supply are taken away from the nation’s central bank, if it has one. In addition to a fixed exchange rate, a currency board is also generally required to maintain […]

Courtesy Ceylon Today A top US economist has recommended the dumping of the rupee and installing a currency board as the only way to save Sri Lanka’s economy. Steve H. Hanke of the John Hopkins University notes the country had such an entity from 1884 to 1950. He tweeted, Today, I measure inflation in Sri […]

Harvey Perera  Currently, we are using hydrocarbons for all our energy needs. We use it for our transportation, for cooking, and production of some of the electricity. Due to global warming, it has become imperative that we start using renewable energy instead of hydrocarbons for our energy consumption. If we switch to electricity we can […]

Courtesy NewsIn.Asia Colombo, March 22 (newsin.asia) – The Sri Lanka Rupee has further depreciated against the US Dollar as per the official exchange rates for foreign currency issued by the Central Bank of Sri Lanka (CBSL) today.  For similar articles, join our Whatsapp group for the latest updates. – click here The exchange rates are as follows: READ: 4 things […]

Courtesy Outlook Sri Lanka is facing an acute economic and energy crisis triggered due to a shortage of foreign exchange. A sudden rise in prices of key commodities and fuel shortage forced tens of thousands of people to queue for hours outside petrol pumps. Two elderly men reportedly fainted on Sunday in Sri Lanka while […]

Courtesy Adaderana The Advisory Committee appointed to assist the National Economic Council has presented five proposals that need to be implemented expeditiously, the President’s Media Division said. The members of the Advisory Committee met President Gotabaya Rajapaksa and members of the National Economic Council for the first time this morning (21) and presented the set of […]

Courtesy The Bangkok Post Country seeks IMF bailout to deal with worst debt crisis in decades. COLOMBO: Sri Lanka has cancelled exams for millions of students as the country has run out of printing paper and is short on dollars to finance imports, officials said on Saturday. Education authorities said the tests, scheduled for March […]

By Lakshmi Subramanian  Courtesy The Week There is palpable anger in island nation against govt On Friday, a day after India extended one billion dollar line of credit to Sri Lanka, the official Twitter handle of Indian High Commission in Sri Lanka noted, A friend holds out a helping hand again!!!Energizing bilateral economic partnership, India […]