All Stories in Economic

SCCC to buy LafargeHolcim

SCCC to buy LafargeHolcim

Siam City Cement Pcl (SCCC) , Thailand’s second-largest cement maker, said on Monday it has signed a deal to buy a Sri Lankan cement company from Holderfin B.V., a unit of Lafarge Holcim, for 13.1 billion baht ($374 million). SCCC said in a statement that …

World Bank to assist in developing Jaffna

World Bank to assist in developing Jaffna

The Government of Sri Lanka and the World Bank today signed a $55 million loan to Sri Lanka to improve urban services, preserve cultural and environment assets, and improve livability in Jaffna, adding the city to an existing project to develop Galle and Kandy. The …

Shares down ahead of govt policy statement

Shares down ahead of govt policy statement

Sri Lankan shares ended weaker on Monday, from their more than three-week closing high hit in the previous session, as investors turned cautious ahead of the government’s policy statement next month. The bourse touched a three-week high on Friday after investor sentiment was boosted with …

‘No Phobia’ on Taking Chinese Money

‘No Phobia’ on Taking Chinese Money

Sri Lanka is agnostic about what countries it accepts foreign investment from, including China, Prime Minister Ranil Wickremesinghe said. “There is no phobia,” Wickremesinghe, 67, said in an interview on Sunday …

Rupee remains steady

Rupee remains steady

The Sri Lankan rupee was little changed on Friday as dollar demand by importers offset selling of the US currency by foreign banks, even as dealers expect the rupee to rise following $1.5 billion in inflows from a sovereign bond issue. Sri Lanka raised $1.5 …

National Payment Platform gets approval

National Payment Platform gets approval

Sri Lanka’s Cabinet has approved the introduction of a National Payment Platform (NPP) to facilitate digital commerce and online transactions, a post-cabinet statement said. The Information and Communication Technology Agency (ICTA) has been directed to implement the NPP, with the Central Bank of Sri Lanka …

Sri Lanka swamped with $6.6 bln in eurobond orders

Sri Lanka swamped with $6.6 bln in eurobond orders

Sri Lanka raised $1.5 billion in its first sale of dual-tranche euro bonds at a lower borrowing cost than initially expected, as yield-hungry global investors put in $6.6 billion in offers. Asian sovereign bonds have rallied this year as investors look for better returns in …

Rupee gains as foreign investors buy bonds

Rupee gains as foreign investors buy bonds

The Sri Lankan rupee strengthened in one-week forwards on Friday, as foreign banks sold dollars on behalf of offshore investors to buy local bonds, dealers said. The spot rupee (LKR) is tightly managed by the central bank and market participants use the forward market levels …

India, Sri Lanka agree to start talks for ETCA

India, Sri Lanka agree to start talks for ETCA

India and Sri Lanka on Monday agreed to start negotiations on fast-track basis for the proposed Economic and Technology Cooperation Agreement (ETCA) and conclude the talks before end of the year. The issue among others was came up for discussion during the meeting between the …

Sri Lanka’s benefits from its IMF program depend on reform effectiveness

Sri Lanka’s benefits from its IMF program depend on reform effectiveness

Moody’s Investors Service says that whether or not Sri Lanka’s (B1 negative) credit profile demonstrates a temporary or more enduring improvement from its International Monetary Fund’s (IMF) program will depend on how effectively the program’s ambitious reforms are implemented. Moody’s conclusions are outlined in its …