All Stories in Economic

Economic growth will pick up

Economic growth will pick up

Sri Lanka’s economic growth will pick up to 6.3 percent next year and the central bank is ready to adjust monetary policy if needed to support the economy, the monetary authority chief Indrajith Coomaraswamy said on Tuesday. The $82 billion economy expanded 2.6 percent in …

Staggering cost of international business payments

Staggering cost of international business payments

A study has revealed that UK SMEs were overcharged £4,078,000,000 in 2015 while paying for products, services and talent abroad. This cost has risen by almost a billion pounds over the past five years as UK SMEs become increasingly global. More than half of SMEs …

Accountants adopt new code to combat crime

Accountants adopt new code to combat crime

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has decided to adopt the “Responding to Non Compliance with Laws and Regulations” (NOCLAR) standard with effect from 15th July 2017 to ensure Sri Lanka is in line with the latest international ethics standards. …

Shares fall for 8th session

Shares fall for 8th session

Sri Lankan shares extended falls to an eighth session on Wednesday, posting their lowest close since April 7, as investor sentiment was hit by budget tax proposals, including revisions in corporate and withholding taxes. The government aims to boost its 2017 tax revenue by 27 …

IMF sees stability in macroeconomic, financial conditions

IMF sees stability in macroeconomic, financial conditions

The International Monetary Fund (IMF) on Saturday said Sri Lanka’s macroeconomic and financial conditions have begun to stabilize and the island nation’s performance under its $1.5 billion loan programme is satisfactory. The global lender, after completing the first review of Sri Lanka’s economic performance, also …

Rules changed to encourage stock market listing

Rules changed to encourage stock market listing

Sri Lanka’s Securities and Exchange Commission (SEC) announced new measures on Thursday to encourage companies to list their shares on the Colombo Stock Exchange after earlier changes failed to raise market liquidity. Foreign investors have long complained about lack of volumes on the island nation’s …

Government aims to boost tax revenue by 27 per cent t

Government aims to boost tax revenue by 27 per cent t

Budget proposals presented in Sri Lanka included revisions to corporate and withholding taxes to boost revenue and cut the 2017 fiscal deficit to 4.6 per cent of GDP from this year’s 5.4 per cent. The government aims to boost its 2017 tax revenue by 27 …

Sri Lanka needs to increase fiscal revenue

Sri Lanka needs to increase fiscal revenue

The World Bank’s latest Sri Lanka Development Update – a half-yearly report on the Sri Lankan economy and its prospects – finds that monetary and fiscal policy corrections and the …

Hambantota port to Chinese firm

Hambantota port to Chinese firm

Sri Lanka will sell to a Chinese company 80 percent of a $1.5-billion port in its south, where China has also been offered an investment zone, in a bid to …

Shares edge up in dull trade ahead of budget

Shares edge up in dull trade ahead of budget

Sri Lankan shares ended slightly firmer on Thursday, hovering near a 12-week closing low hit earlier in the week, in thin trade as investors awaited cues from the government budget and five-year plan as well as corporate earnings. Prime Minister Ranil Wickremesinghe issued an economic …