World Bank deeply concerned about the uncertain economic outlook in Sri Lanka and its impact on people
Sri Lanka’s economic outlook is highly uncertain due to fiscal and external imbalances. Urgent policy measures are needed to address the high levels of debt and debt service, reduce the…
Fitch Ratings Downgrades Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating to ‘C’
Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘CC’ following the Government’s decision to suspend debt servicing of several categories of its external…
Sri Lanka unilaterally suspends external debt payments, says needs money for essentials
(Reuters) – Sri Lanka’s central bank said on Tuesday it had become “challenging and impossible” to repay external debt, as it tries to use its dwindling foreign exchange reserves to…
Sri Lanka doubles interest rates to check inflation; stabilize the economy
(Reuters) – Sri Lanka’s central bank on Friday doubled its key interest rates, an unprecedented 700 basis points each, to cushion the rise in inflation caused by a crippling shortage…
IMF to start talks with Sri Lanka on loan request in coming days
(Reuters) – The International Monetary Fund will initiate discussions with Sri Lankan authorities on a possible loan program in coming days, IMF spokesperson Gerry Rice said on Thursday, as the…
Sri Lanka’s Central Bank suspends Money Changing permit issued to Prasanna Money Exchange
Considering the complaints received from general public that Prasanna Money Exchange (Pvt) Ltd is offering higher exchange rates, the Central Bank of Sri Lanka (CBSL) has temporarily suspended the permit…
ForEX IMpossible Seminar by SLMBC Offers Economic Insights on Forex Crisis
Offering deep insights into the realities of the current Foreign Exchange crisis as well as informed projections on future trends, was the focus of a seminar organized recently by the…
IMF report says Sri Lanka is facing a Clear Solvency problem
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…
Proposed train fare hike temporarily blocked
The proposed train fare hike which was to be in effect from midnight Thursday (24) has been temporarily blocked by the Transport Ministry. According to the Transport Minister, Dilum Amunugama,…
Sri Lanka’s Central Bank Withdraws Proposed additional incentive scheme for remittances and export earnings
Following the decision to float the exchange rate of the Rupee, the Central Bank of Sri Lanka (CBSL) announced the decision to withdraw the proposed scheme for additional incentives for remittances…