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Sri Lanka cuts onion protectionist tax by Rs70 after India export ban
ECONOMYNEXT — General Secretary of the Bodu Bala Sena (BBS) Galagodaaththe Gnanasara Thero has been sentenced to four years of rigorous imprisonment over an allegedly defamatory comment made in 2016, a media report said. The privately owned Ada Derana news network reported on its website that the verdict was delivered by Colombo High Court Judge […]
Not aware that Sri Lanka ruling party plans to back incumbent: former president
ECONOMYNEXT — Former president and leader of the ruling Sri Lanka Podujana Peramuna (SLPP) Mahinda Rajapaksa said he is not aware that a section of his party intends to support President Ranil Wickremesinghe at the upcoming election. Responding to a question from a reporter that a group of the SLPP has decided to extend their […]
Sri Lanka central bank removes price control on loans
ECONOMYNEXT – Sri Lanka’s central bank has cut its policy corridor by 50 basis points to 8.50 percent (floor) and 9.50 percent (ceiling) citing stable external conditions and low inflation. Subdued aggregate demand , the lesser-than-expected impact of the recent SriLanka taxes, cut in electricity prices, well-anchored inflation expectations and the absence of excessive external […]
WindForce subsidiary Renewgen assumes control of Mahoma Uganda Limited
ECONOMYNEXT – Sri Lanka’s recent removal of counterparty limits for access to central banks’ printed money as a standing facility is a mistake which will make banks overtrade and contribute to monetary and financial instability in the future. Standing facilities should be the last among lender of last resort facilities. The more liberal the LOLR […]
Sri Lanka coconut prices up 0.79-pct at auction
ECONOMYNEXT – The senior management of the central bank decided to review a steep salary hike made after a currency crisis, a statement said amid legislative and public anger against the move. The salary hike was initially defended on the basis of central bank independence. Giving salary hike to offset the inflation created by the […]
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