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Sri Lanka’s merchandise exports earnings fell 9.7 percent in December year-on-year as the island nation saw a drop in buying from its key export destinations which are facing a looming recession after the Russia-Ukraine war. The earnings from the merchandise exports recorded $1.04 billion in December 2022 compared to the same month in the previous…
Worker remittances sent by Sri Lankan expatriates jumped 68.8 percent in January, more wokrers channelled their foreign earnings through formal banking channels, central bank data showed. The remittances, the top foreign exchange earner, recorded $437.5 million in the first month of 2023 compared to $259.2 million in January last year, the central bank data showed….
DFCC Bank PLC, one of Sri Lanka’s most trusted banks and a leader in inward remittances, has partnered with Citizens Development Business Finance PLC (CDB) one of the top four largest non-banking financial institutions (NBFIs) in Sri Lanka, to promote convenient access to inward remittances. CDB is the 10th financial institution to become a partner…
The Colombo Chief Magistrate’s Court has ordered the release of detained Sri Lankan university student leader Wasantha Mudalige from a terror charges case but he will remain in remand custody over a number of other ongoing cases, a media report said. The privately owned NewsFirst reported that the court had ordered the release of Mudalige…
Sri Lanka recorded over than 6,000 dengue cases in the first three weeks of January 2023 after a spell of heavy monsoon rain though a drop in cases is likely from February, officials said. Health officials identified 6,204 dengue patients by January 22, up from 5,793 recorded in the corresponding period last year. “A rise…
China’s Exim Bank has given Sri Lanka a two-year moratorium on its defaulted loans and will discuss additional re-structuring within the ‘window’ Foreign Ministry spokesperson Mao Ning has said. The Export-Import Bank of China has sent a letter to Sri Lanka on January 19 saying installments including interest due in 2022 and 2023 would not…
Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection. Prime Minister Shehbaz Sharif for months held out against the tax rises and subsidy slashing demanded by the International Monetary Fund, fearful of backlash ahead of…
Sri Lanka’s Ceylon Tea prices fell for the third week at an auction on February 08, with most teas from medium and low elevations seeing a decline, data showed. Total offered quantity was down to 4.5 million kilograms from 5 million kilograms a week ago. The weekly sale average fell from 1465.40 rupees to 1428.59…
President Ranil Wickremesighe has launched locally assembled Hyundai vehicle with Sri Lanka’s Abans group, as the country is gripped by an import ban on finished cars after the central bank printed money to fix a policy rate and triggered an external collapse. “The introduction of this vehicle takes place at a time when Sri Lanka’s…
State Minister of Finance Shehan Semasinghe on Wednesday held a comprehensive discussion with a delegation of the European Union (Sri Lanka and Maldives region) with the aim of identifying areas to upgrade the social security system in Sri Lanka. The State Minister pointed out the need to further streamline the selection of the people who…
