Sri Lanka exporters bring back nearly 100-pct of proceeds: CB Governor
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka exporters are bringing back almost all export proceeds, based on data generated from a monitoring mechanism, Central Bank Governor Nandalal Weerasinghe said. Sri Lanka tightens rules on exporters and also on importers whenever the central bank prints money to mis-target interest rates and triggers forex shortages. The rule requiring exporters to bring back dollars was put in August 2021, to his recollection, Governor Weerasinghe said. The monitoring mechanism was put in July 2021, with some officials also claiming that there appeared to be a discrepancy between reported ..read more
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Sri Lanka operators seek higher renewable tariffs, amid exchange rate expectations
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka’s renewable companies say they need tariff of 40 to 45 rupees a unit to sell power to the Ceylon Electricity Board and the agency owes them tens of billions of rupees for power sold in the past. The association has strong exchange rate expectations based on the country’s dual anchor conflicting monetary regimes involving flexible inflation targeting with a reserve collecting target. “In the coming year of course because of the rupee devaluation, I think the solar energy sector might require tariffs closer to RS 40 or RS 45, hydropower will also require tariffs on that s ..read more
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Sri Lanka top chamber less pessimistic on 2023 GDP contraction
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka’s top business chamber said it was expecting an economic contraction of up to 2 percent in 2023, which is much lower than projected by international agencies. “The forecast of 2023 is quite negative in terms of the international forecasters,” Shiran Fernando Chief Economist of Ceylon Chamber of Commerce told a business forum in Colombo. “Our view is that there will be some level of contraction, may be zero to two percent. But I think as the year progresses in particular the second half, we will see consumption picking up.” The World Bank is projecting a 4.2 percent cont ..read more
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Acuity Knowledge Partners with Sri Lanka office to be bought by Permira
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Permira, an investment fund with operations in Europe, US and Asia is buying a majority stake in Acuity Knowledge Partners, which has a 500 seat center in Sri Lanka for a undisclosed sum. Equistone Partners Europe, from which Permira is buying the stake will remain a minority investor, the statement said. In 2019, Equistone backed a management buyout of Acuity from Moody’s Corporation. Acuity Knowledge Partners says it serves a global client base of over 500 financial services firms, including banks, asset managers, advisory firms, private equity houses and consultants. “Despite ..read more
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Sri Lanka utility to continue power cuts, regulator says no
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka’s state-run Ceylon Electricity Board has decided to continue power cuts, as the dry season hits the country despite orders to give 24 hours of power. The utility said its Board “has decided to continue the demand management programme” and it has informed the regulator of this decision on January 27. The Public Utilities Commission of Sri Lanka said it had not approved the power cuts “as it violate and affect the rights of 331,000 students sitting for the Advanced Level exams.” Sri Lanka’s CEB has high running costs due to long term scuttling of planned coal plants by ac ..read more
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Sri Lanka president suspends parliament till Feb 08
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe has suspended parliament till February 08, according to a gazette notice. Parliament will re-convene at 1000 am on January 08. President Wickremesinghe told party leaders that he would make a speech, officially declaring his intention to give effect to the 13th amendment to the constitution on provincial councils. Provincial councils, a power sharing arrangement backed by India as a solution to the ethnic Tamil have not yet been given police and land powers. (Colombo/Jan28/2023 ..read more
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Sri Lanka, other defaulting nations have widely differing debt indicators: Expert
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka other recently defaulting nations have widely differing debt indicators, and some other countries survive with even higher levels of debt, a US based analyst has said. “If you look at the ratio of debt to GDP, the size of the economy the number is very high, mostly because there has been a lot of depreciation, so the debt in dollars keeps growing relative to GDP,” Sergai Lanau, Deputy Chief Economist at Washington based Institute of International Finance said. “This is sometimes over-emphasized… but this ratio at 120 is a lot.” He was speaking at a forum organized by th ..read more
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Sri Lanka expects influx of global twins
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka’s expecting thousands twins and non-twin visitors including at least thirty contestants for a Twins Miss and Mr World 2023 contest, where they will join their counterparts in the country. “We expect upwards of 4000 participants to arrive in the country for the event,” Founder and Chairperson Vice President Global Twins Multiple Birth Forum, Upuli Gamage told reporters. “And we very much hope that this number will keep going up in the years to come.” The country amidst an economic crisis is celebrating the Twins Miss & Mr World 2023 for the first time in the World in ..read more
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Sri Lanka stocks close up 0.3-pct on banks
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka’s shares closed up with banking stocks making gains, brokers said despite weak quarterly results from early releases. The main All Share Price Index (ASPI) edged up by 0.36 percent or 32.23 points to 8,958.79. The earnings for first quarter are expected to be negative with higher taxes and rising costs, analysts said. Earnings in the second quarter are expected to be more positive with the anticipation of IMF loan and possible reduction in the market interest rates as the tax revenue has started to generate funds. However, the central bank government said the IMF deal i ..read more
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Sri Lanka bond yields close up
EconomyNext
by Economy Two
6h ago
ECONOMYNEXT – Sri Lanka bond yields ended Friday, ahead of a bond auction on January 30, dealers said, while a guidance peg for interbank transactions by the Central Bank remained unchanged. A bond maturing on 01.05.2024 closed at 31.10 /30 percent , up from 31.00/20 percent at the last close. A bond maturing on 15.05.2026 closed at 28.80/29.00 percent, up from 26.60/90 percent on Thursday. A bond maturing on 15.09.2027 closed at 28.75/29.00 percent, up from 28.60/85 percent at the last close. The Central Bank’s guidance peg for interbank US dollar transactions appreciated by another 2 cents t ..read more
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