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China invites India to join Sri Lanka offshore city project

In what could signal a new phase in Sino-Indian economic relations, China has invited India to help in developing Sri Lanka, including taking part in the multibillion dollar Colombo International Financial City funded by Beijing. Addressing a forum in Colombo, Chinese...

India-Pakistan stand-off: Economists say no immediate effect on Lanka

Sri Lanka will not suffer grave economic downfall owing to the tense situation between India and Pakistan, economists predict. However, there may be a trickle down impact on the country if the situation continues and will be a setback to the government’s efforts to revive trade...

Sri Lanka’s VAT fiasco adds pressure, makes budget crucial

COLOMBO -- Sri Lanka's finance ministers strike at midnight, while the country sleeps. The public wakes up to the shocking news in the Gazette, the government journal that prints official decrees, of price increases in selected goods following overnight tax...

Sri Lanka’s Sept core inflation picks up slightly, despite tightening

Sri Lanka's core inflation picked up slightly in September, data from the Department of Census and Statistics showed on Friday, despite a rate hike by the central bank two months ago. Core annual inflation, which excludes fresh food, energy, transport, rice and coconuts, rose...

SC clears NBT hike to 4%

The Supreme Court has cleared the Nation Building Tax (NBT) amendment, which was moved recently in Parliament, paving the way for it to be increased to 4% if the House gives its approval, the Speaker said yesterday. Speaker Karu Jayasuriya, reading the Supreme Court...

2Q records 2.6% growth on floods and policy inconsistency

Sri Lanka’s 2Q grew by only 2.6% compared with 5.5% in 1Q due to floods and inconsistent policy making, official data showed, with agriculture, industries and construction dragging down growth. According to the latest data released by the Census and Statistics Department, the...

Stats. Dept. revises down Aug inflation after calculation error

Reuters: Sri Lanka has revised down its inflation figure for August after finding a calculation error, the country’s statistics office said on Friday. The Central Bank’s tight monetary policy has set the island nation’s inflation on a gradually falling trend after it hit a...

UPDATE 2-Sri Lanka central bank unexpectedly raises policy rate by 50 bps

COLOMBO, July 28 Sri Lanka's central bank raised its main interest rates by 50 basis points each on Thursday in a surprise move aimed at curbing stubbornly high credit growth that is adding to concern about inflationary pressures. The Central Bank of Sri Lanka raised the...