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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...

Economist bets on another round of policy rate hike

Still higher private sector credit growth and the rising inflation will put pressure on the Monetary Board to increase the policy rates and it is only a matter of time the new Central Bank Governor settles in before the next policy tightening takes place, an economist...

Sri Lankan bond proves fleet of foot

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Sri Lanka braces for Brexit fallout as the Sterling plunges

ECONOMYNEXT - Sri Lanka's is bracing for the fallout of of Brexit as Britain voted to leave the European Union, a top export destination and the third country's third largest source generation market for tourists. The Sterling Pound plunged 21 rupees against the Sri Lanka...

President Sirisena’s second visit to Beijing to boost China-Sri Lanka ties

While this may be good news for both countries, observers in Sri Lanka view President Maithripala Sirisena’s pro-China tilt as an act of desperation after his administration had failed to bring in substantial foreign investments. The government’s U-turn on Colombo Port City...

Sri Lanka’s May consumer prices jump after tax hike

REUTERS: Sri Lanka’s May consumer prices and core annual inflation rose to multi-month highs, data from the state-run Census and Statistics Department showed on Tuesday after the government increased value-added tax (VAT) to crimp a soaring deficit. Sri Lanka’s consumer prices...