Development and Economic News
Banks seen slashing deposit rates while lending rates lag big time
Banks have disproportionately cut deposit rates since the announcement of 250 basis points cut in policy rates
Two SriLankan aircrafts undergoing C-checks will add to fleet soon
The two aircraft undergoing C-checks will finally return to operations next week, a statement from SriLankan Airlines said.
First 20 days of June bring in over 61,000 tourists
- 70 percent of tourist arrival target for June realised
- Jan 1 – June 20 cumulative arrivals total 585,669
- India, Russian Federation, and UK top 3 traffic generators
- China now among top 5 tourist source markets
Megakem Lanka launches first export order to global market
One of Sri Lanka’s leading manufacturers and suppliers of construction chemicals, Megakem Lanka (Private) Limited, a member of the Wardena Holdings Group, recently unveiled its first export order.
CEB switches to LNG for power generation to reduce cost
In a cost reduction attempt in electricity generation over the next 24 months, the Ceylon Electricity Board (CEB) has decided to generate power from the 600+ MW of LNG power plants available until its requirement for long-term LNG power generation is fulfilled.
Tea exports turn positive in May breaking months-long negative trend
May 2023 tea exports grow marginally by 4.3% YoY
Cumulative tea exports for Jan-May 2023 dip by 10.7% YoY
Türkiye, Iraq, and Russia rank as top three importers of Ceylon Tea
World Bank set to approve $700 mln for Sri Lanka next week
The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March.
State Engineering Corporation sells land to pay salaries
The Sri Lanka State Engineering Corporation (SLSEC) has decided to sell land at Peliyagoda to pay salaries, arrears of salaries and EPF contributions for employees in the corporation and the National Machinery and Equipment Authority.
A bus transport service without conductors from July 1
The Ministry of Transport has decided to introduce a bus transport service without conductors from July 1st, on the instructions of Transport Minister Dr. Bandula Gunawardana.
“Electronic media set fire to my house, am I to grant licenses for arson?”
President puzzled about media freedom concerns
“Our Penal Code used to include a provision for criminal defamation, which I have removed”