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Earnings record whopping 207% surge in after-tax profits to Rs.107.42bn Previous highest was Rs.85bn reported for the quarter ended December 2020 Currency depreciation also contributes to higher earnings during March quarter Listed corporates delivered their best ever earnings for the quarter ended March … [Read more...] about Listed firms deliver highest ever earnings in March quarter on resurgent economy – Business News

Sri Lanka saw funds flowing into priority and productive segments of the economy before the virus restrictions disrupted the flow, the Central Bank data available through March-end, showed.“We saw an acceleration in personal loans and advances from the middle of 2020 and that has stabilised in the first … [Read more...] about Credit acceleration to productive economic sectors seen before April lockdowns – Business News

The ban imposed on non-essential imports is likely to remain longer than it was initially anticipated as the country battles a slowing economy, with mounting job losses, loss in livelihoods and personal incomes amid spike in COVID-19 cases and resultant restrictions. The Central Bank indicated that they have … [Read more...] about Daily Mirror – Import ban likely to stay as economy strangles by virus related restrictions

Lowers this year’s private credit target to 12%, from previous 14%The Central Bank appears to be settling for a lower private sector credit growth for the year than it earlier anticipated was possible, as the economy and its actors are beginning to feel the crunch from the ongoing extended restrictions on … [Read more...] about Daily Mirror – CB settles for lower private credit growth as restrictions begin to bite economy

More than a third of Sri Lanka’s population in low income bracket  Calls for balanced approach towards containing measures and economic implications The Central Bank yesterday insisted on striking a balance between the COVID-19 containing measures and their implications on the livelihoods of millions of … [Read more...] about Daily Mirror – CB says full-scale lockdown could deal lethal blow to low-income earners

Inflation fears, which are already making their presence felt in the consumer and supplier markets since of late could accelerate, perhaps even prompting the Monetary Board to take its foot off from the gas pedal ending the current stimulus. Sri Lanka’s consumer and supplier prices accelerated since lately, … [Read more...] about Daily Mirror – Inflation fears could spook markets as lockdowns wreak economic havoc

IRD says 98% of target set for 1Q achieved Sri Lanka’s tax income during the first fiscal quarter has only narrowly missed the target set for the period, in a clear sign of robust economic recovery staged in the first three months of the year, which came with the return of normalcy.     At the Public … [Read more...] about Daily Mirror – 1Q tax income narrowly misses target amid spurt in economic activities

The Cabinet of Ministers cleared the path to table the Central Bank Annual Report 2020 in Parliament as per the provisions of the Monetary Act.On Monday, the Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance sought the approval of the Cabinet of Ministers to table the report in … [Read more...] about Daily Mirror – Cabinet nod to table CB annual report in Parliament

In what appears to be a structural change in the Sri Lankan economy, people have taken more into agriculture from industry and services with the latter having seen the biggest exodus after the virus-related restrictions hampered the sector. According to the latest sector-wise employment data coming out from … [Read more...] about Daily Mirror – More people took to agriculture in 2020 as services strangled due to pandemic

The State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal recently completed a visit to Oman and Qatar as the special envoy of Prime Minister Mahinda Rajapaksa, heading the country’s delegation to the oil-rich two Middle-Eastern nations. Since the end of civil war in … [Read more...] about Daily Mirror – Sri Lanka eyeing to draw Omani and Qatari investments to rupee bonds: Cabraal