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Last updateFri, 22 Sep 2017 1pm

Business News

Central Bank Governor says the national economy is getting stabilized.

Governor of the Central Bank Dr. Indrajith Coomarswamy says the national economy is getting stabilized. He said that Sri Lanka's private sector credit growth will decelerate to 18 percent at the end of 2016 from more than 28 percent as the central bank's policy tightening measures begin to bite. He told reporters that private sector credit growth edged up to a four-year high of 28.2 percent in June, which the central bank attributed to "a high intake of credit to the industry and services sectors" as well as "substantial growth in personal loans and advances".


Price reduction of drugs in two weeks.

Minister Dr. Rajitha Senaratne says the national pharmaceutical regulatory commission is ready to release the gazette notification on the reduction of 85 percent of prices of pharmaceutical items within the next two weeks.  The authority said that before releasing this gazette notification, there is a necessity to resolve some of the technological problems.  The minister made these remarks at a discussion held yesterday at his ministry with the small scale importers of drugs. He added that the people could purchase their needy drugs at a lower price after the release of this gazette notification.


Minister Dr. Rajitha Senarathna says he expects to reduce the prices of medicines up to 85 percent after the relevant gazette notification issued.


Minister Dr. Rajitha Senarathna says he expects to reduce the prices of medicines up to 85 percent after the relevant gazette notification issued.  Then, the pharmaceutical companies will not be allowed to arbitrary increase the prices and other additional expenses.


Illegal street hawkers in Colombo city will be removed from the 15th of next month.


It has been decided to remove the illegal street hawkers, advertisements and cart traders from the 15th of next month. This decision has been taken at a meeting held at the Ministry of Provincial Councils and Local Government recently. The meeting was held under the patronage of the Secretary of the Ministry Kamal Pathmasiri.


The price of diesel will not be increased due to tax revisions on diesel products.



The government has decided to increase the manufacturing tax on a diesel litre to ten rupees from the current 3 rupees.

The Ministry of Finance reiterates that this tax revision will not lead to an increase in the price of diesel. The main objective of the tax amendment is to gain the advantage of the declining crude oil prices in the world market to the government.

Sri Lanka participates in prestigious New York Trade Fair

The Sri Lanka pavilion at the ‘Artisan Resource at NY NOW 2016’ trade fair was declared open by Dr. Rohan Perera, Ambassador & Permanent Representative of Sri Lanka to the United Nations, New York on 21st August 2016 at the Jacob Javits Center, New York.

 Seven Sri Lankan companies participated at the Trade Fair through the Sri Lanka Exports Development Board . These companies were able to display Giftware & Lifestyle products manufactured in Sri Lanka. This is Sri Lanka’s first ever participation at this popular trade fair in New York.  

Senarath Attanayake Member of Provincial Council, A. S. Khan, Deputy Permanent Representative, Ms. Upeka Samaratunga, Minister (Commercial) of the Sri Lanka Embassy in Washington, Ms. Thejani De Alwis, Deputy Director of EDB and representatives of the participating companies and the trade fair organizers were present at the occasion.  The trade fair is held from 21st to 24th August 2016.

Hambantota Port will be developed as an industrial port.

Prime Minister Ranil Wickremasinghe said the Hambantota Port will be developed as an industrial port in future. Accordingly, the infrastructures of the port will be upgraded. The relevant lands extension will be utilized under the long term lease agreement. The Chinese and Thai companies have shown their interest in this regard. 


Importation of Areca nut related products to be banned

Importation of Areca nut related products such as 'Babul' are to be banned. Minister Dr. Rajitha Senerathne says a memorandum in this regard will be presented to the cabinet soon. This decision has been taken with the objective of preventing oral cancer. The disease is being spread rapidly in many parts of the country.


State income has increased by 23 percent


Minister Ravi Karunanayake says that the state income has marked a growth of 23 percent during the first 7 months of this year. The minister attributed this development to this efficient programme implemented by the government to collect taxes. Inland Revenue Department, Excise Department and the Customs Department have earned a sum of 769.7 billion rupees. The amount in the same period last year was at 625.5 billion rupees.

The government is to enact new measures to reactivate packaging laws on food processing oils.

Director of the Consumer Authority Mrs. Chandra Thilakarathna says steps will be taken to reactivate legislation pertaining to packaging laws on food processing oils. A survey reveals that many oils unsuitable for human consumption are in the local market.


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