External Account – FINANCE NEWS

Simplebooks Outlines the Step-by-Step Guided Process in Initiating FDIs in Sri Lanka

2May

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Economy, External Account, Investments, Opinion

Simplebooks Outlines the Step-by-Step Guided Process in Initiating FDIs in Sri Lanka

As a leading private business registration firm in Sri Lanka, Simplebooks has assisted countless companies to set up and grow their businesses. With Foreign Direct Investments (FDI) is becoming crucial for developing nations including Sri Lanka to become a developed nation, Simplebooks professes the importance for the country to welcome Foreign Direct Investments (FDI) looking at a broader perspective beyond foreign inflows or additional funding. “Foreign Direct Investments are a great way for Sri Lankans to accelerate and grow their companies” said Aabith Sabeer, the CEO of Simplebooks. “Looking at it from a local perspective, FDIs could mean more capital for companies and job opportunities for people, companies could adopt foreign methodologies, absorb new knowledge, improv...

Sri Lanka end 2020 with $5.7 billion in FX Reserves

19Jan

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Economy, External Account

Sri Lanka end 2020 with $5.7 billion in FX Reserves

The Central Bank (CB) estimated the country's foreign reserves st $5.7 at the end of 2020, with an import cover of 4.3 months. "Amidst hostile global market conditions, the Government and the Central Bank continued to explore avenues of financial flows to the country, while discussions with domestic and foreign counterpartsin this regard have made notable progress," the CB said today. The CB expects that reopening the country for tourist arrivals under strict health guidelines could help improve external sector conditions in the period ahead.

CB expects foreign inflows from its domestic and foreign counterparts

25Dec

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Banking and Insurance, Economy, External Account, FX Market

CB expects foreign inflows from its domestic and foreign counterparts

The Central Bank (CB) says it's in negotiations with its domestic and foreign counterparts to boost the level of foreign exchange reserves are reaching an advanced stage. In a press release, the CB stressed that its official reserves remain unchanged at November levels of $5.6 billion. "The receipt of these expected inflows as well as the ongoing improvements in the domestic production economy leading to the expansion of foreign exchange earnings will facilitate the maintenance of exchange rate stability, while meeting Sri Lanka’s debt obligations on time, in the period ahead as well," it noted. According to the CB, Sri Lanka has nearly $6 billion worth of extreal debt servicing commitments over the next one year period.

SriLanka’s foreign Reserves falls to record low levels

8Dec

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Economy, External Account, FIscal Policy

SriLanka’s foreign Reserves falls to record low levels

Sri Lanka's gross foreign reserves fell to $5.54 billion, the lowest levels seen since April 2017. Amidst, COVID-19 infused crisis, the foreign exchange flows through exports and tourism declined to the country while the existing reserves were utilized for foreign debt settlements including a $1 billion ISB settlement in October. In November, the country's gross foreign reserve fell to 5.549 billion from $5.855 billion in October. The Previous lowest reserve level was recorded in April 2017 at $ 5.045 billion.