Sri lanka capital

COLOMBO (Reuters) – Sri Lanka’s government has decided to extend a restriction on outward capital transactions by six months due to pressure on its limited foreign exchange reserves, cabinet spokesperson Bandula Gunawardena said on Tuesday. The decision will be revisited after debt talks are finalised in September, added Gunawardena, who is also the transport minister of the island country. (Reporting by Uditha Jayasinghe; writing by Sudipto ganguly; Editing by Kim Coghill) Close For the health and safety of everyone, our offices are temporarily closed to the public. If you have won a prize from us we will be mailing it to you or will contact you with specific information needed to redeem your prize. Feel free to call us with questions during weekday business hours at (616) 392-3121.

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COLOMBO, Feb 25 (Reuters) - In late November 2019, after winning Sri Lanka's presidential election and months ahead of a parliamentary ballot that would again test his popularity, Gotabaya Rajapaksa gathered his cabinet and made good on a campaign promise to slash taxes. The move, which included a near-halving of value added tax, blindsided some top central bank executives. "The tax cuts just after the elections came as a surprise," P. Nandalal Weerasinghe, the Central Bank of Sri Lanka's (CBSL) Senior Deputy Governor until September 2020, recalled. "There was not any kind of a consultative process," added Weerasinghe, who spent 29 years at the CBSL before retiring. The economic argument for the cuts was simple - to free up spending and boost Sri Lanka's ailing finances. A similar move by an administration led by Gotabaya's older brother Mahinda had helped drive the country's economic recovery after a decades-long civil war ended in 2009, a ruling party member close to the Rajapaksas said. "That is why they made this promise ... Then, the pandemic came," said Milinda Rajapaksha. The case against was that reducing potential revenues when obligations were high was risky and undermined a 2019 debt management plan that hinged on a narrowing fiscal deficit. "That was a mistake," W.D. Lakshman, the CBSL's governor between December 2019 and September 2021, said of the cuts, in his first interview since leaving office. Not long after the move, the pandemic struck, crippling an eco...

Head Of State And Government: President: Ranil Wickremesinghe, assisted by Prime Minister: Dinesh Gunawardena ... (Show more) Capitals: ... (Show more) Population: (2023 est.) 22,638,000 ... (Show more) Currency Exchange Rate: 1 USD equals 301.090 Sri Lankan rupee ... (Show more) Form Of Government: unitary multiparty republic with one legislative house (Parliament [225]) ... (Show more)