Sri Lanka’s economy recorded falling consumer prices for the first time in 39 years, Inflation fell to negative 0.5% in September, marking the first deflation since October 1985. Both food and non-food prices contributed to the deflation. Colombo: Sri Lanka’s economy experienced a decrease in consumer prices for the first time in nearly four decades, … Read more
COLOMBO: Sri Lanka imposed electricity rationing Friday with the main power utility unable to buy fuel oil for its power stations as a result of the island’s worsening dollar crisis. Oil normally accounts for around nine per cent of electricity generation on the island, but a Ceylon Electricity Board (CEB) official said the company had … Read more
COLOMBO: Colombo threatened on Thursday to freeze the bank accounts of Sri Lankans working overseas who send money back to the country using informal money changers, as depleted foreign exchange reserves drive a thriving black market for dollars. The pandemic has wreaked havoc on the island’s economy, and the government has banned imports of food, vehicles … Read more
