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Sri Lanka limits forex possession by citizens to support dwindling reserves

Photo: Bloomberg

Sri Lanka has reduced the limit of foreign currency possession by an individual from USD 15,000 to USD 10,000, in a desperate move to shore up its fast-depleting forex reserve required to fund the import of essentials, including food and fuel. Sri Lanka is facing a severe forex crisis … Read more

Lanka limits foreign currency possession by individuals to support dwindling forex reserve

    Colombo, Jun 25 (PTI) Sri Lanka has reduced the limit of foreign currency possession by an individual from USD 15,000 to USD 10,000, in a desperate move to shore up its fast-depleting forex reserve required to fund the import of essentials, including food and fuel.     Sri Lanka is facing a severe forex crisis which forced … Read more

Forex Reserves Fall As Rupee Hits New All-Time Lows Repeatedly

Forex Reserves Fall As Rupee Hits New All-Time Lows Repeatedly

India’s forex reserves dip by nearly $5.9 billion to $590.59 billion India’s foreign exchange reserves fell to their lowest in over a year, dropping nearly $6 billion to about $591 billion in the week ending June 17, data showed. The Reserve Bank of India’s weekly statistical supplement data showed the country’s forex reserves fell by … Read more

Time for a macro policy change?

Time for a macro policy change?

Most countries around the world are using both interest rates and exchange rates to stabilise the economy, while Bangladesh has put a cap on its interest rates at 9% Ali Imam 25 June, 2022, 09:30 am Last modified: 25 June, 2022, 09:36 am Illustration: TBS “> Illustration: TBS A few days ago, one of our … Read more

Top headlines: Zomato to acquire Blinkit, PPI ban to hit BNPL users & more

Zomato, food delivery

Food aggregator platform Zomato’s board approved the acquisition of quick-commerce company Blinkit for Rs 4,447 crore (around $567 million) in an all-stock deal. Zomato will be acquiring 33,018 equity shares of Blink Commerce Pvt Ltd (BCPL). The Reserve Bank of India’s (RBI’s) move to disallow loading prepaid payment instruments (PPIs) from … Read more

Analysts see moderate impact on corporate earnings

Rupee gains 1.13 percent on IMF bailout bets

KARACHI: Analysts are mixed on the imposition of extra 10 percent super tax as the optimists don’t see a huge impact of this one-time levy on the earnings of the listed companies, while the doomsayers are likening the move to economic death of corporates. “This will negatively impact earnings of these big companies by 14 … Read more

EU ambassadors tell President to consider their countries as friends of Sri Lanka – The Island

EU ambassadors tell President to consider their countries as friends of Sri Lanka – The Island

The decision to allow the Sri Lankan rupee to be flexible from 07 March, 2022, onwards, had been taken by the Monetary Board of the Central Bank, based on a Monetary Board Paper of the same date submitted by all three Deputy Governors, Director – Economic Research Department and Director – International Operations Department, said … Read more

Zimbabwe’s formal retailers’ viability under threat as blackmarket retail grows fast

Zimbabwe's formal retailers’ viability under threat as blackmarket retail grows fast

Pick n Pay HARARE – Zimbabwe’s formal retail and wholesale sector’s viability is under threat from current trading conditions where suppliers are increasingly demanding foreign currency payments for their products. Retailing involves buying from wholesalers or direct from manufacturers, breaking bulk, displaying goods for sale either physically or online, and sometimes delivery. Wholesalers are independent … Read more