Blog Archives

Sri Lanka is back in business Tourists at Gangaramaya Temple in Colombo. (Reuters) Source:Dailynews Rising interest rates and falling export demand are blunting the post-COVID economic resurgence of many Asian economies. But for Sri Lanka, the only country in the region to default on its official debt amid the economic squeeze caused by the pandemic and the Ukraine war, these are sunny days” said co-fund manager of Asia Frontier Capital’s AFC Asia Frontier Fund. Ruchir Desai. Tourism revenue and remittances from Sri Lankan workers overseas have come roaring back. Inflation, which reached 70% last September, was back down to 6.3% in July. As a result, the Central Bank of Sri Lanka has cut its benchmark interest rate by 4.5 percentage points since June. ...