Fitch Withdraws ‘AA-(EXP)(lka)’ Rating on Commercial Bank of Ceylon’s Basel III Subordinated Debt

Fitch Withdraws ‘AA-(EXP)(lka)’ Rating on Commercial Bank of Ceylon’s Basel III Subordinated Debt »

5 Dec, 2019

Fitch Ratings is withdrawing the expected National Long-Term Rating of 'AA-(EXP)(lka)' assigned to Commercial Bank of Ceylon PLC's (CB; AA(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures.

Fitch Rates Nations Trust Bank’s Basel III Subordinated Debt Final ‘A-(lka)’

Fitch Rates Nations Trust Bank’s Basel III Subordinated Debt Final ‘A-(lka)’ »

5 Dec, 2019

Fitch Ratings has assigned Nations Trust Bank PLC's (NTB, A(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of 'A-(lka)'.

Ceylon Chamber Optimistic That Recent Tax Revisions Will Stimulate Growth

Ceylon Chamber Optimistic That Recent Tax Revisions Will Stimulate Growth »

5 Dec, 2019

The Ceylon Chamber of Commerce is optimistic that the revisions in Taxes and Levies announced by the government will stimulate the economy. The slew of tax proposals put forward as part of the stimulus package will revive economic growth and activity in the short-term.

Cancellation of the License Issued to Lankaputhra Development Bank Limited

Cancellation of the License Issued to Lankaputhra Development Bank Limited »

3 Dec, 2019

The Monetary Board of the Central Bank of Sri Lanka has granted approval in terms of section 76F read with section 9(9) of the Banking Act No. 30 of 1988 (as amended),

Inflation increased by  5.6 percent October 2019

Inflation increased by 5.6 percent October 2019 »

25 Nov, 2019

Headline inflation as measured by the year-on-year change in the National Consumer Price Index NCPI, 2013=100)1 increased to 5.6 per cent in October 2019 from 5.0 per cent in September 2019. The monthly increases of prices of items in the Food category contributed to this increase.

CBSL inform’s to Beware of online scams – Protect your bank passwords and PINs

CBSL inform’s to Beware of online scams – Protect your bank passwords and PINs »

22 Nov, 2019

The Central Bank of Sri Lanka has received information regarding several types of financial frauds and scams being operated through social media, and Internet-based applications. Recently, an increase of these types of scams has been observed.

The Central Bank expresses its Strong Objection to the Contents of the Statement released by Fitch Rating

The Central Bank expresses its Strong Objection to the Contents of the Statement released by Fitch Rating »

21 Nov, 2019

The Central Bank of Sri Lanka strongly objects to the statement released by Fitch Ratings on 21 November 2019 titled “Sri Lanka Election Result Increases Policy Uncertainty”,

HNB reports Rs 14.6 Bn Group PBT

HNB reports Rs 14.6 Bn Group PBT »

15 Nov, 2019

Financial News from Sri Lanka: Hatton National Bank PLC (HNB) posted a profit after tax (PAT) of Rs 8.0 Bn for

Dipped Products Group posts Rs. 15.3 bn revenue

Dipped Products Group posts Rs. 15.3 bn revenue »

7 Nov, 2019

Hayleys Group’s subsidiary Dipped Products PLC (DPL), a leader in the global hand protection glove market, reported Rs. 15.3 billion Group turnover for the six months ending September 2019.The Hand Protection sector contributed Rs 8.6 billion to the Group’s top line.

Fitch rates Singer Finance (Lanka)’s senior debt ‘BBB(lka)(EXP)’

Fitch rates Singer Finance (Lanka)’s senior debt ‘BBB(lka)(EXP)’ »

7 Nov, 2019

Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL, BBB(lka)/Stable) proposed Sri Lanka rupee-denominated senior unsecured debentures of up to LKR1.5 billion an expected National Long-Term Rating of ‘BBB(lka)(EXP)’.

32nd Annual Conference of ACSIC – 2019, Colombo Sri Lanka

32nd Annual Conference of ACSIC – 2019, Colombo Sri Lanka »

6 Nov, 2019

The Central Bank of Sri Lanka hosted the 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) – 2019, from

Pan Asia Bank grows operating profit by 36% to cross Rs. 1 billion PAT in first 9 months

Pan Asia Bank grows operating profit by 36% to cross Rs. 1 billion PAT in first 9 months »

5 Nov, 2019

Pan Asia Banking Corporation PLC demonstrated a robust performance amidst challenging macroeconomic conditions and reported a strong operating profit before all taxes of Rs. 780.67 million for Q3 with a growth of 36%.

In the first half of 2019, Sri Lanka FDI dropped: service and infrastructure dips

In the first half of 2019, Sri Lanka FDI dropped: service and infrastructure dips »

5 Nov, 2019

The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year.

Fitch affirms Melstacorp & Distilleries at ‘AAA(lka)’; outlook stable

Fitch affirms Melstacorp & Distilleries at ‘AAA(lka)’; outlook stable »

5 Nov, 2019

Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate, Melstacorp, and its subsidiary, Distilleries Company, at ‘AAA(lka)’. The Outlook is Stable.

Recent Economic Developments: Highlights of 2019 and Prospects for 2020

Recent Economic Developments: Highlights of 2019 and Prospects for 2020 »

5 Nov, 2019

The Sri Lankan Central Bank released its publication- "Recent Economic Developments: Highlights of 2019 and Prospects for 2020" online. An overview of the Sri Lankan economy's performance in 2019, as reflected in this publication, is given below

New banking act permits regulator to impose fines – Central Bank SL

New banking act permits regulator to impose fines – Central Bank SL »

15 Oct, 2019

The banking sector in Sri Lanka must begin to prepare for the anticipated transformation of the current banking sector environment as the new Banking Act comes into force with the regulator acquiring the power to impose fines on errant banks.

CBSL to remain SDFR and SLFR rates unchanged

CBSL to remain SDFR and SLFR rates unchanged »

14 Oct, 2019

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 10 October 2019, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 7.00 percent and 8.00 percent, respectively.

CSE and SEC Rings the Bell for Financial Literacy

CSE and SEC Rings the Bell for Financial Literacy »

8 Oct, 2019

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission joined stock exchanges from around the world to Ring the Bell for Financial Literacy, as part of the World Investor Week 2019 global campaign.

SEACEN-BIS High-Level Seminar and the 18th Meeting of the SEACEN Executive Committee

SEACEN-BIS High-Level Seminar and the 18th Meeting of the SEACEN Executive Committee »

4 Oct, 2019

The Central Bank of Sri Lanka hosted the South East Asian Central Banks (SEACEN) - Bank for International Settlements (BIS) High-Level Seminar and the 18th Meeting of the SEACEN Executive Committee, in Colombo, from 26 to 28 September 2019.

The Central Bank’s View on the Sector Comment on Sri Lankan Banks by Moody’s Investors Service

The Central Bank’s View on the Sector Comment on Sri Lankan Banks by Moody’s Investors Service »

1 Oct, 2019

On 27 September 2019, Moody’s Investors Service issued a Sector Comment on Sri Lankan banks titled “Sri Lanka’s lending rate cut is credit negative for banks.” In this respect, the Central Bank of Sri Lanka is of the view that the conclusion by Moody’s has not taken into account the complete information set, and is therefore unfounded.

Export earnings recorded a decline of 7.0 per cent YOY after a steady growth

Export earnings recorded a decline of 7.0 per cent YOY after a steady growth »

28 Sep, 2019

In July 2019, the trade deficit expanded as exports dropped more than import declines. Export income decreased by 7.0 percent (year-on-year) after a constant several month developments, while import spending decreased by 2.2 percent (year-on-year) in July 2019.

Withdrawal of the Monetary Law Act Order on Maximum Interest Rates on Sri Lanka Rs. Deposits of Licensed Banks

Withdrawal of the Monetary Law Act Order on Maximum Interest Rates on Sri Lanka Rs. Deposits of Licensed Banks »

28 Sep, 2019

Consequent to the issuance of the Directions to the licensed banks by the Central Bank of Sri Lanka on Enhancing Efficiency of the Transmission of Recent Policy Decisions to Market Lending Rates, where licensed banks are required to reduce its rupee denominated market lending rates,

IMF Reaches Staff-Level Agreement on the Sixth Review of Sri Lanka’s Extended Fund Facility

IMF Reaches Staff-Level Agreement on the Sixth Review of Sri Lanka’s Extended Fund Facility »

25 Sep, 2019

During September 10-25, 2019, an International Monetary Fund (IMF) staff team led by Manuela Goretti toured Colombo to perform the sixth evaluation under the economic reform program of Sri Lanka backed by a four-year EFF agreement.

Inflation increased by 3.4% in August 2019 – CBSL

Inflation increased by 3.4% in August 2019 – CBSL »

24 Sep, 2019

Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1increasedto 3.4per cent in August2019from 2.2per cent in July 2019. The low base that prevailed in the corresponding month of the previous year and the monthly increases of prices of items in both Food and Non-food categories contributed to this increase.

CEB Cancel TKS Finance Limited –  of License issued under the Finance Business Act

CEB Cancel TKS Finance Limited – of License issued under the Finance Business Act »

19 Sep, 2019

TKS Finance Limited (TKSF), a Finance Business Act, No. 42 of 2011 (FBA) Licensed Finance Company, has consistently violated / contravened the FBA's regulations and a number of directions and rules issued thereunder.

ICTA’s Disrupt Asia draws spotlight on transforming and driving digital innovation in Sri Lanka

ICTA’s Disrupt Asia draws spotlight on transforming and driving digital innovation in Sri Lanka »

18 Sep, 2019

With Sri Lanka on the cusp of establishing a digitally empowered country and knowledge economy, the Information and Communication Technology Agency (ICTA), Sri Lanka's apex government agency for ICT under the ministry's authority and management of Ajith P. Perera, Minister of Digital Infrastructure and Information Technology, continues to harness exponential technological channels effectively.

New investments and processes at Keells, journey of freshness for clients

New investments and processes at Keells, journey of freshness for clients »

18 Sep, 2019

With a' Freshness Guarantee' or doubling your cashback commitment in 2018, Keells continues to invest in fresh processes, equipment and innovations to offer the best in freshness and quality to clients.

Call for more public awareness on Monetary Law Act : Central Bank Governor

Call for more public awareness on Monetary Law Act : Central Bank Governor »

16 Sep, 2019

Central Bank Governor, Dr. Indrajit Coomaraswamy called on the public to be more aware of the proposed changes to the Monetary Law Act. He was speaking at the Central Bank Auditorium recently before an annual oration by political scientist and former advisor to the Ministry of Finance Razeen Sally.

1.6 billion Aid to Improvement of the Public Security and Counter terrorism Activities

1.6 billion Aid to Improvement of the Public Security and Counter terrorism Activities »

13 Sep, 2019

The Easter Sunday terrorist attacks threatened public security in Sri Lanka with a huge adverse financial effect on the country's rapidly increasing tourism industry. As an immediate reaction to the incident, the Government of Japan has agreed to grant Japanese Yen 01 billion (roughly Rs. 1.6 billion)

SLTBP welcomes delegation of high profile Indian journalists

SLTBP welcomes delegation of high profile Indian journalists »

9 Sep, 2019

Sri Lanka Tourism Promotion Bureau (SLTPB) hosted a press tour for a delegation of high profile journalists from prominent media houses in India, who arrived in Sri Lanka in order to promote the destination as one of the best and the safest tourist destinations.

Ramada hosts ‘Yaal Virindu’ Jaffna food festival

Ramada hosts ‘Yaal Virindu’ Jaffna food festival »

9 Sep, 2019

The ‘Yaal Virindu’ food festival commence last week and will hold till September 15, 2019, at Ramada Hotel Colombo. The event is organized with the key objective to celebrate the distinct flavors of Northern Sri Lanka that separate it from the traditional cuisine found in the rest of the island.

Financial Intelligence Unit of Sri Lanka entered into MoU with CMA and National Gem and Jewellery Authority

Financial Intelligence Unit of Sri Lanka entered into MoU with CMA and National Gem and Jewellery Authority »

7 Sep, 2019

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding (MOUs) with Condominium Management Authority (CMA) and National Gem and Jewellery Authority (NGJA)

Softlogic Life wins the Effies 2019 Brand of the Year

Softlogic Life wins the Effies 2019 Brand of the Year »

6 Sep, 2019

At the lately completed Effie Awards 2019 at Water's Edge Battaramulla, Softlogic Life Insurance PLC became the youngest Sri Lankan

Apparel industry confident of achieving revenue targets

Apparel industry confident of achieving revenue targets »

2 Sep, 2019

Financial News from Sri Lanka: The apparel industry is heading towards becoming the key driver of economy and is set to

Mahindra Finance acquire a 58% stake in Ideal Finance in Sri Lanka

Mahindra Finance acquire a 58% stake in Ideal Finance in Sri Lanka »

30 Aug, 2019

India's Mahindra & Mahindra Financial Services Ltd will invest Rs. 700 million next month as part of a 58.2 percent stake in Ideal Finance Ltd, an Ideal Group subsidiary. India's leading Non-Banking Finance Company (NBFC) — In 2020 and March 2021, Mahindra Finance will spend an additional Rs. 1.300 million in two installments to complete the agreement with a total Rs. 2 billion investment.

1.6 billion rupee grant from Japanese government

1.6 billion rupee grant from Japanese government »

29 Aug, 2019

The Japanese government will grant 1.6 billion rupees in Sri Lanka to implement counter-terrorism and national security initiatives.

ADB providing a loan of US$ 160 million to develop the railway sector in Lanka

ADB providing a loan of US$ 160 million to develop the railway sector in Lanka »

24 Aug, 2019

A $160 million loan has been approved by the Asian Development Bank (ADB) to modernize activities and enhance the effectiveness of Sri Lanka Railways, the railway operator of the country, by upgrading its infrastructure and technical ability. This is the first loan from ADB in the rail industry in Sri Lanka.

Melstacorp records Rs. 8.9 billion PAT for 2018-19

Melstacorp records Rs. 8.9 billion PAT for 2018-19 »

21 Aug, 2019

The profit after tax of the Melstacorp group for the financial year 2018-19 was Rs. 8.9 billion compared to the figure of Rs. 6.2 billion of the previous year, an increase of 41 percent. Group turnover reached to Rs. 156 billion and in the same financial year the Group contributed Rs. 64 billion as taxes. Melstacorp has a Rs. 51 billion market capitalization.

Sunshine Holdings generates income of Rs 5.2 billion

Sunshine Holdings generates income of Rs 5.2 billion »

19 Aug, 2019

Lower performance in the consumer goods and agribusiness industries has pushed back the top-line performance development of Sunshine Holdings PLC during the first quarter of the present economic year (1QFY20), with a consolidated income of Rs. 5.2 billion reported by the diverse Sri Lankan conglomerate, down 6.5 percent YoY.

Allianz has solid performance in Asia for half a year

Allianz has solid performance in Asia for half a year »

19 Aug, 2019

Allianz for the half-year ending June 30, 2019 Business segment Life & Health (L / H) produced powerful outcomes, driven by remarkable company development and spending discipline in Taiwan, China and Thailand, supporting an operating profit rise of 42% to EUR 205 million. Increased margin growth in our preferred product sections represents an enhanced product combination, contributing to a fresh company value (NBV) increase of 18 percent to EUR 166 million.

ADB approves first loan to Sri Lanka’s railway sector

ADB approves first loan to Sri Lanka’s railway sector »

17 Aug, 2019

A $160 million loan has been approved by the Asian Development Bank (ADB) to modernize activities and enhance the effectiveness of Sri Lanka Railways, the railway operator of the country, by upgrading its infrastructure and technical ability. This is the first loan from ADB in the rail industry in Sri Lanka.

US confirms support for tourism sector recovery

US confirms support for tourism sector recovery »

16 Aug, 2019

Yesterday, at the 27th Annual General Meeting of the American Chamber of Commerce in Sri Lanka, U.S. Ambassador for Sri Lanka and Maldives Alaina B. Teplitz said that the U.S. is supporting Sri Lanka for the quick recovery of its tourism industry from the Easter attacks.

Adopting Safe and Secure Electronic Payment Practices

Adopting Safe and Secure Electronic Payment Practices »

6 Aug, 2019

Electronic methods of payment (e-payment), such as real-time interbank fund transfers from client present and savings accounts as well as card payment services, have given clients with excellent comfort. Payment systems and infrastructure in Sri Lanka fulfill international security requirements to guarantee client funds are safe. Customers must adhere to appropriate security measures when making e-payments in order to enjoy these facilities continually.

The President of the CFA Institute Paul Smith opens the CSE market

The President of the CFA Institute Paul Smith opens the CSE market »

5 Aug, 2019

The Chartered Financial Analyst (CFA) Institute articulated its dedication and capacity to have a positive effect on Sri Lanka in supporting the ambitious capital market growth plans of the country.

The SBI Group in Japan invests US$ 2 million dollars in Sunshine Energy.

The SBI Group in Japan invests US$ 2 million dollars in Sunshine Energy. »

1 Aug, 2019

Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) has announced that SBI Ven Holdings (Pte) Limited, SBI Holdings Inc.'s foreign private equity firm, has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to further propel renewable energy production initiatives by Sunshine Holdings.

The SL Quiz pool brings the directFN Quiz team to light.

The SL Quiz pool brings the directFN Quiz team to light. »

26 Jul, 2019

One of the leading rivals in the recent Biz Quiz competition, the Glitz-sponsored Sri Lankan corporate contest, was DirectFN Quiz Team. The team won the title of the winner of the category IT / Software. In the general contest, DirectFN also ranked 4th.

Keells Foods recognizes leading sales representatives

Keells Foods recognizes leading sales representatives »

26 Jul, 2019

In a recent annual sales meeting held by Keells Food Products (KFP) at Cimmamon's Hikka Tranz, the Icelandic Sales Team recognized and recognized its most excellent sales leaders ' commitment and accomplishments in the financial year ending on 31 March, at which 27 of the world's most prominent sales leaders were recognized.

In cooperation with LJMU, SLIIT offers LLB (Hons) degree

In cooperation with LJMU, SLIIT offers LLB (Hons) degree »

26 Jul, 2019

Not only will an LLB (Hons) degree open numerous career paths to the students, but it also expands their perspectives on many social issues and enables them to collect understanding through studies and analysis separately.

Free visa facility to increase access

Free visa facility to increase access »

26 Jul, 2019

A press conference was held in the Hotel Shangri-La with the introduction of the free visa for the 46 countries with effect from August 1st and was held in Shangri-La by the ministers of Chrétien Affairs, Wildlife, and Tourism.

Aitken Spence Hotels invests Rs 70 mn for women’s lodgings

Aitken Spence Hotels invests Rs 70 mn for women’s lodgings »

25 Jul, 2019

Aitken Spence Hotels has spent Rs 7 million to establish a well-equipped women's lodging facility in Heritance Kandalama in the creation and promotion of a job setting as an equal opportunity employer.

The Planters Association is seeking redress for the woes of palm growers

The Planters Association is seeking redress for the woes of palm growers »

25 Jul, 2019

The palm oil business is in a serious crisis in Sri Lanka as a result of an informal planting ban, Rs. 500 million of crops are lost in nurseries.

CPC mulls CEB additional loan rs.100bn

CPC mulls CEB additional loan rs.100bn »

24 Jul, 2019

If the directors of CEB come to the salvage of the CEB with an enhanced credit ceiling of up to thumping Rs.100 billion for the supplies of fuel to the board of thermal plants, consumers of electricity, industry as well as citizens, facing the expectation of an erratic electricity supply from a cash-strapped Ceylon Electricity Board may receive some replacement.

Boss of ACIFMA impressed with safety actions

Boss of ACIFMA impressed with safety actions »

24 Jul, 2019

The president of the Association of Financial Markets ACI, Bruno Langfritz, who was a forerunner for the World Congress in Colombo in October in Sri Lanka, feels comfortable about the present safety policies on the island.

Easter terrorist attack Revenue loss Rs.50 bn

Easter terrorist attack Revenue loss Rs.50 bn »

24 Jul, 2019

The mid-year tax position report for 2019, which the Ministry of Finance presented to Parliament yesterday, estimates a loss to the income of Rs 50 billion in the nation resulting from the Easter Sunday terrorist attack.

Japan offers the Human Resource Development Scholarship (JDS) project with Rs.429 million grant assistance

Japan offers the Human Resource Development Scholarship (JDS) project with Rs.429 million grant assistance »

23 Jul, 2019

The Government of Japan has given the Human Resource Development Scholarship (JDS) project with a grant worth approximately Rs.429 million to

In May, PPI increased by 2.4%

In May, PPI increased by 2.4% »

18 Jul, 2019

For financial operations such as agriculture, production, and the energy, water, and energy industries the PPI (Producer Price Index) of all reports is 153.4, 131.5 and 88.1. According to the Ministry of Census and Statistics, the PPI growth rate for May is 2.4% annually. The PPI growth rates for May are 2.4%.

Only once in 2019 will the Federal Reserve cut rates

Only once in 2019 will the Federal Reserve cut rates »

18 Jul, 2019

In view of strong employment growth in the US, the Fed will probably lower interest rates than expected by financial markets in the rest of 2019, says Fitch Ratings. A 25bp reduction now appears likely either at the July or September FOMC, but unlike current prices on future Fed funds markets, the start of a set of interest rate cuts is unlikely.

The decrease in aviation fees is commendable

The decrease in aviation fees is commendable »

10 Jul, 2019

Board of Airline Representants (BARs), Sri Lanka Airline Representatives Association (SLAAR) and Sri Lankan Airline Country Managers welcomed the government moving for six months to decrease land handling, aviation fuel, and boarding levies.

Steps to simplify interventions for tourism relief

Steps to simplify interventions for tourism relief »

10 Jul, 2019

Minister for Tourism John Amaratunga requested on 11 June to hold a conference with the governor of the Central Bank and with the CEOs of public and private banks and insurance companies.

Foreign tourism-boosting charges

Foreign tourism-boosting charges »

9 Jul, 2019

On Monday, together with Sri Lanka's Prime Minister's Office, Tourism Ministry and the Sri Lankan Civil air agency, the Sri Lanka Tourism Authority presented a cabinet document and obtained 6 months of ground handling, air fuel, and boarding fees approvals.

Two new treasury managers

Two new treasury managers »

8 Jul, 2019

D.C. R Olga, the Director General for Treasury Operations and the Department of Remarks of Sri Lanka Accountancy, took over the task. A. As the Director General of the Department of Finance, Rathnayaka has taken over the duties of Sri Lanka Accountancy Service.

Hybrid for all wastewater problems

Hybrid for all wastewater problems »

8 Jul, 2019

The Omega Jokasou septic tank has been acquired a significant market share for three years since the launch in Sri Lanka, which is the continuous answer to issues associated with the toilets and drainage such as overloading, excessive use of the toilet pit, damaging and erosion, poor smell, and toxic gas emission.

Strengthened atlas with technical skills

Strengthened atlas with technical skills »

5 Jul, 2019

Atlas Axillia is celebrating its 60th anniversary with a range of projects aimed at enhancing children's lives across the nation. The firm intends a bursary and fresh innovative warehouse products to be launched. Viraj Jayasooriya, Chief Operating Officer of Atlas, says his firm has invested strongly in its business and can generate a high-quality product at a good cost.

Sweetened beverage tax will be reimposed to safeguard Sri Lankans

Sweetened beverage tax will be reimposed to safeguard Sri Lankans »

3 Jul, 2019

Health Ministry spokesperson said that the tax on high-sweetened beverages will be reimposed to safeguard Sri Lankans from non-communicable diseases such as diabetes, cancer, kidney disease, cardiac illnesses, hypertension and so on. Speaking at the Finance Minutes next Friday morning, the spokesperson said that the final choice is to impose a heavily sweetened drink during the debate.

Sri Lanka is changing to ‘ higher-mean income ‘

Sri Lanka is changing to ‘ higher-mean income ‘ »

3 Jul, 2019

Sri Lanka has revised the World Bank's gross national income (GNI) classification limits announced on Monday (July 1) to the "upper-middle income" category from the "lower-medium income. "The per capita GNI of Sri Lanka has risen from 3.840 USD in 2017 to 4.060 USD in 2018 according to World Bank information. The fresh categories define the higher-medium revenue markets between USD 3,996 and USD 12,375 for GNI per person.

CSE and SEC reach investors in Jaffna

CSE and SEC reach investors in Jaffna »

3 Jul, 2019

The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently organized a regional investor forum in Jaffna with the aim of creating awareness on stock market investments.

Approval by the Cabinet conditional

Approval by the Cabinet conditional »

2 Jul, 2019

Cabinet approval had been granted for the program to provide tab computers to G.C.E.Advanced Level students on condition that it is first implemented as a pilot project in national schools only, President Maithripala Sirisena had stated according to a press release by the President’s Media Division.

In the first four months, the external industry moderates

In the first four months, the external industry moderates »

2 Jul, 2019

Sri Lanka’s external sector moderated in the first four months of 2019 mainly due to the lessening of the trade deficit, a marginal increase in earnings from tourism, the decline in workers’ remittances and weaker financial flows. The exports increased by 4.5 percent to US$ 3,954 million in the first four months of 2019 while imports contracted by 17.4 percent to US$ 6,412 million which has resulted in narrowing the trade deficit to US$ 2,458 million in the first four months of 2019, compared to US$ 3,981 million in the same period of 2018.

ADB project report in Sri Lanka funded by the Finance Initiative for Women Entrepreneurs.

ADB project report in Sri Lanka funded by the Finance Initiative for Women Entrepreneurs. »

1 Jul, 2019

Asian Development Bank (ADB) President Takehiko Nakao submitted a report to Japanese Prime Minister Shinzo Abe on an ADB project in Sri Lanka funded by the Women Entrepreneurs Finance Initiative (We-Fi) at the Osaka G20 Summit on June 29.

Airtel presents a product that changes the game

Airtel presents a product that changes the game »

26 Jun, 2019

Airtel Lanka has introduced a new product offering unlimited voice calls in a move that is set to revolutionize the telecom industry.

AMW launches Big Brother Swift, CROSSOVER SUZUKI BALENO 201

AMW launches Big Brother Swift, CROSSOVER SUZUKI BALENO 201 »

26 Jun, 2019

Associated Motorways (Private) Limited (AMW), the pioneer and frontrunner in the automotive sector in Sri Lanka, ceremoniously launched the Brand New Suzuki BALENO CROSSOVER on June 24, 2018,

Two prestigious prizes were awarded for digital loans via mCash

Two prestigious prizes were awarded for digital loans via mCash »

26 Jun, 2019

Demonstrating the rising use of digitally-backed products and services in the financial services space, Mobitel and LOLC Finance PLC

ICRA National Bank of Savings [ Sl ] AAA rates

ICRA National Bank of Savings [ Sl ] AAA rates »

25 Jun, 2019

ICRA Lanka Limited, a subsidiary of ICRA Limited, a Moody's Investors Service group company, 

India Int’l Textiles Expo in Colombo from 29 July

India Int’l Textiles Expo in Colombo from 29 July »

25 Jun, 2019

Powerloom Council for Development and Export Promotions (PDEXCIL), established by the Textiles Ministry, Govt. The ' India International Textiles Expo ' (IIT Expo Colombo 2019) is organizing a cum buyer meeting in India from 29 to 31 July at Hotel Galadari, Colombo.

Congratulations to the donors of blood

Congratulations to the donors of blood »

18 Jun, 2019

Minister of Health, Nutrition and Indigenous Medicine Dr. Rajitha Senaratne congratulated over 4,000 volunteer blood donors who turned up instantly to donate blood following the sequence of suicide bomb attacks on Easter Sunday, a spokesperson for the Health Ministry said.

Specific SOE targets ; Govt signs an additional 10 SCIs

Specific SOE targets ; Govt signs an additional 10 SCIs »

12 Jun, 2019

The government has set particular goals for state-owned enterprises (SOEs) to be accomplished by 2020-2021 through the Corporate Intent Statement (SCIs).

USD 4.5 mn Villa Project with Signed with US investors

USD 4.5 mn Villa Project with Signed with US investors »

3 Jun, 2019

Sundara (Pvt) Ltd from the USA, inked an agreement with Board of Investment (BOI) to build “The Plantation Koggala” a luxury hotel project in Koggala on Friday.

Moc Signed for the Development of the Colombo Port

Moc Signed for the Development of the Colombo Port »

30 May, 2019

Among three governments of Sri Lanka, Japan and India a Memorandum of Cooperation was signed for the development of the East Container Terminal (ECT) located In the Colombo South Port.

Envisaged Japanese Loan Considered one of the Best

Envisaged Japanese Loan Considered one of the Best »

27 May, 2019

The Sri Lanka Ports Authority (SLPA) after observing recent reports in the press about the envisaged Memorandum of Cooperation (MoC)

IMF approves USD 164.1 million disbursements for Sri Lanka

IMF approves USD 164.1 million disbursements for Sri Lanka »

14 May, 2019

The Executive Board of the International Monetary Fund (IMF) has approved US $ 164.1 million disbursements for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement Sri Lanka has with the multilateral lender.

Sri Lanka to Purchase 325 Luxury Buses.

Sri Lanka to Purchase 325 Luxury Buses. »

10 May, 2019

Sri Lanka's Cabinet of Ministers has given the nod for the government to purchase 325 luxury buses form Lanka Ashok Leyland at a cost of over Rs. 3.6 billion to provide a more comfortable and quality and secure transportation service to the public.

Free Tabs to be Distributed Among AL Students

Free Tabs to be Distributed Among AL Students »

9 May, 2019

The Cabinet has approved the Education Ministry proposal to provide free tablet computers for all Advanced Level students.

Funds to purchase 160,000 Laptops for Schools

Funds to purchase 160,000 Laptops for Schools »

6 May, 2019

Latest Cabinet decisions on a project to provide computer facilities in schools to develop the learning and teaching process in the school education system were proposed according to a budget proposal.

Donations Accepted to Upgrade Hospitals

Donations Accepted to Upgrade Hospitals »

6 May, 2019

The Chinese government has granted a micro interest loan of Rs. 13 billion to Sri Lanka to upgrade 13 hospitals, while Germany, Austria, France, and the Netherlands have granted Rs. 37,600 million to develop four hospitals, a Health Ministry spokesman said yesterday.

NLDB Invests with a Motive to Expand

NLDB Invests with a Motive to Expand »

6 May, 2019

In order to add new plants, infrastructure, and value-added products, the National Livestock Development Board (NLDB) is to invest over Rs. 400 million this year.

Single Largest Project Loan From EXIM Bank To Sri Lanka

Single Largest Project Loan From EXIM Bank To Sri Lanka »

29 Mar, 2019

China and Sri Lanka today signed a US$ 989 million concessional loan agreement for the Central Expressway Project's first phase.

Electronic Teller Cards, To Make Expressway Toll Payments Easier.

Electronic Teller Cards, To Make Expressway Toll Payments Easier. »

29 Mar, 2019

In order to make toll payments more convenient, the Road Development Authority has introduced Electronic Teller Cards (ETC) for expressway-users

National Action Plan To Save Electricity.

National Action Plan To Save Electricity. »

28 Mar, 2019

A proposal in order to implement a programme aimed at using electricity sparingly in private and public sector institutions until the

Profit Increments for Ceylinco Insurance.

Profit Increments for Ceylinco Insurance. »

28 Mar, 2019

Ceylinco Insurance PLC, the holding company of Insurance giants Ceylinco General Insurance and Ceylinco Life Insurance, recorded a massive, consolidated after-tax profit of Rs. 8.7 billion for the year ended December 31, 2018,

18% Increment On The Colombo Districts Land Price Index.

18% Increment On The Colombo Districts Land Price Index. »

14 Mar, 2019

Compiled by the Central Bank of Sri Lanka, the Land Price Index (LPI) for the Colombo District, reached 125.9 the second half of 2018, recording an increase of 18% compared to the second half of 2017

Colombo Light Rail Granted Funds from JICA

Colombo Light Rail Granted Funds from JICA »

11 Mar, 2019

The Loan Agreement for establishing the Light Rail Transit system from Malabe to Fort was signed between GoSL and JICA on today -  March 11, 2019.

The Building Of The National Quality Infrastructure Motivates The European Union To Invest Big.

The Building Of The National Quality Infrastructure Motivates The European Union To Invest Big. »

5 Mar, 2019

National Quality Infrastructure (NQI) Strategy was launched in July 2018, under the National Export Strategy of Prime Minister Ranil Wickremesinghe.

Four Contracts Signs BOI For US$ 3.85 Mn Projects

Four Contracts Signs BOI For US$ 3.85 Mn Projects »

8 Feb, 2019

Presently, four latest projects have been signed up by The Board of Investment of Sri Lanka. The Director General of the Board of Investment of Sri Lanka Champika Malalgoda represented BOI whilst, the other company representatives signed the contract.

SL Footwear And Leather Exports Rises To US$ 118 Mn

SL Footwear And Leather Exports Rises To US$ 118 Mn »

31 Jan, 2019

Footwear and Leather Product exports have risen by 300 percent in the 10 year period of 2008

US$ To Obtain 200 Mn Loan To Support Primary Healthcare

US$ To Obtain 200 Mn Loan To Support Primary Healthcare »

25 Jan, 2019

Sri Lanka will obtain US$ 200 million from the International Bank for Reconstruction

Funds Grant From India To Uplift Eastern University

Funds Grant From India To Uplift Eastern University »

22 Jan, 2019

India and Sri Lanka recently signed a MoU to develop modern infrastructural facilities to the Swami Vipulananda Institute of Aesthetic Studies, Eastern University in the Batticaloa.

World’s Largest Underwater Restaurant

World’s Largest Underwater Restaurant »

18 Dec, 2018

AKDA Engineering Group Sri Lanka which designed the world’s first underwater nightclub, spa and wine cellar has also completed building the world’s largest underwater restaurant with a glass tunnel costing approximately US$ 1.5 million.