- Many Corporate Companies, organizations contribute to the Health Ministry for Corona prevention and control.
- Hutch Pays Heed to Customer Feedback offering 100% Anytime Data without Night Time Quotas
- The apparel sector equips healthcare workers in the fight against COVID-19
- FCCISL initiates medical donation through CICCPS in Beijing
Central Bank appeals for foreign currency deposits from Sri Lankans to boost reserves to aid crisis fight »
The Sri Lankan Central Bank invites all Sri Lankans living here and abroad to consider depositing their savings and other foreign-currency funds within the Sri Lankan banking system.This offer is valid from today on for three months (April 2, 2020).
The Securities and Exchange Commission (SEC) has announced relief to all investors in the Colombo stock market, which has been affected by the novel coronavirus (COVID-19) pandemic.
Measures taken by the Central Bank of Sri Lanka to Provide Flexibility to Licensed Finance Companies and Specialised Leasing Companies »
The Monetary Board of the Central Bank of Sri Lanka (CBSL) decided to introduce number of measures to provide flexibility to Licensed Finance Companies (LFCs) and Specialised Leasing Companies (SLCs) facilitating them to support businesses and individuals affected by the outbreak of COVID-19.
Moody’s Investors Service says in a new report Low-rated emerging market sovereigns with large near-term international bond repayments and significant reliance on foreign currency,
Fitch Ratings has affirmed the National Long-Term Rating of Sri Lanka-based telecoms company Dialog Axiata PLC at ‘AAA(lka)’.
CB of Sri Lanka implements Extraordinary Regulatory Measures to facilitate Banks to support COVID-19 affected Businesses and Individuals »
The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to introduce several extraordinary regulatory measures to provide flexibility to Licensed Commercial Banks and Licensed Specialised Banks to provide some relief to businesses and individuals affected by the COVID-19 crisis.
Strategy 1: Return approximately 20% of the balances amounting to around Rs.500 billion of the Employees Provident Fund, lying to the credit of members, directly to the Members.
Rupees 50 Billion, Six-Month Re-Financing Facility to Support Covid-19 Hit Businesses Including Self Employment and Individuals »
The Central Bank of Sri Lanka has decided to set up the above Re-financing Facility in order to implement the decisions taken by the Cabinet of Ministers on 20.03.2020 to introduce a wide range of fiscal and financial concessions for COVID-19 hit business activities including self-employment businesses and individuals.
Fitch Revises Sri Lanka’s Banking Sector Outlook to Negative on Coronavirus; Rating Outlook Negative »
Fitch Ratings-Colombo-26 March 2020: Fitch Ratings has revised Sri Lanka's banking sector outlook for 2020 to negative as the coronavirus pandemic poses increased risks to the anticipated expansion in the economy and credit demand, which will adversely affect the performance of the banks.
World Bank Group and the International Monetary Fund Regarding A Call to Action on the Debt of IDA Countries »
The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries.
Halting trading of the market due to an extreme decline in a particular index during the day, as a result of the share prices falling rapidly, is a measure that is implemented by stock markets around the world.
Stocks surged on Tuesday as the Dow recorded its largest one-day gain since 1933, driven by expectations of an economic stimulus package from Congress to offset the effects of the Wuhan coronavirus pandemic.
In view of the extension of the ongoing curfew in the districts of Colombo, Gampaha and Puttalam, the Colombo Stock Exchange has declared the period from 25th to 27th March 2020 as market holidays.
In view of the extension of the ongoing curfew in the districts of Colombo, Gampaha and Puttalam, the Colombo Stock Exchange has declared 23rd and 24th March 2020 as market holidays.
Exchanges and CCPs support market participants in the face of the global coronavirus (Covid-19) economic shock »
The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has today issued a statement on coronavirus (Covid-19) and current market volatility.
Tighter regulation in Sri Lanka on classification and measurement of credit facilities for finance and leasing companies (FLCs) will accelerate recognition of bad loans in 2020-2022,
Measures Adopted by Central Bank of Sri Lanka during the Public Holiday Period Announced by the Government »
The Central Bank of Sri Lanka (CBSL) wishes to inform that the following measures have been adopted by CBSL during the public holiday period announced by the Government.
At an urgent meeting to review the monetary policy stance of the Central Bank of Sri Lanka on 16 March 2020, the Monetary Board decided to reduce policy interest rates by 25 basis points and the Statutory Reserve Ratio by 1.00 percentage point.
Manufacturing PMI increased at a slower rate in February 2020 recording an index value of 53.6 mainly due to the slower expansion in New Orders and Employment, while expectations for next three months decreased significantly due to COVID-19 outbreak.
The promotional campaign of “2020 - Year of Digital Transactions” was launched by Deshamanya Prof. W D Lakshman, Governor of Central Bank of Sri Lanka (CBSL) on 11 March, 2020 at the CBSL amidst the attendance of senior bankers, officials of non-banking financial institutions, central bankers and other dignitaries. Following the launch, Mr. D Kumaratunge, Director Payments and Settlements of CBSL, introduced the advertising campaign of “Cash වදේ”.
The Central Bank of Sri Lanka Eases Monetary Policy Further to Support Economic Activity amidst the Spread of the COVID-19 Pandemic »
The Monetary Board of the Central Bank of Sri Lanka, at an urgent meeting to review its monetary policy stance on 16 March 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 25 basis points to 6.25 per cent and 7.25 per cent, respectively, with effect from 17 March 2020 and to reduce the Statutory Reserve Ratio (SRR) on all rupee deposit liabilities of licensed commercial banks (LCBs) by 1.00 percentage point to 4.00 per cent, with effect from the current reserve maintenance period.
Rating action ICRA Lanka Limited, Subsidiary of ICRA Limited, Group Company of Moody’s Investors Service has assigned the Issuer rating of [SL]A- (pronounced SL A minus1) with Stable outlook for Prime Lands Residencies (Pvt) Limited (“PRIMER”/ “the Company”).
Fitch Ratings will review the National Ratings assigned to the issues of Tier 2 debt of Sri Lankan banks and non-bank financial institutions (NBFIs) following the publication of its updated Bank Rating Criteria on 28 February 2020.
For the fifth consecutive year, IFC, a member of the World Bank Group, partnered with the Colombo Stock Exchange (CSE) to ring the opening bell for trading in celebration of International Women’s Day 2020.
The Colombo Stock Exchange (CSE) with the support of the Inland Revenue Department and PWC Sri Lanka recently gathered members of the corporate community to discuss the tax reforms that have been proposed by the Sri Lankan Government.
At its meeting yesterday, the Monetary Board of the Central Bank of Sri Lanka decided to maintain the Central Bank's Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) at their current levels of 6.50 percent and 7.50 percent respectively, thereby maintaining its accommodative monetary policy stance.
Fitch Ratings-Colombo-28 February 2020: Melstacorp PLC's (AAA(lka)/Stable) foray into the Sri Lankan healthcare industry will help diversify its cash flows away from its focus on spirits over the longer term, Fitch Ratings says.
Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 6.2 percent in February 2020 from 5.7 percent in January 2020.
Having been a trailblazing pioneer in challenging times during its courageous 25-year corporate journey, Citizens Development Business Finance PLC (CDB) etches its presence indelibly among the prestigious Business Today Top 30 for the first time in its history.
Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 increased to 7.6 per cent in January 2020 from 6.2 per cent in December 2019. This was driven by monthly increase of prices of items in both Food and Non-food categories.
The Monetary Board of the Central Bank of Sri Lanka decided to discontinue the compilation and publication of SLIBOR with effect from 01 July 2020. This decision was taken in consideration of the lack of usage of SLIBOR
Sri Lankans can now open a securities account instantly with their Stock broker under a new decentralization program by the Central Depository Systems (CDS) eliminating the need to forward application forms and connected documents to CDS and wait for the CDS to open the account and confirm to the stock Broker and for the stock broker to notify the account holder.
Fitch Ratings has affirmed Siyapatha Finance PLC’s National Long-Term Rating of ‘A-(lka)’. The Outlook is Stable. The agency has also affirmed the National Long-Term Rating on Siyapatha’s senior unsecured debentures at ‘A-(lka)’ and subordinated debentures at ‘BBB+(lka)’.
Fitch Ratings has affirmed Singer Finance (Lanka) PLC’s (SFL) National LongTerm Rating at ‘BBB(lka)’. The Outlook is Stable. A full list of rating actions is at the end of this commentary.
Fitch Ratings has assigned DFCC Bank Plc’s (DFCC, AA-(lka)/Negative) proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘A+(EXP)(lka)’.
Fitch Ratings has affirmed Continental Insurance Lanka Limited's (CILL) National Insurer Financial Strength (IFS) Rating at 'A(lka)'. The Outlook is Stable. The affirmation reflects CILL's moderate business profile, satisfactory financial performance and capital position, as well as its prudent investment mix.
A staff team from the International Monetary Fund (IMF) led by Manuela Goretti visited Colombo during January 29 – February 7, 2020 to meet with the new administration and discuss its policy agenda. At the conclusion of the staff visit, Ms. Goretti issued the following statement0
The Colombo Stock Exchange (CSE) has organized a forum to discuss changes to the tax system which were recently announced by the Government. The forum, will be conducted by senior representatives of the Inland Revenue Department and PWC Sri Lanka, and will take place on 18 February 2020 from 08.30 a.m. to 01.00 p.m. at the Hilton Colombo Residences.
Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 increased to 5.4 per cent in January 2020 from 4.8 per cent in December 2019.
Credit growth extended to the private sector picked up year-on-year in December 2019, following a continuing slowdown since December 2018. Driven by domestic credit expansion, strong (year-on-year) money growth also picked up in December 2019, Central Bank data showed.
The Central Bank of Sri Lanka Reduces its Policy Interest Rates by 50 basis points to 6.50 percent and 7.50 percent »
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 29 January 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 6.50 percent and 7.50 percent, respectively.
The total value of merchandise exports of the country for first 11 months of 2019 was recorded at US$ 10.7 Bn according to the provisional statistics. This is a US$ 180 Mn increase in value and a 1.7% growth when compared to the similar period of the previous year.
The Colombo Stock Exchange (CSE) has decided to discontinue the current industry classification used to categorise its listed companies and adopt the Global Industry Classification Standard (GICS) along with S&P/CSE cobranded sector indices with effect from 20 January.
Manufacturing PMI expanded at a slower pace in December 2019 recording an index value of 54.3 mainly due to the slower expansion in New Orders, Production and Stock of Purchases.
Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) USD175 million government guaranteed 7% unsecured bonds due 25 June 2024 at 'B'.
Today, the Sri Lankan economy is at a crossroads. Decades of policymaking as a sovereign nation have produced improvements in many aspects of the economy. There was significant social upliftment.
Approximately 54,000 companies have been relived by the Department of Inland Revenue from paying value-added tax. This was told by yesterday's department's Inactive VAT List.
The Central Bank has called on all commercial banks to adhere strictly to the newly reduced interest rates on credit. A press release from the Bank said that by December 27, 2019, each Licensed Commercial Bank (LCB)
The Monetary Board of the Central Bank of Sri Lanka decided to maintain its accommodative monetary policy position with the Central Bank's Standing Deposit Facility Rate (SDFR) and its Standing Lending Facility Rate (SLFR) remaining at its current 7.00% and 8.00%, respectively at its meeting on 26 December 2019.
Considering the recent major policy changes, First Capital Research has trimmed down its rate cut probability to 50 percent from the previous expectation of 100 percent probability, specifically due to the tax benefits, moratorium on loans and easing of capital adequacy to stimulate the consumer demand and revive growth in the economy.
Headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100) decreased to 4.1 percent in November 2019 from 5.6 percent in October 2019 contributed by the statistical effect of the high base prevailed in November 2018.
The Colombo Stock Exchange (CSE) announced the following changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2019 year-end index rebalance.
Softlogic Finance PLC successfully raised Rs. 602 million of new equity by way of a Rights Issue in the proportion of 12 new shares for every 23 shares held at an issue price of Rs. 17/- per share,
The World Bank today approved a $25 million loan to the Government of Sri Lanka to improve the transparency and efficiency of core government and public financial management functions.
Manufacturing PMI expanded in November 2019 recording an index value of 56.0 mainly due to the expansion in New Orders, Production and Employment.
Fitch Ratings has affirmed Sri Lanka-based Kotagala Plantations PLC's National Long-Term Rating and the National Rating on its outstanding senior-secured debentures at 'CC(lka)'.
Fitch Ratings has assigned HNB Finance Limited's (HFL, A(lka)/Stable) proposed Sri Lanka rupee-denominated subordinated unsecured debentures a final National Long-Term Rating of 'BBB+(lka)'.
It has been observed that certain individuals and entities mobilize funds from the public by issuing various instruments. Promissory Notes, Commercial Papers and Debentures are few of them.
“Environment, Social and Governance factors are vital determinants of investment decisions” says CSE Chairman »
“Sustainable investing has continued to gain momentum among financial market participants and Environment, Social and Governance factors are vital determinants of investment decisions.
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 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)'.
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.
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),
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.
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 of Sri Lanka strongly objects to the statement released by Fitch Ratings on 21 November 2019 titled “Sri Lanka Election Result Increases Policy Uncertainty”,
Financial News from Sri Lanka: Hatton National Bank PLC (HNB) posted a profit after tax (PAT) of Rs 8.0 Bn for
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.
The Central Bank of Sri Lanka hosted the 32nd Annual Conference of Asian Credit Supplementation Institutions Confederation (ACSIC) – 2019, from
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%.
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.
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
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.
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.
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.
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.
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.
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 »
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,
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.
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.
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.
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.
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.
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.
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)
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.
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 »
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)