News timeline

Local News Today
11 hours ago

UN Agency Heads in Sri Lanka Commend Action Taken by the Government at this Critical Moment

Business
11 hours ago

Urgent statement from SriLankan Airlines

Business News Today
12 hours ago

SEC directs relief to investors affected by COVID-19-hit stock market

Local
12 hours ago

Police to take stern action against posts on social media targeting public servants

Sri Lanka News Update Today
12 hours ago

Coronavirus transforms New York as US deaths top 4,000

International
12 hours ago

Auto industry races to make ventilators during virus crisis

Sri Lanka News Update Today
12 hours ago

Europe toll tops 30,000 as UN warns of world’s worst crisis since WWII

Developing Story of the day
13 hours ago

Pharmacies open for pensioners on April 02,03 and 06

Local
13 hours ago

Do decision to delay A/Ls and O/L results to release before end of April 2020

Business
13 hours ago

CSE offers guidance to Listed companies on hosting AGMs amidst the COVID-19 outbreak

Lead Story
13 hours ago

Attorney General urges CJ to consider cancelling High Court sittings

Local
14 hours ago

All types of visas issued to foreigners extended till May 12 2020

Covid-19 Outbreak
14 hours ago

03 new positive COVID-19 patients total rise to 146

Business
15 hours ago

SriLankan Airlines suspends all passenger flights from April 8-30

Business News Today
15 hours ago

Dialog’s e-Working, e-Learning and e-Health Solutions to empower Sri Lankans during COVID-19

Local News Today
16 hours ago

President discusses economic impact of COVID-19 pandemic with Central Bank officials

Business News Today
17 hours ago

BIA to facilitate the airlines for cargo movements

Business News Today
17 hours ago

Dialog to take 5G technology closer to every Sri Lankan

Business News Today
17 hours ago

The apparel sector discussed with Presidential Task Force issues emerged on Covid-19

Business News Today
17 hours ago

Akbar Brothers contribute Rs.50 million to Covid19 Health Care & Social Security Fund

Covid-19 Outbreak
18 hours ago

One more Covid-19 patient recovered and discharged today

Business News Today
18 hours ago

EU supports communities through water, sanitation and hygiene facilities

Local
18 hours ago

Two PCR devices donated for COVID-19 testing to the Ministry of Health

International
18 hours ago

Coronavirus: Jaguar and Land Rover Deploy Global Fleet to Support Emergency Response Partners

Developing Story of the day
18 hours ago

Rs. 20 b allocated for advance Samurdhi benefiting families of 2 m

Local
19 hours ago

Dedicated hospitals specified to care for suspected Coronavirus patients

Lead Story
19 hours ago

SLAF Troops Together with the CMC Distribute Dry Rations to Low Income Families

Local
19 hours ago

Guangdong Province Science and Technology Cooperation Award 2019, presented to Sri Lankan Scientist

Local
20 hours ago

Food/Medicine deliveries or other essentials call your Grama Niladhari Officer

Local News Today
20 hours ago

WHO Chief calls Gotabaya Rajapaksa, thanks for mobilizing government to fight COVID-19

SEC directs relief to investors affected by COVID-19-hit stock market

April 1, 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

March 31, 2020

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.

Low-rated sovereigns vulnerable to contagion shocks, says Moody’s

March 31, 2020

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 affirms Sri Lanka’s Dialog Axiata at ‘AAA(lka)’; Outlook stable

March 31, 2020

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

March 30, 2020

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.

Sri Lanka should return Rs. 500bn of EPF balance to respective members – Cabraal

March 30, 2020

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

March 28, 2020

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

March 27, 2020

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

March 25, 2020

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries.

How to Understanding Market Halts?

March 25, 2020

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.

Dow Jones Records Largest One-Day Gain Since 1933 as Stocks Surge

March 25, 2020

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.

CSE Market Holidays from 25 to 27 March 2020

March 24, 2020

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.

Completion Risk Rating Criteria

March 24, 2020

This criteria report specifies Fitch Ratings’ methodology for assigning new and monitoring existing credit ratings and Issuer Default Ratings (IDRs) for entities exposed to completion risk globally.

Colombo Stock Exchange (CSE) closed on 23rd and 24th March due to on going curfew

March 22, 2020

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

March 21, 2020

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.

Fitch Ratings: New Rules to Accelerate NPL Recognition by Sri Lankan FLCs

March 21, 2020

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

March 18, 2020

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.

Preventing Disruptions to Economic Activity amidst the Spread of the COVID-19 Pandemic

March 18, 2020

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.

Fitch Rates Singer Finance (Lanka)’s Senior-Debt Final ‘BBB(lka)’

March 17, 2020

Fitch Ratings has assigned Singer Finance (Lanka) PLC's (SFL, BBB(lka)/Stable) Sri Lanka rupee-denominated senior unsecured debentures of up to LKR1.5 billion a final National Long-Term Rating of 'BBB(lka)'.

Manufacturing PMI increased at a slower in February 2020

March 17, 2020

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.

Launching of ‘2020 – Year of Digital Transactions’ Promotional Campaign

March 17, 2020

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

March 16, 2020

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.

ICRA Lanka assigns [SL]A-rating for Prime Lands and Prime Residencies

March 16, 2020

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 to review Sri Lanka national ratings assigned to tier 2 debt

March 16, 2020

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.

Fitch Ratings: Oil Shock Compounds Sovereign Credit Risks from Coronavirus

March 11, 2020

Fitch Ratings-Hong Kong/London-09 March 2020: The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings, Fitch Ratings says.

IFC Partners with CSE for 5th Ring the Bell for Gender Equality Event in Sri Lanka

March 11, 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.

Corporate Community offered perspective on proposed Tax Reforms

March 8, 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.

Central bank to remain interest rates unchanged

March 5, 2020

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 Rates Ceylon Electricity Board’s Proposed Debentures ‘AA+(lka)’

March 5, 2020

Fitch Ratings has assigned Ceylon Electricity Board's (CEB: AA+(lka)/Negative) proposed senior unsecured debenture issue of up to LKR20 billion a National Long-Term Rating of 'AA+(lka)'.

Sri Lanka Finance Companies Face Added Regulatory Pressure: Fitch Ratings

March 3, 2020

Fitch Ratings-Colombo/Hong Kong-02 March 2020: Sri Lanka's finance and leasing sector will face added pressure for consolidation as deadlines for the implementation of tougher capitalisation requirements approach in 2021, says Fitch Ratings.

Fitch Ratings: Melstacorp’s Healthcare Expansion to Diversify Cash Flow

March 2, 2020

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.

Colombo Consumer Price Index inflation increased to 6.2% in February 2020

March 1, 2020

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.

CDB Amongst the Top 30 Corporates in Sri Lanka

February 28, 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.

Inflation index increses to 7.6% in January 2020

February 27, 2020

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.

CBSL Discontinue Compilation and Publication of Sri Lanka Inter Bank Offered Rate (SLIBOR)

February 25, 2020

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

Instant account openings with your Stock broker under a Decentralization project of CDS

February 20, 2020

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 affirms Siyapatha Finance at ‘A(lka)’; Outlook Stable

February 18, 2020

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 affirms Singer Finance at ‘BBB(lka)’; Outlook Stable

February 18, 2020

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 rates DFCC’s Basel III sub-debt ‘A+(EXP)(lka)’

February 18, 2020

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 Revises Outlook on DSI Samson Group to Positive; Affirms at ‘BBB(lka)’

February 11, 2020

Fitch Ratings has revised the Outlook on Sri Lanka-based footwear and tyre manufacturer and retailer DSI Samson Group (Private) Limited (DSG) to Positive from Stable and has simultaneously affirmed the National Long-Term Rating at 'BBB(lka)'.

Fitch Affirms Sri Lanka’s Continental Insurance at ‘A(lka)’/Stable

February 11, 2020

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.

IMF Staff growth is projected to rebound to 3.7 percent in 2020

February 10, 2020

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

An opportunity for Investors – Forum on maximizing profits through understanding tax reforms

February 7, 2020

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.

CCPI based Inflation increased by 5.4% in January 2020

February 1, 2020

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.

Sri Lanka’s private sector credit growth up in December comparing to last year

January 30, 2020

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

January 30, 2020

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.

Merchandise Exports Top Us$ 10.7 Bn In First 11 Months

January 23, 2020

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.

CSE adopts GICS Industry Classification

January 20, 2020

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.

PMI – Slower expansion in New Orders, Production and Stock of Purchases

January 17, 2020

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 Affirms SriLankan Airlines’ Government Guaranteed Bonds at ‘B

January 16, 2020

Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA) USD175 million government guaranteed 7% unsecured bonds due 25 June 2024 at 'B'.

Fitch Affirms People’s Insurance at ‘A+(lka)’; Outlook Stable

January 16, 2020

The affirmation reflects the insurer's 'Moderate' business profile, satisfactory financial performance and earnings as well as a conservative investment policy. It also factors in our expectation of a recovery in the insurer's regulatory capital position, which had somewhat weakened during 2019.

CBSL introduce Road Map 2020 – Monetary and Financial Sector Policies for 2020 and Beyond

January 6, 2020

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 more than 50,000 ventures relives from VAT

January 3, 2020

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.

Central Bank reduces rates of commercial credit

December 31, 2019

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)

CBSL maintains policy interest rates unchanged

December 27, 2019

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.

First Capital Research trims down its rate cut probability to 50%

December 26, 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.

Inflation decreases to 4.1 percent in November 2019

December 24, 2019

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.

CSE makes changes to S&P Sri Lanka 20 index

December 24, 2019

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 Rs 602 mn Rights Issue fully subscribed

December 19, 2019

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,

Sri Lanka to Strengthen Public Sector Efficiency – The World Bank

December 19, 2019

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

December 17, 2019

Manufacturing PMI expanded in November 2019 recording an index value of 56.0 mainly due to the expansion in New Orders, Production and Employment.

Central Bank of Sri Lanka holds its 12th International Research Conference

December 16, 2019

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 Assigns Abans’ Notes ‘BBB+(lka)’ Final Rating

December 10, 2019

Fitch Ratings has assigned Abans PLC's (Abans; BBB+(lka)/Stable) proposed senior unsecured redeemable debenture issue a final National Long-Term rating of 'BBB+(lka)'.

Fitch Rates HNB Finance’s Subordinated Debt Final ‘BBB+(lka)’

December 10, 2019

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)'.

Mobilization of Funds from the Public by Issuing Various Instruments

December 9, 2019

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

December 9, 2019

“Sustainable investing has continued to gain momentum among financial market participants and Environment, Social and Governance factors are vital determinants of investment decisions.

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

December 5, 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)’

December 5, 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

December 5, 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

December 3, 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

November 25, 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

November 22, 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

November 21, 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

November 15, 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

November 7, 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)’

November 7, 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

November 6, 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

November 5, 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

November 5, 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

November 5, 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

November 5, 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

October 15, 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

October 14, 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

October 8, 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

October 4, 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

October 1, 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

September 28, 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

September 28, 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

September 25, 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

September 24, 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

September 19, 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

September 18, 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

September 18, 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

September 16, 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

September 13, 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

September 9, 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

September 9, 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

September 7, 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

September 6, 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

September 2, 2019

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