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Sri Lanka’s Government Debt Plan Tempers Funding Risk for NBFIs: Fitch Ratings
Sri Lanka’s proposed government debt restructuring plan should reduce funding and liquidity risk for non-bank financial institutions (NBFIs), says Fitch Ratings. According to Fitch Ratings, the plan avoids direct impact on the local-currency government debt holdings of NBFIs and commercial banks, easing uncertainty over the entities’ capital, funding and liquidity profiles. Nonetheless, the proposal is […]
Real Estate Agents are Advised to Ramp up Anti-Money Laundering Measures
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness program for the real estate sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” on June 26, 2023. Full Statement
Rs 12Tn loss to EPF is a misrepresentation of opportunity loss: CB Governor
Sri Lanka’s Central Bank chief on Thursday disputed the claim that the Employees’ Provident Fund (EPF) would lose a staggering 12 trillion rupees (USD39 billion) by 2038. The EPF would suffer a loss of Rs 12 trillion, Opposition Leader Sajith Premadasa told Parliament yesterday.He said that an independent think tank had assessed that even based […]
TEDxColombo: Inspiring Sri Lanka with Unconventional Perspectives
TEDxColombo, the esteemed annual gathering and one of the oldest and largest TEDx events in Sri Lanka, is thrilled to announce its highly-anticipated 12th edition, set to captivate audiences with an exceptional lineup of speakers. On August 27, 2023, at the prestigious Monarch Imperial, TEDxColombo will once again ignite minds, foster deep discussions, and inspire […]
TISL condemns private member’s bill to reconvene dissolved Local Government Authorities without holding elections
Transparency International Sri Lanka (TISL) condemns the anti-democratic private member’s bills presented to Parliament by SLPP MP Jayantha Ketagoda to re-convene the dissolved Local Government Authorities (LGAs) without holding elections. TISL believes that this move would be a heavy blow to the people’s sovereignty enshrined in the Constitution. Local Government Members are the grass-roots level […]
‘s Long-Term Local- Currency IDR to C
Fitch Ratings has downgraded Sri Lanka’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘C’ from ‘CC’. The issue ratings on local-currency bonds have also been downgraded to ‘C’ from ‘CC’. The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at ‘RD’ (Restricted Default) and the Country Ceiling at ‘B-‘. Fitch typically does not assign Outlooks […]
Central Bank further reduces policy rates by 2-pct & urges banks to reduce lending rates
The Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 200 basis points to 11.00 percent and 12.00 percent, respectively. The Board expects that the market interest rates particularly lending rates, will adjust downwards adequately and swiftly and the financial […]
Tushara Jayaratne appointed Deputy Director General of SEC
The Securities and Exchange Commission of Sri Lanka (SEC) announces the appointment of Tushara Jayaratne as the Deputy Director General of the SEC. With a career spanning over 28 years in the Capital Market of Sri Lanka, Jayaratne has a wealth of experience both at the Colombo Stock Exchange and the SEC.At the CSE, he […]
Colombo Port City updates development control regulations through extraordinary gazette
The Development Control Regulations (DCR), which regulate all construction activities within the area of authority of Colombo Port City, was published in the extraordinary gazette No 2334/47 on June 02nd, 2023. This updated version represents an enhanced version of the initial publication in April 2022. As a result, the Colombo Port City Economic Commission is […]
Sri Lanka’s Domestic Debt Plan a Significant Step for Resolving Bank Uncertainty: Fitch Ratings
The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact of the sovereign’s debt restructuring on the local banking sector, says Fitch Ratings. Full statement The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact […]