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Nine cabinet ministers sworn in before President
Nine new Cabinet Ministers of the All-Party Government were sworn in before President Gotabaya Rajapaksa at the President’s House in Colombo this morning (20).They are;01. Nimal Siripala de Silva – Minister of Ports, Shipping and Aviation Services 02. Dr. Susil Premajayantha – Minister of Education 03. Dr. Keheliya Rambukwella – […]
Sri Lanka rejects motion on alleged genocide adopted in Canadian Parliament
Sri Lanka notes with regret the adoption of a motion in the Canadian Parliament on the alleged genocide of Tamils in Sri Lanka and recognizing May 18 as Tamil Genocide Remembrance Day, the islands’s Government said in a statement. “The Government categorically rejects the blatantly false allegation of genocide contained in the parliamentary motion […]
‘s current rating associated with 35-pct to 65-pct recovery rate: Moody’s
On 18 May, Sri Lanka (Ca stable) defaulted on its international bonds for the first time, after failing to make its coupon payments that were due on 18 April within the 30-day grace period. The government announced that it would suspend external debt-service payments on 12 April and pursue comprehensive external public debt restructuring in […]
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Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (restricted default) from ‘C’. Fitch typically does not assign modifiers for sovereigns with a rating of ‘CCC’, or below. KEY RATING DRIVERS Grace Period Ends: The downgrade of Sri Lanka’s LTFC IDR to ‘RD’ follows expiry of the 30-day grace period […]
CBSL issues order imposing LC deposit margin requirement for over 700 non-essential items
Sri Lanka’s Central Bank has directed commercial banks with immediate effect that Letters of Credit (LCs) should not be opened for the importation of non-essential goods (see below) unless such LCs are covered by a non-interest-bearing cash margin deposit requirement of 100 percent maintained at the time of opening the LC. Banks have further directed […]
Central Bank warns Sri Lankans holding over 10,000 dollars as notes
Sri Lanka’s Central Bank is planning to illegalize the holding of dollar notes by its citizens for longer periods, Governor Nandalal Weerasinghe said. Accordingly, Sri Lankans will only be allowed up to 10,000 dollars as notes to keep with them without depositing in a bank or encashing at the official exchange rate. “What we are […]
Sri Lanka CB maintains policy rates
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 18 May 2022, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at the current levels of 13.50 per cent and 14.50 per cent, respectively. The Board is of […]
Cipla and SLCP mark World Asthma Day with charity cycle ride
As the WHO states asthma is a major non communicable disease characterized by recurrent attacks of breathlessness and wheezing. It often starts in childhood but attacks all age groups. Severity and frequency vary from person to person. Symptoms may occur several times in a day or week in affected individuals. Cipla, a leading pharmaceutical company […]
Sri Lanka Purchasing Managers’ Index further declines in April 2022
Manufacturing PMI declined significantly in April 2022, following the seasonal pattern and indicating a contraction in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 36.4 in April 2022, with a decline of 21.4 index points from the previous month. This was due to the significant decreases reported in production, […]
“Rajapaksa government does not support PM Wickremesinghe,” Eran in Parliament
SJB Parliamentarian Eran Wickramaratne said that although Prime Minister Ranil Wickremesinghe had proposed that a female be elected unopposed to the vacant post of Deputy Speaker of Parliament, the Rajapaksas nominated a male and elected him as the deputy speaker opposing the PM’s proposal. By this act the Rajapaksas have made it clear at the […]