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Fitch Ratings has assigned Commercial Bank of Ceylon PLC’s (CB, AA-(lka)/Stable) proposed Sri Lankan rupee-denominated Basel III-compliant subordinated debentures of up to LKR10 billion a final National Long-Term Rating of ‘A(lka)’. The final ratings are the same as the expected ratings assigned on 24 June 2021 (and subsequently affirmed on 3 August 2021) and follow […]
United States to support conservation of historical Kandy monuments
The United States government, through the U.S. Ambassadors Fund for Cultural Preservation (AFCP), has awarded a grant to conserve a 17th century Royal Palace and Archaeology Museum in Kandy. Funding for the project totals over 52 million Sri Lankan rupees ($265,000). Since 2001, AFCP has funded 14 projects in Sri Lanka, including the conservation of […]
Sri Lanka needs new water and sanitation policies to unlock investment barriers
Comprehensive policies will improve community access, increase focus on sanitation and investment A new policy could tackle urbanisation challenges for inclusive and sustainable water and sanitation management It can also open new investment approaches to bridge the large financing gaps as the country prepares to rise above the impact of COVID-19 Meeting Sri Lanka’s rapidly […]
Sri Lanka calls for Request for Proposals for Foreign Currency Term Financing Facility
The Government of Sri Lanka intends to raise Foreign Currency Term Financing Facility (FCTF) denominated in United State Dollars (USD), Euro, Chinese Renminbi (RMB) and Japanese Yen (Yen) in 2021. The FCTF is expected to be raised at a fixed rate or a floating rate with a maturity period of 1 year or more.The proceeds […]
Interview: Local and International wins for architect Palinda Kannagara
Palinda Kannagara is one of the top Sri Lankan architects based in Columbo who has recently been honored both locally and internationally for his work. He is principal architect at Palinda Kannangara Architects, Columbo, Sri Lanka. Lanka Business Online had a detailed conversation with the acclaimed architect about the recent honors received and his design […]
Disease-battered rubber plantations call for govt support to ensure industry’s survival
Sri Lanka’s rubber plantations are potentially on the brink of being wiped out, battered by a fast-spreading leaf disease and the sector could be nearing the ‘point of no-return’, commercial rubber growers claim, requesting for urgent government intervention to address the pressing issue. The crisis, which evokes comparisons with the ‘coffee rust’ blight which wiped […]
Sri Lanka receives USD 787Mn SDR from IMF & USD 150Mn swap from Bangladesh: CBSL
Central Bank on Tuesday officially announced that Sri Lanka received its share of the global SDR allocation by the IMF and the initial disbursements under the bilateral currency swap arrangement between the Central Bank of Sri Lanka and the Bangladesh Bank. The SDR allocation received by Sri Lanka was equivalent to US dollars 787 million […]
Headline inflation increased to 6-pct in August 2021
Headline inflation, as measured by the year-on-year change in the Colombo Consumer Price Index, increased to 6.0 percent in August 2021 from 5.7 percent in July 2021 driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 11.5 percent in August 2021 from 11.0 percent […]
Milinda Moragoda assumes duties; announces Integrated Country Strategy for Diplomatic Missions in India
The new High Commissioner-designate of Sri Lanka to India Milinda Moragoda, appointed with the cabinet rank assumed duties at a simple ceremony held at the High Commission of Sri Lanka in New Delhi on 30 August, 2021. The staff of the High Commission received High Commissioner-designate Moragoda and spouse Jennifer Moragoda, presenting the traditional sheaf […]
Colombo Stock Exchange requests root cause analysis from System Provider
The Colombo Stock Exchange has requested a root cause analysis from the System provider Iron One Technologies Pvt Limited regarding a disruption to the order management system provided to four Stockbroker firms during trading yesterday (30), which resulted in trading difficulties to clients of these firms. System providers are an integral element of a technologically […]