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‘ Credit Profiles: Fitch Ratings
Sri Lankan banks’ performance in 2020 and 1Q21 exceeded Fitch Ratings’ initial expectations, thanks to stimulus and regulatory relief measures. However, we believe risks to the banks’ performance and operating environment remain, due to pressures stemming from Covid-19 and the sovereign credit profile. Sri Lankan banks’ loan growth in 2020 dipped below historical averages due […]
Sri Lanka Gets First Batch of World Bank-financed COVID-19 Vaccines
A consignment of Pfizer vaccines today arrived in Colombo, the first batch of 800,000 doses to be delivered in the next few weeks. A total of five million vaccines financed through the World Bank’s Sri Lanka COVID-19 Emergency Response and Health System Preparedness Project will be supplied by December 2021. “The delivery of this first […]
Dialog Axiata Launches Milestone 4,000th Network Tower in Thihawa
Reiterating its commitment to expanding connectivity to every corner of the nation, Dialog Axiata PLC, the widest network in Sri Lanka, launched its 4,000th network tower in Thihawa village, Kurunegala, to further expand coverage to rural communities in the area. In its continued efforts to expand coverage and support customers during these unprecedented times, Dialog […]
VIDEO: Why Federal Reserve System of United States Is Considering a Digital Dollar
The Federal Reserve is trying to figure out how to keep cash relevant in a cashless world. It’s considering digitizing the U.S. dollar, giving people money they can access on their phone and bypassing electronic payments that can be slow and costly for businesses.
Sri Lanka restricts outward remittances for 6 months to preserve foreign exchange position
With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve position of Sri Lanka, the Finance Minister with the recommendation of the Monetary Board of the Central Bank and the approval of the Cabinet has issued an Order under Section […]
Colombo Stock Exchange Signs MoU with CHEC Port City Colombo
The Colombo Stock Exchange (CSE) and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to enhance the capital markets in Sri Lanka by taking advantage of the Port City Colombo’s special emphasis of the Colombo International Financial Center, in order to establish a regionally recognized financial exchange within the country’s borders. The MoU […]
COVID vaccine for all aged over 30 in Western Province before July 31: President
President Gotabaya Rajapaksa has instructed the health sector official to vaccinate all the people aged over 30 in the Western Province before July 31st. So far, 60% of the people in this age category in Colombo, 47% in Gampaha and 34% in Kalutara Districts have been given the first dose of vaccine. President Rajapaksa emphasized […]
Opinion: SOE Reforms; the Impetus for Post Pandemic Economic Revival
By Imesha Dissanayake State-Owned Enterprises (SOEs) have many definitions to it, often entailing a definition of a legal entity engaged in a commercial activity that has majority control or ownership by the country’s Government through direct or indirect means. However, because of the complex and diverse landscape of SOEs around the world, there is no […]
First Capital Partners with Habitat for Humanity Sri Lanka to Build Homes & Transform Communities
First Capital Holdings PLC launches a three-year CSR programme by partnering with Habitat for Humanity Sri Lanka to build homes for families in need. Through this partnership, First Capital will pledge LKR 15 million to implement the ‘First Capital Housing Project’ in the Galle District; providing deserving low-income families with safe and stable homes. First […]
Large Sri Lankan Banks Most Exposed to Sovereign Risk: Fitch Ratings
Sri Lanka’s largest banks are the most susceptible to heightened sovereign risk due to their higher exposure to foreign-currency denominated government securities and, in some cases, weaker capital positions, says Fitch Ratings in a new report. Domestic banks have significant direct exposure to the sovereign, largely via government-security holdings, as well as to the wider […]