All Blogs
Setting Standards
Sri Lanka will join the fleet of countries that have adopted the World Trade Organisations agreement to standardise customs valuation procedures. Customs officials hope to implement the terms of the agreement from November, introducing a regime of fair, uniform and neutral valuation system, conforming to commercial realities and eliminating the use of arbitrary or fictitious […]
TXT Cash
Cellular operator, Celltel Lanka has introduced a secure mobile wallet, which enables its customers to make payments through text messages.The first of the kind in the region, the lquote CellWallet provides encrypted electronic storage for information pertaining to a users credit cards, debit cards, bank accounts and other personal data.rn rnThe product is jointly developed […]
No IDD Calls
The government has decided to limit Sri Lanka Telecoms public offering to the local market, amidst speculations of an impending snap poll.Plans to issue Luxembourg traded global depository receipts as part of its public offering to foreign investors has been put off to next year, SLT Chairman, Thilanga Sumathipala told Lanka Business Online in an […]
Plastic Money
Central Bank quote s Superintendent Currency, Chitra Ariyaratne confirmed that the Rs.200.00 was being systematically removed from circulation due to its failure to stick to people quote s pockets.rn rnThe Central Bank printed 20 million notes in 1998 to celebrate 50 years of independence endash introducing Sri Lanka to its first Rs. 200 denomination and […]
Bell broadband caf’e9
In a bid to get a competitive edge Lanka Bell has tied up with Harris Corporation of USA to bring in a High-end wireless broadband network. Forty data links have already been installed.rn rnLanka Bell plans on providing this technology to residential customers as well.rn rnBellnet is expanding with a Cyber Caf’e9, which will open […]
Derivative Drive
The top level Financial Reforms Committee is looking at ways to promote derivative instruments in Sri Lanka.The committee has appointed debt market specialist Mangala Boyagoda, CEO of Standard Chartered Bank, to look at the legal gaps holding firms back from using derivative instruments.rn rnA derivative is a contract between two parties to buy or sell […]
Bridging The Gap
For centuries people of India and Sri Lanka have used the Palk Strait as a channel of transportation of goods and services. The economies of the two landmasses have gained immensely.But who would have expected this legendary Hanumantha (Or Hanuman) sea link to become a reality. rn rnThe two governments are drawing up a plan […]
Commercial Drive
Savings banking giant NSB has sought approval for more commercial lending in an attempt to broad-base its mammoth deposits. rn rnThe bank has sought changes to its Act through the financial reforms committee to enable them to lend more to private sector companies.rn rnAbout eighty two percent of the bank quote s Rs. 125 bn […]
‘e9
In a bid to get a competitive edge Lanka Bell has tied up with Harris Corporation of USA to bring in a High-end wireless broadband network. Forty data links have already been installed.rn rnLanka Bell plans on providing this technology to residential customers as well.rn rnBellnet is expanding with a Cyber Caf’e9, which will open […]
Donor Prop Up
The World Bank will offer a loan to prop up the government budget next year.rn rnThe poverty reduction support credit will come on the back of the proposed growth facility loan currently being negotiated with the IMF.rn rnUnlike a program loan the PRSC funds will go towards financing the budget. rn rnThe government and the […]