All Blogs
Reserving Costs
Central Bank is seeking more flexibility to cut commercial bank quote s statutory reserve ratios in the future and also pay interest on reserves if it reaches extraordinary levels.rn rnIn a soon to be introduced amendment to the Monetary Law Act, the current floor levels for reserves will be taken off giving Central Bank discretion […]
Moving On
Former CEO Hydery Rehmanjee presently serving on the director board was reappointed to the seat, a company release says.rn rnWikramanayake joined UAL as Deputy CEO in April 1999 when he returned to the country after a 19 year stint in a Bermuda based international bank. A year later he succeeded Rehmanjee to the chair. rn
Going Fishing
The Asian Development Bank (ADB) Monday committed US$ 20 million for the project implemented through the Ministry of Fisheries and Ocean Resources and the National Aquaculture Development Authority.rn rnThe project aims improve food security and reduce poverty by developing model aquaculture and fish processing enterprises that would help increase inland fisheries and aquaculture production. rn […]
Downgraded
The downgrading comes on the top of a planned medium term debenture by the group as exclusively reported by LBR recently.rn rnFitch says that the rating cut comes in the wake of higher leverage levels due to acquisitions.rn rnJKH group recently acquired a ninety percent stake in the bunkering Lanka marine services company.rn rnThe group […]
Dollar Hunt
Leading global investment banks have shown interest in raising 350 million dollars for the government in the international financial markets.The Central Bank, which requested for proposals form potential lead arrangers, said that nine parties had responded by Friday evening.rn rnThe proposals will go before an evaluation committee, which is expected to announce a shortlist within […]
Taking Tension Out Of Pension
Mr. Sumanasara, like most contributors to the mandatory provident fund, he has no idea how much the ETF makes by investing his contribution.rn rnThe interest they pay annually has fluctuated between 7 to 14 percent over the last five years. Members however have little information on the actual return of the fund.A large part of […]
Eagle Car Protect
Insurance companies are now starting to segment the market to provide targeted products to customers.rn rnEagle insurance recently launched a car insurance scheme targeted at the luxury car segment.rn rnThe company says niche market insurance products can be very profitable for insurers. rn rnldblquote We found that we have nearly 250,000 cars in Sri Lanka […]
Fresh Look
The Act will be brought in line Basle requirements and international best practices.rn rnThe Banking Law governs commercial and specialized banks.rn rnThe SEC takeovers and mergers code and banking act provisions have come into conflict in the past with regard to financial sector M&A activity.rn rnThe amendments will give the Central Bank the power to […]
Tinkering With Monetary Laws
The amended Monetary Law will refocus the Central Bank to key objectives of economic, price and the financial system stability. The Central Bank presently handles activities like Exchange Control, the Employees Provident Fund and public debt.rn rnEconomists say that these functions are not performed by Central Banks in the modern world and could be in […]
IDD Getting Cheaper
At the moment, high termination rates for incoming calls gave the sole gateway operator – Sri Lanka Telecom – massive revenues.rn rnThis gave an incentive to other operators to smuggle incoming calls and get a piece of the pie.rn rnOffering gateways to all operators and the determination of interconnect rates by the regulator is expected […]