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President Xi applauds Sri Lanka’s successful fight against COVID-19
Jun 19, 2020 (LBO) – The Acting Ambassador for China Hu Wei met with President Gotabaya Rajapaksa Thursday at the Presidential Secretariat. He brought a letter from President Xi Jinping wishing President Gotabaya for his upcoming birthday on June 20. The Chinese delegation also conveyed President Xi’s deep appreciation of Sri Lanka’s successful efforts to […]
VIDEO: Milton Friedman – Stimulus and Inflation
Professor Friedman connects the dots between stimulus spending and inflation, then explains why the cure for inflation is a hard medicine.
Utilize reliefs given by Central Bank to strengthen economy: President tells State Banks
Jun 18, 2020 (LBO) – President Gotabaya Rajapaksa has emphasized that it is the responsibility of state banks to utilize the reliefs provided by the Central Bank to strengthen the economy and the people, affected by COVID 19 pandemic. The global economies have been hit hard by coronavirus.As such all types of businesses including agriculture, […]
ComBank’s Flash & PickMe collaborate to offer contactless payment via QR code
The Commercial Bank of Ceylon has announced that its ‘Flash’ digital account holders can now pay digitally for their rides with taxi service PickMe thanks to a convenient QR code upgrade that minimises contact with the driver. This touch-less and cash-less payment option is made possible by the Bank’s recent partnership with PickMe and the […]
Uber Eats provides dry rations worth Rs.8.5Mn million to low-income families
Jun 17, 2020 (LBO) – Uber Eats, in partnership with the Government of Sri Lanka and the Voice for Voiceless Foundation, is distributing LKR 8.5 million worth of dry rations across the country to support low-income communities during the COVID-19 pandemic. This initiative is being carried out as part of Uber’s global pledge to provide […]
Crescat Boulevard mall be revamped
Jun 17, 2020 (LBO) – Asian Hotels and Properties PLC (AHPP) announced that it would be moving forward with major investments towards the refurbishment of Crescat Boulevard. First opening its doors in 1997, Crescat Boulevard was a pioneering development at the time, and soon became an iconic location in Colombo. It was the very first […]
” launches Equity Fund & Money Market Fund
Jun 17, 2020 (LBO) – Softlogic Invest, the Asset Management arm of Softlogic Capital, recently launched two unit trusts or mutual funds – Softlogic Equity Fund and Softlogic Money Market Fund after obtaining the license from the Securities Exchange Commission of Sri Lanka (SEC). Capitalizing on the existing expertise coming in via the Softlogic financial […]
Dedicated credit scheme to be introduced for construction sector
Jun 16, 2020 (LBO) – Sri Lanka’s Central Bank is to introduce a new facility for the construction sector enterprises to borrow from Licensed Commercial Banks, using guarantees issued by the government equivalent to the amount due on account of contracts carried out in the past. This new dedicated credit scheme is to be funded […]
Central Bank increases funding for businesses affected by COVID-19
Jun 16, 2020 (LBO) – Central Bank has decided to provide funding to Licensed Commercial Banks (LCBs) at the concessionary rate of 1.00 percent against the pledge of a broad spectrum of collateral, on the condition that LCBs, in turn, will on-lend to domestic businesses at 4.00 percent. According to the Central Bank, this is […]
‘s Central Bank further reduces Statutory Reserve Ratio
Jun 16, 2020 (LBO) – The Monetary Board of the Central Bank has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2.00 percent, with effect from the reserve maintenance period that commenced on 16 June 2020. According to the […]