Author: Ishara M Gamage
Sri Lanka expects nearly USD 2.65bn forex inflows over next 3 months: Nivard Cabraal
State Minister of Money & Capital Markets Ajith Nivard Cabraal stresses that what is most important is the cash flow, not the Reserve level at a given time. Experienced finance managers will keep a close watch on the cash flows as they very well know that temporary fluctuations in the reserve level may occur, but […]
Credit Transition
Aug 21, 2013 (LBO) – Sri Lanka’s private sector credit utilization is higher than bank loan data suggest due to structural changes that are taking place this year, a senior central bank official said.During the first six months of the year credit to private business and individuals from commercial banks rose 74.6 billion rupees, down […]
Finance Law
Sept 24, 2011 (LBO) – Sri Lanka’s central banks said it had tightened a law on finance businesses closing several loopholes and allowing authorities to probe unlicensed businesses more easily. A new bill on Finance Business passed by parliament on September 21, will replace an existing Finance Companies Act brought in 1998, the central bank […]
Sri Lanka Asia Capital to invest in hotels
Aug 20, 2011 (LBO) – Sri Lanka’s listed Asia Capital, which has interests in financial services, leisure, will invest 700 million rupees in hotels and plans to take two operating units public in the next two years, an official said. Asia Capital got 3.3 billion rupees after selling out of Asian Alliance Insurance. “We sold […]
Sri Lanka Softlogic buys insurer
Aug 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, at 120 rupees per share. Softlogic Holdings said in an earlier filing that it wanted buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and […]
Sri Lanka Emagewize buys into hydro firm
June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6. 00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees. Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus […]
Sri Lanka slashes import taxes on edible oils, potatoes
Nov 01, 2010 (LBO) – Sri Lanka has slashed import taxes on vegetable oils, potatoes and onions to encourage imports as local prices rose, a senior finance ministry official said. S R Attygalle, director general fiscal policy, said the import tax on coconut oil has been cut to 15 rupees a kilo or 15 percent, […]
Sri Lanka 2011 budget process gets underway
Oct 15, 2010 (LBO) – Sri Lanka’s 2011 budgeting process will get underway with the presentation of an ‘appropriation bill’ in parliament on October 19, and planned deficit of 7.0 percent of the economy from around 8.0 for the current year. Tax revenues have also been in line with nominal GDP growth at 18.3 percent […]
Sri Lanka may trim 25 taxes on business to 15: official
Oct 15, 2010 (LBO) – A report on reforms to Sri Lanka’s complex national and regional taxes will recommend consolidating 25 different existing taxes into 15 or lower, a member of an expert committee said. Saman Kelegama, a member of a presidential commission on taxation, and head of Sri Lanka’s Institute of Policy Studies, a […]
Combined Entity
Aug 16, 2010 (LBO) – Fitch Ratings has withdrawn the ratings of six Sri Lankan Regional Development Banks (RDBs) upon their merger and upgraded those of two which it said reflects its views on the rating of the merged bank. The merged entity with an asset base of 42 billion rupees as at end-June 2010 […]
Sri Lanka Amaya Reef sold to public
July 22, 2010 (LBO) – Sri Lanka’s Amaya Reef, a listed company, has been spun off by its parent Amaya Leisure at prices of up to 5.00 rupees a share, but will continue to be managed by the group, an official said. “This will be the first fully publicly owned company under Amaya management,” Nimal […]
Sri Lanka in attempt to better manage smaller state firms
Apr 24, 2010 (LBO) – A new ministry has been created with about 20 mostly loss making state enterprises, in a bid to make them more profitable and less of a burden on the people, officials said. Published data on state enterprises are not easily available. According to data in a report issued by the […]