Author: LBO Admin
IMF discusses Sri Lanka’s intention to replace EFF with rapid financing instrument
May 08, 2020 (LBO) – The International Monetary Fund (IMF) says that they are currently discussing Sri Lanka’s intention to replace the Extended Fund Facility (EFF) arrangement that the country had with the rapid financing instrument as the current IMF program is about to be completed. During a press briefing held at the IMF yesterday, […]
Sri Lanka gross official reserves down to USD7.2 bn by end-April
May 07, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.2 billion US dollars (USD7,179.9mn) by the end of April, down from 7.5 billion US dollars in March, the latest Central Bank data showed. By the end of April, the foreign currency reserves were 6,744.1 million dollars while the reserve position in the IMF […]
CBSL responds to questions asked about concessions granted to businesses
Frequently Asked Questions on concessions granted to COVID -19 hit Businesses including Self-Employment and Individuals
Central Bank urges financial institutions to reduce lending rates without delay
May 06, 2020 (LBO) – Sri Lanka’s Central Bank urges financial institutions to reduce lending rates without further delay. Failing which, the Central Bank said they will be compelled to take appropriate regulatory action to bring down market lending rates. “The Monetary Board noted, with disappointment, that market lending rates have not declined in line […]
Central Bank of Sri Lanka further reduces policy rates to support economic activity
May 06, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka, at a special meeting held on 06 May 2020, reviewed the current monetary policy stance and decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points […]
Hemas’ Dolphin Hotel completes fifth week as dedicated quarantine centre
Hemas Holdings PLC controlled Club Hotel Dolphin, Waikkala, has completed its fifth successful week as a dedicated COVID-19 Quarantine Centre. All operating costs during this time period is being borne by the Hemas Group and the Dolphin Hotel in the interest of supporting the government, frontline healthcare workers, armed forces personnel and the people of […]
ADB’s trade finance program supports medical supplies to combat COVID in Sri Lanka
May 06, 2020 (LBO) – The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic. The supplies, to be purchased by SPC with the […]
United States commits USD5.8 mn in COVID-19 assistance to Sri Lanka
May 06, 2020 (LBO) – The United States announced the commitment of more than $4.5 million to help Sri Lanka in its fight against COVID-19. This brings the total U.S. contribution to $5.8 million. “This assistance continues the long tradition of U.S. support for Sri Lanka’s security and sovereignty,” said U.S. Ambassador to Sri Lanka […]
‘ ratings: Fitch
May 06, 2020 (LBO) – Fitch Ratings has downgraded in May 2020 three Sri Lankan banks’ issuer default ratings after it downgraded Sri Lanka’s sovereign rating to ‘B-‘ with a negative outlook and revised down its assessment of the banks’ operating environment, both of which reflect the escalating impact of the coronavirus pandemic on the […]
SriLankan launches dedicated cargo flights to Europe, Middle East, Far East, Indian Subcontinent
Sri Lanka’s National Carrier SriLankan Airlines is making a decisive move to rescue the country’s much troubled export industries by launching dedicated cargo services to a host of destinations and throwing a lifeline to the nation’s economy at a time of gravest peril. Mr. Ashok Pathirage, Chairman of SriLankan Airlines said: “SriLankan Airlines has always […]
Sri Lanka Tourism requests all tourists in the island to register
May 05, 2020 (LBO) – Sri Lanka Tourism is in the process of gathering details of all tourists, businessmen and expatriates engaged in the tourism industry of Sri Lanka in the outbreak of COVID-19 Pandemic in the country. According to immigration data, there are 11,389 tourists in the country as of 4th May and Sri […]
Coping with COVID-19: Economics of social media based business in Sri Lanka during crises
Kithmina Hewage and Harini Weerasekera As of January 2018, there were six million active social media users in Sri Lanka, accounting for 30% of the population. The prominence of social media as a platform for information exchange – both globally and in Sri Lanka – is well documented. The current COVID-19 pandemic is probably the […]