Author: lbostgadmin
”s Investors Service
Coupled with limited external financing options and pandemic-related lockdown weighing on the recovery of non-debt generating inflows, the FX reserves data points to a rising risk of debt default, Moody’s Investors Service said in a new report. According to the report, without sizeable external financing that is relatively secure and long-term, they expect foreign exchange […]
Weak Operating Environment Continues to Pressure Sri Lankan Banks’ Ratings: Fitch
Heightened risks from the challenging operating environment stemming from the Sri Lanka sovereign’s (CCC) weak credit profile and the ongoing Covid-19 pandemic continue to pressure the ratings of large Sri Lankan banks, says Fitch Ratings in a new report. Large banks’ financial performance since the pandemic’s onset has been better than we expected, supported by […]
Standard Chartered wins ‘Most Responsive Bank against COVID-19’ Award from ADB
Standard Chartered affirmed its position as one of the largest trade finance counter parties of the Asian Development Bank (ADB), winning the ‘Most Responsive Bank against COVID-19’ Award at the Trade and Supply Chain Finance Program Awards 2021. The Bank won the award for its partnership with ADB to finance the import of 15.4 million […]
VIDEO: El Salvador makes bitcoin legal tender amid protests
On 7 September 2021, El Salvador became the first country to embrace bitcoin as legal tender. Consumer demand made its brand-new cyber wallet system crash on its first day of use as the currency’s value seesawed against the US dollar. While thousands of Salvadorans are already using the cryptocurrency for everyday transactions, hundreds have taken […]
PickMe partners with LankaQR to reduce the Dollar outflow
PickMe recently partnered with LankaQR to facilitate direct payments. LankaQR (LQR) is a common Quick Response (QR) code standard adopted by financial institutions in Sri Lanka to facilitate fast, secure and low-cost digital payments to any merchant, especially small and medium enterprises. It enables customers to pay merchants directly from their bank accounts (CASA) and […]
Transparency International Sri Lanka recommends enhanced scrutiny in operation of tax amnesty
Transparency International Sri Lanka (TISL) is deeply concerned regarding the new Finance Act passed on 7th September 2021 that aims to grant tax amnesty for individuals who voluntarily disclose their undisclosed income and assets. TISL warns that this amnesty scheme could be abused for the purpose of money laundering unless regulatory authorities take extra measures […]
High probability that Sri Lanka may consider moving into an IMF program: FCR
First Capital Research believes that there seems to be a high probability that Sri Lanka may consider moving into an IMF program. Though there are rumours of negotiations, so far such a program has not materialized, but the Govt has obtained the Rapid Funding Facility of USD 787Mn from the IMF. “Analysing the economic indicators […]
President to attend 76th Session of United Nations General Assembly
President Gotabaya Rajapaksa is to attend the 76th session of the United Nations General Assembly to be commenced on September 21 in New York. This is the President’s first address to the United Nations General Assembly and also the first foreign conference to take part outside of the country. According to President’s Media Division, he […]
First Capital Looks to Future Growth with a Performance First Outlook
First Capital Holdings PLC, a Janashakthi Group Company with over 35 years of industry knowledge, recently concluded its Annual General Meeting presenting the Annual Report 2020-21 on the theme of ‘Performance First’ to its shareholders. The group recorded an exceptional year reaching new financial and non-financial performance milestones, recording Rs. 2.09 billion in Profits After […]
Central Bank imposes 100-pct cash margin deposit requirement for non-essential goods imports
The Monetary Board of the Central Bank has decided to impose a 100 percent cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, with immediate effect. The decision to impose the cash margin […]
‘s Basel III Sub Debt A-(lka)(EXP)
Fitch Ratings has assigned the proposed Basel III-compliant subordinated unsecured debentures of Sri Lanka’s National Development Bank PLC (NDB, A+(lka)/Stable) an expected National Long-Term Rating of ‘A-(lka)(EXP)’. The proposed debentures will total up to LKR8 billion with maturities of five and seven years, and will be listed on the Colombo Stock Exchange. NDB plans to […]
