Author: lbostgadmin
Greater flexibility to Licensed Finance Companies to raise funds from foreign sources
The Monetary Board of the Central Bank has issued new directions on foreign currency borrowings by Licensed Finance Companies (LFCs) with a view to provide flexibility for LFCs to obtain low-cost funding from foreign sources to support their business expansions. The objectives of these directions are to stabilise any financial volatilities created by the foreign […]
VIDEO: US Supreme Court rules in favor of Google over Oracle in copyright case of the century
Experts break down the significance of Google’s win in a major case surrounding its copying of Oracle code in the development of its Android operating system.
Central Bank reduces exporter proceeds conversion rule to 10-pct
The Central Bank, having considered the requests made by exporters has amended Rule No. 2 of 2021 by reducing the percentage of mandatory conversion requirement of export proceeds of goods into Sri Lankan Rupees from twenty-five (25) percent to ten (10) percent. The Bank has also extended the number of days given to exporters to […]
Bar Association requests Government to defer further action on Port City Commission Bill
The Executive Committee of the Bar Association of Sri Lanka (BASL) requests the Government to defer further action on the Colombo Port City Economic Commission Bill until the views of all stakehołders including the public are sought and given due consideration. On 08 April 2021, just fifteen (15) calendar days after the publication of the […]
B2B meeting to boost Sri Lankan exports of fruits & vegetables to Oman
Sri Lanka Embassy in Oman jointly with the Sri Lanka Export Development Board, organised a virtual B2B meeting between Carrefour Oman and eight prominent Sri Lankan fruits and vegetables exporter companies, to boost Sri Lankan exports of varieties of fruits and vegetables to Carrefour Oman hypermarket chain which has more than 12 outlets in the […]
Palitha Kohona formally presents Credentials to Chinese President
Ambassador Dr. Palitha Kohona presented Letters of Credence to President of the People’s Republic of China Xi Jinping on 14 April 2021 at the Great Hall of the People in Beijing.He also formally handed over the letter of recall of the former Ambassador. By the presentation of the credentials, Dr. Kohona has been formally recognised […]
Australia – Sri Lanka strengthen ties over aerial drone surveillance
The Joint Agency Task Force Operation Sovereign Borders is supporting the Sri Lankan Police to establish an aerial drone surveillance capability. At a virtual ceremony on 8 April 2021, the Commander of the Joint Agency Task Force, along with the Australian Federal Police gifted the Sri Lankan Police five aerial drones to support crime fighting […]
ADB should ramp up efforts to mitigate COVID-19 impact on SDGs: independent evaluation
The Asian Development Bank (ADB), in partnership with other development organizations, must give high priority to efforts to assess and address the implications of the coronavirus disease (COVID-19) crisis on the achievement of the Sustainable Development Goals (SDGs), according to the 2021 Annual Evaluation Review (AER) conducted by ADB’s Independent Evaluation Department (IED). The report […]
Market capitalization of Colombo Stock Exchange increases by MoM 6.4-pct
Forex Market The USD/LKR TT buying and selling exchange rates on 12th April 2021 were marked at LKR 199.15 and LKR 203.73 respectively. The indicative USD spot exchange rate that depicts the average rate of all USD/LKR spot transactions that were executed throughout the previous business day in the local inter-bank foreign exchange market was […]
Central Bank suspends business of Swarnamahal Financial Services
The Monetary Board of the Central Bank has decided to suspend the business of Swarnamahal Financial Services PLC (SFSP) with effect from today. Having considered the continuously deteriorating financial condition and non-availability of a viable revival plan, the Monetary Board decided to suspend the business of SFSP and its parent Company ETI Finance Limited with […]
China Development Bank signs USD 500Mn Financing Facility Agreement with Sri Lanka
China Development Bank (CDB) and Sri Lankan Finance Ministry on Monday signed USD 500 Million Foreign Currency Term Financing Facility (FTFF), which is the second tranche of the total RMB 2 billion plus USD 1 billion FTFF supported by the Chinese side to Sri Lanka after the outbreak of COVID-19 pandemic. Earlier in March, the […]