Author: lbostgadmin
Amidst elevated market lending rates, private sector credit contracted notably: CBSL
May 31, 2019 (LBO) – Sri Lanka’s Central Bank on Friday said the market lending rates remained downward rigid, despite the measures already taken while the private sector credit showing a notable contraction. Sizable liquidity injections through the reductions in the Statutory Reserve Ratio (SRR) along with appropriate and prudent open market operations (OMOs) have […]
Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points
May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively. The Central Bank […]
Australia returns illegal immigrants from failed people smuggling vessel
Twenty Sri Lankan national illegal immigrants were returned to Sri Lanka yesterday from a people smuggling vessel targeting Australia. Australia remains committed to protecting its borders, stamping out people smuggling, and preventing people from risking their lives at sea. Australian High Commissioner, David Holly, warned anyone considering illegal migration not to be fooled by the […]
Ravi Fernando highlights need to embed corporate sustainability subject into curriculums
Well known strategic corporate sustainability guru Dr. Ravi Fernando has emphasized the crucial need for professional and academic programmes to integrate the corporate sustainability subject into the curriculum to ensure future business leaders understand the increasing importance of working towards safeguarding the planet. Speaking at a seminar organized by the Institute of Chartered Accountants of […]
SriLankan Catering posts Rs 5.7bn net profit for 2018/19
May 30, 2019 (LBO) – SriLankan Catering, the fully owned subsidiary of SriLankan Airlines has recorded a steady financial performance for the financial year ended 31 March 2019 with a 24 percent year-on-year growth in operating profits from 3.8 billion to 4.7 billion rupees, according to its unaudited financial statement. SriLankan Catering said in a […]
Jegan Durairatnam to Chair DFCC board
May 30, 2019 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as the Chariman of the board of DFCC. The appointment is with effect from July 28th. The appointment comes on the heels of the retirement of Royle Jansz who will have served as a director of DFCC for regulatory limit of […]
Capital Trust becomes the sole owner of ride-hailing-app, Taxiya
May 30, 2019 (LBO) – Taxiya, a ride-hailing service powered by an advanced digital mobile App, is now wholly owned and managed by Capital TRUST Holdings, having recently acquired the entirety of the brand Taxiyak (now Taxiya) and Capital TRUST Mobility Solutions. The Board of Directors of Capital Trust Mobility Solutions, comprising Tushan Wickramasinghe, chairman, Lakshman […]
Cabinet nod for implementation of promotion programs to minimize effects attacks on tourism
May 30, 2019 (LBO) – Sri Lanka’s cabinet of ministers has approved several relief packages for the tourism industry in the island. Approval was given to a proposal presented by Johm Amaratunga, minister of Tourism Development, Wild Life and Christian Religious Affairs for the implementation of a combined promotion program with overseas tour operators who […]
Sri Lanka introduces an electronic Government Procurement System
Remarks made by Mangala Samaraweera, Minister of Finance at the launching event of the Electronic Government Procurement (e-GP) System on 29th May 2019 Let me first of all thank my Ministry officials, particularly Director-General Algama and his team of the Public Finance Department, for yet again achieving an important benchmark in realizing more transparency and […]
World Bank to allocate USD 250mn policy based guarantee to Sri Lanka for external borrowings
May 29, 2019 (LBO) – The World Bank has offered 250 million US dollars worth policy based guarantee to Sri Lanka for the external borrowings, the Central Bank Governor Indrajit Coomaraswamy said. According to the Governor, under this facility Sri Lanka can leverage the guarantee four times over to borrow money from the international market […]
Sri Lanka rupee appreciated 3.8-pct against the US dollar up to 28 May 2019
May 29, 2019 (LBO) – Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March 2019 compared to end 2018. “Along with the significant reduction in the trade deficit and significant inflows to the financial account, the Sri Lankan rupee appreciated against the US dollar by 3.8 percent by end March […]