Category: Economy and Markets
Third wave of pandemic highlights need for continued fiscal & monetary support: CBSL
The Sri Lankan economy, which rebounded notably during the second half of 2020 and early 2021 as per available indicators, is experiencing renewed disruptions due to the emergence of the third wave of the COVID-19 pandemic and related preventive measures, including isolations. “While its adverse effects on economic activity are expected to be lesser than […]
CBSL continues accommodative monetary policy to support sustained recovery of economy
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 19 May 2021, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 4.50 percent and 5.50 percent, respectively. The Board said they arrived at […]
President to Inaugurate Sri Lanka Investment Forum 2021
The President, in inviting global investors to participate in “Sri Lanka’s Growth Decade”, stated that “Sri Lanka is looking to unleash a decade of growth to rapidly increase its GDP, taking advantage of its inherent strengths and global supply chain shifts. Our strategic location combined with our business-friendly policies will be an accelerator for this […]
Dutch partner CSI joins hands with Tropical Green Exports in an investment partnership
Ceasar Sustainable Invest BV, recently announced its partnership with Tropical Green Exports recognizing the potential of the coconut substrate sector as a key economic driver in the North of Sri Lanka. Tropical Green Exports (Private) Limited specializes in manufacturing, supply and distribution of export quality coco peat used in the hydroponics industry and as an […]
Sampath Bank Digitalizes KYC Process in Partnership with Dept for Registration of Persons
Sampath Bank entered into a Memorandum of Understanding (MOU) with the Department for Registration of Persons (DRP) to facilitate customer identification and verification through the DRP interface. This will enable Sampath Bank to onboard customers digitally, without them having to physically visit the Bank, by verifying and confirming their identity via the DRP database. Digitalizing […]
Interview: Union Assurance will continue to grow through distribution channel expansions
Union Assurance was awarded Life Insurance Company of the Year at Business Leader Awards ceremony held in India recently affirming its leadership in the country’s fast-growing insurance industry. Speaking to Lanka Business Online exclusively regarding the company’s recent win Senath Jayatilake, chief distribution officer says UA’s vision is to transform the life insurance industry in […]
Are we getting the Colombo Port City Financial Centre right?
By H. Dabarera and KD Vimanga. Background The Colombo Port City commission bill is to be debated in parliament this week. Over the last few weeks, Sri Lankans have contemplated if the proposed Colombo Port City is the messiah that will rescue the country’s economy or whether it is another Trojan Horse that will throw […]
Notice on Covid 19 to passengers travelling on UL to Australia
As per the latest health guidelines issued by the Australian High Commission in Colombo, passengers travelling on SriLankan Airlines to Australia require a negative Rapid Antigen Test (RAT) prior to check-in for flights, commencing on 15th May 2021. The testing requirements would include: A negative COVID-19 Polymerase Chain Reaction (PCR) test result is required for […]
HNB records Profit After Tax of Rs 4.7Bn during the first quarter of 2021
HNB recorded a Profit After Tax (PAT) of Rs 4.7 Bn during the first quarter of 2021 while Profit Before income Tax (PBT) amounted to Rs 5.5 Bn. At Group level PBT and PAT were at Rs 5.9 Bn and Rs 4.8 Bn respectively. The substantial monetary loosening adopted to revive the pandemic hit economy […]
EDB supports exporters to continue operations during travel restrictions in Sri Lanka
The Sri Lanka Export Development Board (EDB) has made arrangements to facilitate export-oriented industries based on the circulars issued by the Government Health Authorities to continue operations of their activities during the lockdown of specific areas in the country and inter-provincial travel restrictions subject to stringent health regulations. Although travelling between provinces is restricted from […]
Hambantota Port sees highest monthly RORO volume in April
The Hambantota International Port has seen a significant increase in their RORO figures during the first 4 months of 2021, compared to the corresponding period last year. The first 4 months of this year saw 193,690 vehicles come into the port for transshipment as against 118,872 vehicles during the same period last year. 62,736 vehicles […]
ComBank makes strong start to 2021 with robust growth in fund-based operations
Q1 net interest income up 21.08% with interest expenses down 17.14% CASA ratio improves further to 45.26%, among best in industry Operating income up 21.73% to Rs 24.161 billion Impairment charges raised by 7.56% to Rs 7.156 billion Provision cover improves to 60.98%; net NPL ratio to 1.93% The Commercial Bank Group led by Sri […]