Category: Economy and Markets
SL Treasury, Central Bank should consider credit guarantees for Covid-19 distressed bank loans
By the Advocata Fellows: Liquidity injections will impact forex market and debt repayments Even though Sri Lanka’s economy has opened up, businesses are still recovering from the dual shock of the locally imposed curfew as well as the global fallback from the coronavirus. A vast majority of Sri Lankan businesses are in need of support […]
ComBank further slashes lending rates
Jun 26, 2020 (LBO) – The Commercial Bank of Ceylon has announced a further lending rate cut, slashing rates by up to 2 percent on all categories of loans in a continuing effort to bolster businesses affected by the COVID-19 pandemic by providing affordable access to desperately-needed funds. The Bank took steps to reduce lending […]
Central Bank sets record straight about COVID-19 relief measures announced so far
Jun 26, 2020 (LBO) – Sri Lanka’s Central Bank yesterday published a detailed statement which contains operational and policy measures undertaken by them thus far, to support the economy, the financial system, and the general public in the midst of the COVID-19 pandemic. “The Central Bank actively took steps to ease the burden on the […]
Kasturi Wilson to succeed Steven Enderby as CEO of Hemas
Jun 25, 2020 (LBO) – Hemas Holdings announced the appointment of Kasturi Chellaraja Wilson as Group Chief Executive Officer, effective 1st October 2020, succeeding Steven Enderby. As part of a planned succession, Kasturi will take on the role of Deputy CEO and be appointed to the Board of Hemas Holdings PLC, effective 1st July 2020. […]
” offers special low-interest business loans
Jun 25, 2020 (LBO) – Sampath Bank has rolled out a host of special business loans and gold loans under its Revive Sri Lanka initiative at a low-interest rate of 9% p.a. Sampath Bank is now offering special low-interest Sampath Diriya loans of Rs.10 million up to Rs. 100 million at 9% p.a. under the […]
SriLankan Airlines converts passenger aircraft to full freighter supporting exporters
Jun 25, 2020 (LBO) – SriLankan Airlines has converted a wide-body passenger aircraft into a dedicated cargo aircraft to support export industries and to keep the country connected with the global economy during the pandemic. This converted Airbus A330 aircraft will commence operations today to key destinations in the Far East and Europe. The reconfiguration […]
Sri Lanka inaugurates new ADB funded COVID-19 test lab
Jun 25, 2020 (LBO) – The Asian Development Bank (ADB) has funded the construction and equipment of a new molecular polymerase chain reaction (PCR) laboratory at the Colombo East Base Hospital to support Sri Lanka in its response against the coronavirus disease (COVID-19) pandemic. The facility was declared open by Minister of Health and Indigenous […]
SL should aim for V-shaped economic recovery post COVID 19 : Cabraal
Jun 25, 2020 (LBO) – Ajith Nivard Cabraal, advisor to the Prime Minister on Economic Affairs says that Sri Lanka should aim for V-shaped economic recovery and aspire for high growth in the immediate future. Elaborating further on the topic Cabraal told Lanka Business Online exclusively. ……..
President sets one-year deadline for Lanka Salt to be profitable
Jun 24, 2020 (LBO) – President Gotabaya Rajapaksa has given one year’s time to Lanka Salt Limited which runs at a loss since 2018 to earn a profit. The profit earned by the Lanka Salt Limited in 2016 stood at Rs. 70 million. In 2017 it declined to Rs. 32 million. The organization made a […]
Central Bank approves Rs. 28bn loans at 4-pct among 13,861 businesses; Phase-II ready
Jun 24, 2020 (LBO) – Sri Lanka’s Central Bank says that they have approved 13,861 loan applications under the Phase-I of Saubagya Covid-19 Scheme so far, totaling Rs. 27.9 billion, out of which the licensed banks have already disbursed Rs.14.8 billion among 7,274 affected businesses island-wide. These loans carry a concessional interest rate of 4 […]
Nations Trust Bank launches Rs.7Bn “Nations Diriya” fund to support economic revival
Jun 24, 2020 (LBO) – Nations Trust Bank announced the launch of 7 Billion rupees internally generated funds dedicated to extending financial support to key industries, enabling them to recommence their businesses and in turn boost the national economy. With the “Nations Diriya” support fund, the Bank will reach out to exporters under “Nations Apanayana […]
Sri Lanka’s external strains set to persist beyond elections: Fitch Ratings
Jun 24, 2020 (LBO) – Sri Lanka’s stressed external liquidity position is set to remain a weakness for the country’s credit profile, says Fitch Ratings. According to Fitch Ratings, policymakers may be able to offer more clarity about their economic agenda once elections are held on 5 August, but hurdles to accessing additional external financing […]