Category: Economy and Markets
‘s Central Bank reduces bank rate
Apr 16, 2020 (LBO) – The Monetary Board of the Central Bank at its meeting held yesterday, having observed the cumulative reduction of the key policy interest rates of SDFR and SLFR by 200 basis points each since 31 May 2019, has decided to allow the bank rate to automatically adjust in line with the […]
ADB triples COVID-19 response package to USD20Bn
Apr 14, 2020 (LBO) – The Asia Development Bank (ADB) has tripled the size of its response to the novel coronavirus disease (COVID-19) pandemic to US20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance. The package expands ADB’s $6.5 billion initial response announced on 18 March, adding $13.5 […]
South Asia must ramp up COVID-19 action to protect people, revive economies
Apr 14, 2020 (LBO) – Amid the mounting human toll and global economic fallout triggered by the COVID-19 pandemic, South Asian governments must ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery, says the World Bank in its […]
Sri Lanka introduces special deposit account to manage COVID-19 challenges
Apr 12, 2020 (LBO) – Sri Lanka’s Government in consultation with the Monetary Board of the Central Bank has introduced a Special Deposit Account (SDA) with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country. All Sri Lankans and well-wishers living in Sri Lanka and […]
Sri Lanka official reserves down to USD7.5bn by end-March
Apr 09, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.5 billion US dollars (USD7,525.7mn) by the end of March, down from 7.9 billion US dollars in February, the latest Central Bank data showed. By the end of March, the foreign currency reserves were 7,119.1 million dollars while the reserve position in the IMF […]
PwC expects real GDP growth in Sri Lanka to be less than 2-pct this year
Apr 09, 2020 (LBO) – PricewaterhouseCoopers (PwC) expects real GDP growth in the Island to be less than 2 percent this year even if the pandemic is contained by mid-2020. Prior to the Coronavirus outbreak, the Central Bank expected the economy to grow at 4.5-5 percent with a modest recovery from the Easter Sunday attacks […]
‘ risks to persist despite regulatory measures: Fitch Ratings
Apr 08, 2020 (LBO) – Fitch Ratings believes that the extraordinary regulatory measures announced by the central bank – focusing on the relaxation of capital expectations and classification of loans for banks – should relieve immediate pressure on the banks’ financial profiles, but will not prevent medium-term deterioration. Statement from Fitch Ratings Fitch recently revised […]
Curfew, Lock down and Economic Livelihoods
By Sharhan Muhseen 6th April 2020 National policymakers have been grappling on the right balance between lockdowns (total or partial) and maintaining a functioning economy to safeguard the livelihood of its citizens and viability of its corporate sector. Whilst no solution seems optimal, the need for a well-orchestrated recovery strategy is central to avoid a […]
COVID-19 prevention program proceeds with professional expertise: President
Apr 06, 2020 (LBO) – Presided by President Gotabaya Rajapaksa, a discussion took place at the Presidential Secretariat to review the progress of the COVID-19 prevention program and to decide on the steps needed to take this program forward. President of Government Medical Officers Association Dr. Anuruddha Padeniya analyzed the manner this virus had affected […]
‘s Hatch and LAN gear up to launch first fintech accelerator
Apr 06, 2020 (LBO) – In April 2020, Hatch in partnership with Lankan Angel Network (LAN) and through the support of the Ford Foundation, will officially launch the first chapter of its start-up accelerator programme ‘HatchX’, establishing Sri Lanka’s first fintech accelerator. The programme’s strategic partner will be the Fintech Association of Sri Lanka (FASL). […]
Daraz can bring expertise from its parent company Alibaba during this time of crisis and potentially service 10,000 households daily
Daraz, Sri Lanka’s largest e-commerce platform, ordinarily connects thousands of sellers to millions of consumers across the country. Now, however, the scalability and scope of the e-commerce giant’s platform and logistics expertise have urgent applications that will sustain the people in these uncertain times – the delivery of essential goods every day to Sri Lankan […]
Central Bank further reduces policy interest rates by 25 basis points
Apr 03, 2020 (LBO) – The Monetary Board of the Central Bank today decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points to 6.00 percent and 7.00 percent, respectively, effective from the close of business on 03 April 2020. The Central Bank said this […]