Category: Economy and Markets
Central Bank, commercial banks, insurance services declared as essential services
Mar 26, 2020 (LBO) – President Gotabaya Rajapaksa has included the Central Bank of Sri Lanka, commercial banks, insurance services, and the Treasury in the category of essential services. Health and security services, Police, distribution of goods, customs, electricity, water, and fuel supply are the other services declared as essential. Accordingly, the Secretary to the […]
‘s banking sector outlook to negative on Coronavirus
Mar 26, 2020 (LBO) – Fitch Ratings has revised Sri Lanka’s banking sector outlook for 2020 to negative as the coronavirus pandemic poses increased risks to the anticipated expansion in the economy and credit demand, which will adversely affect the performance of the banks. Full statement Fitch Revises Sri Lanka’s Banking Sector Outlook to Negative […]
‘s President calls on international donor agencies to grant debt moratorium
Mar 25, 2020 (LBO) – Sri Lanka’s President Gotabaya Rajapaksa requests international donor agencies to provide a debt moratorium or debt deferment facility to all vulnerable developing nations to the COVID – 19 risks. President had urged Director-General of the World Health Organization to forward this request to multi-lateral and bilateral lending agencies. President points […]
Sri Lanka announces relief measures as country battles with COVID19
Mar 24, 2020 (LBO) – Sri Lanka’s government has announced a number of relief measures to people undergoing various hardships due to the prevailing situation brought on by the Coronavirus. Accordingly, the President has directed the Governor of Central Bank, the secretaries of all ministries, chief secretaries of all provincial councils and the heads of […]
CBSL requests banks to open at least for 2 hours tomorrow
Mar 22, 2020 (LBO) – Sri Lanka’s Central Bank has requested all Licensed Commercial Banks and Licensed Specialised Banks to keep their branches open at least for two (2) hours on the 23rd March 2020 in the areas where police curfew is lifted to provide urgent banking services to the general public. However, CBSL encourages […]
Jack Ma Foundation and Alibaba Foundation Donate Medical Supplies to 10 More Asian Nations
The Jack Ma Foundation and Alibaba Foundation today announced plans to donate much-needed medical supplies to 10 more countries in Asia to help the global fight against COVID-19. The governments of Afghanistan, Bangladesh, Cambodia, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan and Sri Lanka will receive from the two foundations a donation totaling 1.8 million masks, […]
We are in global recession territory: Fitch Ratings
Mar 21, 2020 (LBO) – The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook”. “The level of world GDP is falling. For all intents and purposes we are in global recession territory,” said Brian Coulton, chief economist at Fitch Ratings. Fitch Ratings statement We have […]
CSE trading closed as both indices drop over 5-pct
Mar 20, 2020 (LBO) – Trading at the Colombo stock exchange closed at midday as the S&P SL20 index of more liquid stocks fell 11.90 percent or 262.42 points to 1.971.11. The All-share index also fell 6.22 percent or 303.10 points in early trade to 4,571.63. The market fell due to the fears of foreign […]
Central Bank introduces urgent measures to ease pressure on exchange rate
Mar 19, 2020 (LBO) – Sri Lanka’s Central Bank has introduced several measures to ease the pressure on the exchange rate and prevent financial market panic due to the COVID-19 pandemic. Accordingly, licensed commercial banks and National Savings Bank are directed to adopt the following measures during the next three months, with immediate effect: Suspend […]
Sri Lanka Govt declares work from home week
Mar 19, 2020 (LBO) – The government has declared a period of work from home for both public and private sectors starting from March 20 to 27, the President’s media division said in a statement. March 20th to 27th declared as ‘Work from home week’ The government has taken every possible measure to contain the […]
6-month debt moratorium only applies to 5 sectors
Mar 19, 2020 (LBO) – The 6-month debt moratorium announced for businesses will only be applicable to the most adversely affected five sectors of the economy, Co-cabinet Spokesman Bandula Gunawardane said. Accordingly, Apparel Exports, Tourism, Information Technology, Foreign Employment, and Small Enterprises will be eligible for this debt moratorium. The government has also requested the […]
China grants USD500mn concessionary loan to Sri Lanka
Mar 19, 2020 (LBO) – China Development Bank and Sri Lanka’s Ministry of Finance has signed a 500 million US dollar loan agreement amidst the COVID–19 pandemic. Treasury Secretary SR Attygalle and Wang Wei, Deputy Director, China Development Bank yesterday signed the agreement in the presence of Prime Minister Mahinda Rajapaksa, Acting Ambassador of China […]