Category: Economy and Markets
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 […]
BBK Partnership, Jaffna’s accountants to the World
I first heard of the BBK Partnership Sri Lanka in 2015. I first spoke with its co-founder Anandan Arnold in 2018, and finally met him in March 2020 at a hospital in Manipay Jaffna. He was dressed rather informally for a Partner of London’s BBK Partnership of Chartered Accountants. Anandan (pictured below on the right) […]
CSE to remain closed
Mar 19, 2020 (LBO) – The Colombo stock market will remain closed for the fourth consecutive day Thursday although an announcement was made that the market will resume today. The market has been closed all week to assist in curbing the spread of COVID-19, and to ensure the safety of all market participants. This was […]
Colombo Chamber appeals to curb spread of COVID-19 in banking network
Mar 18, 2020 (LBO) – Colombo Chamber of Commerce appeals to curb the spread of COVID-19 in the banking network. The chamber suggests the following steps to be implemented particularly in the Banking Sector which has a greater economic impact and high possibility of exposure to this deadly virus spread. This is an attempt by […]
Measures adopted by CB during public holiday period
Mar 18, 2020 (LBO) – The Central Bank of Sri Lanka (CBSL) wishes to inform that the following measures have been adopted by CBSL during the public holiday period announced by the Government. REAL TIME GROSS SETTLEMENT OPERATIONS The Real Time Gross Settlement (RTGS) operations will be continued as usual. BANKING SECTOR OPERATIONS Banks have […]
CBSL requests financial institutions to refrain from engaging in speculative activity
Mar 17, 2020 (LBO) – Sri Lanka’s Central Bank requests financial institutions to refrain from engaging in speculative activity which could lead to panic in the financial market. Delivering a statement, the Governor of Central Bank, W. D. Lakshman requested all financial institutions led by licensed commercial banks to pass to the market the full […]
Sri Lanka Central Bank eases monetary policy further to support economic activity
Mar 16, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank at an urgent meeting held today has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points to 6.25 percent and 7.25 percent, respectively, with effect from tomorrow. The board has also […]
Interactive webinar on COVID-19: Are we prepared?
Mar 16, 2020 (LBO) – The Ceylon Chamber of Commerce will be conducting an interactive webinar on Monday, 16 March at 2pm, with its members on COVID-19, Are We Prepared? This is in wake of the increasing number of cases active in Sri Lanka, and is a programme to prepare members of the Private Sector. […]
New Rules to Accelerate NPL Recognition by Sri Lankan FLCs
Mar 14, 2020 (LBO) – Tighter regulation in Sri Lanka on classification and measurement of credit facilities for finance and leasing companies (FLCs) will accelerate recognition of bad loans in 2020-2022, which is likely to exert pressure on FLCs’ capitalisation due to the knock-on effects on their profitability, Fitch Ratings says. Nonetheless, the more stringent […]
Identify right model to develop the country: President tells researchers
Mar 13, 2020 (LBO) – President Gotabaya Rajapaksa requested the heads of research organizations to find ways and means to uplift a small country like Sri Lanka with a comparatively small population and an economy. Since the current global economy is based on knowledge, ours should be developed centered around our workforce that can be […]