Category: Economy and Markets
Sri Lanka ranked 99th in new Doing Business Index
Oct 24, 2019 (LBO) – Sri Lanka is ranked as 99th out of 190 countries with a score of 61.8 in Doing Business 2020 report released by the World Bank. The Doing Business report presents quantitative indicators on business regulations and the protection of property rights that can be compared across economies. As per the […]
First Capital recommends investors to increase exposure in mid-long tenor bonds
Oct 24, 2019 (LBO) – First Capital Research recommends investors to increase overall fixed income portfolio exposure to 50 percent from 45 percent. The firm also recommends cutting carrying portfolio to 15 percent from 30 percent and to increase trading portfolio to 35 percent from 15 percent. “We recommend cutting short tenor maturities of the […]
Central Bank to issue license cancellation notice to The Finance Company
Oct 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to issue a Notice of Cancellation of the License issued to The Finance Company (TFC), with effect from today to safeguard the interests of the depositors and other creditors. Accordingly, the interest due for deposits will be paid continuously to the depositors […]
Vote on Account presented to Parliament
Oct 23, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera today presented the Vote of Account for the first four months of 2020 in the Parliament. Accordingly, over 1,470 billion rupees will be allocated for the capital and recurrent expenditure headings while 5 billion rupees will be allocated for the advance accounts. For the […]
Fitch affirms Melstacorp &”; outlook stable
Oct 23, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate Melstacorp and its subsidiary Distilleries Company at ‘AAA(lka)’ with a stable outlook. Fitch said it rates Distilleries based on the consolidated profile of Melstacorp due to strong legal and operational linkages between the two entities, as defined in […]
Sri Lanka inflation at 5-pct in Sept 2019
Oct 22, 2019 (LBO) – Sri Lanka’s National Consumer Price Index (NCPI) increased to 5 percent from 3.4 percent recorded in August on a year-on-year basis, the Department of Census and Statistics said. The NCPI for all items for the month of September 2019 was 130.6. An increase of 0.9 index points or 0.7 percentage […]
Financial Action Task Force delists Sri Lanka from Grey List
Oct 21, 2019 (LBO) – The Financial Action Task Force (FATF), the global policy setter on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has delisted Sri Lanka from FATF’s Compliance Document which is more commonly identified as “the Grey List”. The decision was taken at the FATF Plenary held during 13-18 October 2019 […]
Will Jaffna International Airport help the Northern economy take-off at last?
By Jekhan Aruliah The opening, strictly speaking the re-opening, of Jaffna International Airport (IATA airport code JAF) in October 2019 was one of the more startling events in the North since the end of the Sri Lankan Civil War in 2009. In the North we held our breaths as the promise, unfulfilled for years, approached […]
Farm Smart: Developing Sri Lanka’s agriculture sector in the 4IR
Manoj Thibbotuwawa and Nimesha Dissanayaka Rapid population growth has put tremendous pressure on the world’s agricultural systems to provide safe and nutritious food to all. Unfortunately, productivity growth has been hampered by land and water resources degradation and climate change. The economic and social costs of such disruptive drivers imply that the food systems need […]
Real-time online payment facility for BOI customers
Oct 21, 2019 (LBO) – The Board of Investment of Sri Lanka has taken another significant step forward where customers have the convenience of making their payments online directly to BOI, a statement said. This initiative is facilitated via LankaPay Online Payment Platform, a real-time and online payment platform of LankaClear. Such an initiative on […]
ICRA Lanka revises outlook on issuer rating of BoC to negative
Oct 21, 2019 (LBO) – ICRA Lanka Limited, subsidiary of ICRA limited, a group company of Moody’s Investors Service, has reaffirmed the issuer rating of Bank of Ceylon at [SL]AAA. The outlook on the rating is revised to negative from stable. Rationale The revision in outlook factors in BOC’s moderate capitalisation levels with steady decline […]
Sri Lanka FIU to obtain direct access to INTERPOL information system
Oct 18, 2019 (LBO) – Sri Lanka’s Financial Intelligence Unit (FIU) entered into an agreement with INTERPOL National Central Bureau for Sri Lanka (NCB Colombo) recently to obtain direct access to the INTERPOL Information System. Money laundering and terrorist financing are internationally connected financial crimes that could threaten the stability of domestic as well as […]