Category: Economy and Markets
Central Bank withdraws order on maximum interest rates on deposits
Sep 25, 2019 (LBO) – The Monetary Board of the Central Bank has decided to withdraw the Monetary Law Act Order No. 01 of 2019 issued on 26 April 2019 imposing Maximum Interest Rates on Sri Lanka Rupee Deposits, with effect from 24 September 2019. The decision has been taken after the issuance of the […]
IMF says end-June fiscal target missed by a large margin; earlier targets no longer within reach
Sep 25, 2019 (LBO) – The International Monetary Fund (IMF) says that the protracted impact of the 2018 political crisis and the Easter attacks are significantly impacting the fiscal performance of Sri Lanka. According to the IMF, the end-June fiscal target was missed by a large margin, due to frontloading of spending from the clearing […]
‘s Extended Fund Facility
Sep 25, 2019 (LBO) – International Monetary Fund (IMF) says that the Sri Lankan authorities are taking steps to complete all the pending actions and structural benchmarks for the sixth review of Sri Lanka’s Extended Fund Facility (EFF) over the next few weeks. A staff team from the IMF led by Manuela Goretti visited Colombo […]
Central Bank orders banks to reduce loan interest rates by 200 bps by mid-October
Sep 24, 2019 (LBO) – Monetary Board of the Central Bank has decided to order the Licensed Banks to reduce interest rates applicable on all rupee-denominated loans and advances by at least 200 basis points by 15 October 2019, in comparison to the interest rates applicable as at 30 April 2019, subject to certain exclusions. […]
Economist Deshal de Mel joins Verité Research
September 24, 2019 (LBO) – Press Release Former Advisor to the Finance Minister and economist Deshal de Mel joined Verité Research as a Research Director this month. Prior to joining Verité, Deshal functioned as the Economic Advisor to Minister of Finance Hon. Minister Mangala Samaraweera. Deshal has held advisory positions in both the private and […]
Expolanka settles litigation against US subsidiary with USD6.75mn payment
Sep 24, 2019 (LBO) – Expolanka’s US-based fully owned subsidiary, Expolanka USA LLC, at a mediation held in New Jersey has resolved to conclude a dispute with RCS Logistics Inc with a payment of 6.75 million US dollars without the acceptance of liability. The company said in a stock exchange filing that the payment is […]
Ceylon Chamber’s ‘Future of Business’ event to help reimagine future of work
Reimagining the future of work, will be the focus of the Ceylon Chamber’s third consecutive ‘Future of Business’ innovation strategy and learning event. This is ideal for leading Sri Lankan companies, SMEs and family owned businesses to gain unique and practical insights that can transform their businesses. The event will be a platform to learn […]
Sri Lanka headline inflation increased in August; core inflation declined
Sep 24, 2019 (LBO) – Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index increased to 3.4 percent in August from 2.2 percent in July 2019. The Central Bank said the low base that prevailed in the corresponding month of the previous year and the monthly increases of […]
Global financial assets fall, SL economy slows: Report
Sep 20, 2019 (LBO) – Allianz’s Global Wealth Report, which puts the asset and debt situation of households in more than 50 countries/regions under the microscope says financial assets in 2018 across industrial and emerging countries/regions declined simultaneously for the first time. Savers worldwide have found themselves in a bind, due to the escalating trade […]
Enterprise Sri Lanka introduces mobile service islandwide
Sep 20, 2019 (LBO) – The Finance Ministry has made arrangments to reach the people and conduct Enterprise Sri Lanka mobile service island-wide in order to provide capital loans at subsidised interest rate for small and medium, self employment or industries. Accordingly, Enterprise Sri Lanka mobile service will be held at the Kirindiwela Maha Vidyalaya […]
CBSL permits Sinhaputhra Finance to implement proposed capital augmentation plan
Sep 19, 2019 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to provide Sinhaputhra Finance with an opportunity to implement the proposed capital augmentation plan within the stipulated timeframe. Sinhaputhra Finance last month submitted an objection to the license cancellation notice issued by the Monetary Board saying that a capital […]
Central Bank cancels license issued to TKS Finance Limited
Sep 19, 2019 (LBO) – Sri Lanka’s Monetary Board of the Central Bank has decided to cancel the licence issued to TKS Finance Limited (TKSF) to carry on finance business with effect from today. The Central Bank said the financial condition of TKSF is not satisfactory due to deficient capital level, poor asset quality, continuous […]