Category: Money
Central Bank imposes maximum interest rates on pawning advances of banks
Apr 27, 2020 (LBO) – Sri Lanka’s Central Bank has decided to impose maximum interest rates on pawning advances of licensed banks. The decision has been taken after considering the necessity to provide relief to low income individuals who are pawning gold jewellery to meet their short-term financing needs due to the adverse economic situation […]
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 […]
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 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 […]
Fitch Ratings to review Sri Lanka national ratings assigned to tier 2 debt
Mar 11, 2020 (LBO) – Fitch Ratings will review the National Ratings assigned to the issues of Tier 2 debt of Sri Lankan banks and non-bank financial institutions (NBFIs) following the publication of its updated Bank Rating Criteria on 28 February 2020. Fitch’s ratings approach for the ratings of subordinated debt of NBFIs follows the […]
COVID-19 Outbreak to have significant economic impact on developing Asia: ADB
Mar 10, 2020 (LBO) – The ongoing novel coronavirus (COVID-19) outbreak will have a significant impact on developing Asian economies through numerous channels, including sharp declines in domestic demand, lower tourism and business travel, trade and production linkages, supply disruptions, and health effects, according to a new analysis by the Asian Development Bank (ADB). The […]
COVID-19 outbreak likely to affect Sri Lanka’s economic performance : Central Bank
Mar 05, 2020 (LBO) – The exact impact on the Sri Lankan Economy would depend on the extent of the global spread of the COVID-19 outbreak, its persistence and policy responses of major economies and trading partners, the Central Bank said. “Sri Lanka’s economic links with China could be directly affected as significant volumes of […]
Policy interest rates of Central Bank of Sri Lanka to remain unchanged
Mar 05, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 04 March 2020, decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 6.50 percent and 7.50 percent, respectively, and […]
Securities and Exchange Commission DG removed with immediate effect
Mar 02, 2020 (LBO) – Securities and Exchange Commission (SEC) Director General (DG) Vajira Wijegunawardane, appointed in 2015 with an overall service to the SEC for 13 years has been removed from the post with immediate effect. The decision to remove Wijegunawardane was by the Commissioners of the SEC SEC Director Litigation Chinthaka Mendis has […]
Central Bank to introduce cost-reflective benchmark interest rate instead of SLIBOR
Feb 24, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank has decided to discontinue the compilation of SLIBOR with effect from 01 July 2020. The Central Bank will continue to publish SLIBOR based on offered rates submitted by LCBs until 30 June 2020, in order to prevent inconvenience to any participant in […]
Sri Lanka foreign reserves show signs of depletion: First Capital Research
Feb 19, 2020 (LBO) – First Capital Research expects Sri Lanka’s foreign reserves to fall to around 7 billion US dollars by June this year due to the debt repayments despite the 1 billion dollar Chinese Loan. Launching the Strategy Report 2020, Head of Research at the First Capital Holdings, Dimantha Mathew emphasized that a […]