Category: Featured
Sri Lanka secures USD1Bn Foreign Currency Term Financing Facility
Oct 17, 2018 (LBO) – Sri Lanka has secured 1,000 million US dollars from the China Development Bank (CDB) under the Foreign Currency Term Financing Facility (FCTFF) with a maturity period of eight years.The Central Bank said in a statement that interest cost is highly competitive and linked to 6 Month USD LIBOR with a grace […]
Sri Lanka plans new import controls for non essential goods
Oct 17, 2018 (LBO) – Sri Lanka’s President Maithripala Sirisena has instructed the Finance Ministry to study the current imports and submit a report on goods of which the imports can be temporarily restricted. President has made these remarks at the 20th session of the National Economic Council, which was held at the Presidential Secretariat […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]
Only 8-pct of Sri Lanka’s 2018 budget promises progressing on track: Verité
Oct 16, 2018 (LBO) – Sri Lanka’s private think tank Verité Research has found out that only 8 percent of promises announced in the 2018 budget are progressing on track through the end of the first six months of this year. The research firm has also found out that progress on 33 percent of proposals […]
‘s growth to recover and remain at 4-pct : World Bank
Oct 16, 2018 (LBO) – Sri Lanka’s economic growth is projected to recover from the effects of last year’s weather disruptions, which negatively affected agriculture, and to remain around 4 percent in the next two years, says the World Bank in its twice-a-year regional economic update. Growth will be robust in most South Asian countries, except […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]
‘s future
Oct 15, 2018 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe,highlighted the need to maintain freedom of navigation and freedom of digital connectivity for the region to grow and prosper and the need for a shared understanding in order to maintain peace and security. He was delivering the keynote address of the “The Indian Ocean: Defining […]
Sri Lanka introduces national standard for mobile QR code payments
Oct 12, 2018 (LBO) – Sri Lanka’s Central Bank has introduced a National Quick Response (QR) Code Standard for local currency payments with the aim of establishing a standard for payments carried out through mobile phones. The Central Bank said this new standard called LANKAQR came into effect from this week. All Licensed Banks, Licensed […]
Central Bank says Cabraal’s comments on rupee depreciation misleading
Oct 12, 2018 (LBO) – Central Bank says the allegations made by former Governor Nivard Cabraal in a recent newspaper article that the Central Bank has neglected its statutory duty and the recent depreciation of the rupee could have been better managed are misleading. “The exchange rate pressure that is currently observed is not limited […]