Category: Forex
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 […]
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 […]
Sri Lanka economy on the mend in 2020 : Will look at new IMF deal
Feb 11, 2020 (LBO) – A revival in economic activity can be expected in 2020 with the support of better fiscal and monetary measures with Sri Lanka also looking at a fresh deal with the IMF, a senior official said. Speaking at the Ceylon Chamber of Commerce’s Economic Outlook launch for 2020 the Central Bank […]
Sri Lanka official reserves at USD7.5bn by end January
Feb 07, 2020 (LBO) – Sri Lanka’s gross official reserves were 7.5 billion US dollars (USD7,526mn) by the end of January, down from 7.6 billion US dollars in December, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 6,516.2 million dollars while the reserve position in the IMF […]
Ceylon Dollar Bond Fund delivers 10.3-pct dollar return in 2019
Feb 06, 2020 (LBO) – The Ceylon Dollar Bond Fund that invests exclusively in the Sri Lankan government issued International Sovereign Bonds (ISB), and SLDBs reported a strong US$ performance of 10.3 percent in 2019 to investors. The January 2020 performance was 1.03 percent (annualised 12.18%) while the fund size reached 23 million US dollars […]
First Capital Research assigns 80-pct probability for no change in policy rates
Jan 28, 2020 (LBO) – First Capital Research assigns 80 percent probability for no change in policy rates amidst recently provided tax revisions and other benefits. Considering the recent major fiscal and monetary policy changes, First Capital Research believes that current accommodative monetary policy stance is appropriate, and that there is ample space for market […]
Trade deficit narrows marginally in Nov with imports, exports declining
Jan 17, 2020 (LBO) – Sri Lanka’s trade deficit contracted marginally in November 2019 (year-on-year), with both imports and exports declining, the latest Central Bank data showed. The deficit in the trade account declined in November to US dollars 762 million, from US dollars 785 million in November 2018. The trade deficit contracted by US […]
Milford Ceylon buys 19-pct of Softlogic Life
Jan 17, 2020 (LBO) – Milford Ceylon Pvt Ltd., a Mauritius-based fund yesterday bought a 19 percent stake in Softlogic Life Insurance PLC for Rs.2.6 billion. Shares amounting to 71.25 million shares was acquired at 37.00 rupees each, the company said in a stock exchange filing, Thursday. The seller was DEG or State Street Munich […]
Sri Lanka official reserves improve to USD7.6bn by end December
Jan 09, 2020 (LBO) – Sri Lanka’s gross official reserves were 7,638.5 million US dollars by the end of December last year, up from 7,520.4 million US dollars in November, the latest Central Bank data showed. By the end of December, the foreign currency reserves were 6,609.1 million dollars while the reserve position in the […]
‘s new Banking Act to facilitate banks in Colombo Intl. Financial Centre
Jan 06, 2020 (LBO) – Sri Lanka’s Central Bank has initiated drafting a new Banking Act and expects to complete its enactment in 2021. The new Banking Act will contain provisions to extend regulations for banks, which are to be established in the Colombo International Financial Centre. Key concepts of the proposed Act include provisions […]
CB Chief urges Sri Lanka banks to rethink its credit disbursement policies
Jan 06, 2020 (LBO) – Central Bank Governor Professor W D Lakshman urged Sri Lanka’s banking sector to rethink its credit disbursement policies, as the traditional ‘risk averse’ mindset has deprived emerging entrepreneurs and new ventures of much needed initial capital. Announcing the road map of the Central Bank for this year, Lakshman said credit […]