Category: Banking and Finance
Ceylon Chamber calls for political and public support for debt restructuring process
The Ceylon Chamber of Commerce stresses the importance of patience and trust in the domestic debt restructuring process. As emphasized by the Central Bank of Sri Lanka, priority focus will be on maintaining financial system stability and ensuring that depositors will not be adversely impacted. It is vital that we collectively allow for comprehensive and […]
CFA Society Sri Lanka Capital Market Awards 2023 celebrates excellence in capital markets industry
The 10th annual CFA Society Sri Lanka Capital Market Awards, organised by the CFA Society Sri Lanka, was held on Wednesday, 21 June 2023, at Cinnamon Grand, Colombo, with the objective of recognising and rewarding excellence in the local capital markets. This year’s event focused on the theme ‘Invest Smart, Build Resilience, Thrive in Sri […]
LankaPay unveils new strategic direction to strengthen regional presence
LankaPay, the National Payment Network of Sri Lanka, has embarked on a new strategic vision, aimed at reinforcing its position within the region and enhancing its contribution to the island nation. In pursuit of this ambitious goal, the company has recently launched a comprehensive business and organizational development strategy, accompanied by a significant internal restructuring […]
Bank of Ceylon Implement Sri Lanka’s First Private Cloud with KBSL, VMware & HP Enterprise
Bank of Ceylon (BOC), the nation’s leading banking provider, recently completed the deployment of the country’s first-ever private cloud in partnership with KBSL Information Technologies Limited (KBSL), VMware and Hewlett Packard Enterprise (HPE). To celebrate this achievement, KBSL hosted a private event at the Courtyard by Marriott. BOC’s existing infrastructure required digital disruption and the […]
Role of alternative financing mechanisms to address Sri Lanka’s debt overhang
By Imesha Dissanayake The common path followed by almost all IMF member countries in response to sovereign debt crises in recent decades, is to enter into an IMF supported stabilisation and structural adjustment programme. Sri Lanka has been a country that has followed this trend repetitively, having entered into 16 economic stabilisation programmes during 1965-2020, […]
‘s Bank, HNB, Commercial Bank & Bank of Ceylon
Fitch Ratings has maintained the Rating Watch Negative (RWN) on the ‘A(lka)’ National Long-Term Rating of People’s Bank (Sri Lanka) (PB). The rating agency has maintained Hatton National Bank PLC’s (HNB) National Long-Term Rating of ‘A(lka)’ on Rating Watch Negative (RWN) and maintained HNB’s senior and subordinated debt ratings of ‘A(lka)’ and ‘BBB+(lka)’, respectively, on […]
SL Rupee depreciates against USD
The Sri Lankan Rupee (LKR) has depreciated against the US Dollar (USD) today compared to last week, according to the Central Bank of Sri Lanka. Accordingly, today’s buying rate of USD is Rs 290.06 while the selling rate is Rs. 303.73. Last Friday’s buying rate of USD was Rs. 288.08 while the selling rate was […]
Sri Lanka PM Dinesh Gunawardena concludes successful visit to Thailand
Prime Minister Dinesh Gunawardena of Sri Lanka concluded a three day successful official visit to the Kingdom of Thailand from 31 May – 02 June 2023, at the invitation of the Rector of Mahachulalongkornrajavidyalaya University, Secretary General of International Council for the Day of Vesak (ICDV) and Executive Secretary of International Association of Buddhist Universities, […]
Eran submits VAT amendment bill to restore Parliamentary powers on public finance
Opposition MP Eran Wickramaratne submitted a private members Bill to amend the Value Added Tax (VAT) Act, No 14 of 2002 to transfer the powers vested in the Minister of Finance to Parliament, Friday. The new bill proposes that any order made by the Minister of Finance shall come into force only upon the approval […]
‘s Leasing & Finance announces proposed acquisition of 33-pct stake in First Capital Holdings
People’s Leasing & Finance PLC (PLC) has announced the proposed acquisition of a 33% stake in First Capital Holdings PLC(FCH), signaling the beginning of a new chapter of business growth through horizontal integration and diversification as a powerhouse of growth in the financial sector. With the proposed acquisition which is subject to the approval of […]
UNDP and South Centre jointly organise capacity building workshop on taxation of digitalised economy
The United Nations Development Programme (UNDP), through its Tax for SDGs Initiative, and the South Centre, Switzerland jointly organised a two-day capacity-building workshop on “Taxation of the Digitalised Economy” for nearly 100 officials from the Fiscal Policy Department (FPD), Inland Revenue Department (IRD), the Ministry of Finance and key private sector actors in the digital […]
Courtyard by Marriott Colombo hosts Sri Lanka open 2023 Pro-Am golf tournament
Marriott Bonvoy, Marriott International’s award-winning travel program, teamed up with Courtyard by Marriott Colombo to host the Sri Lanka Open 2023 Pro-Am Golf Tournament. Kicking off 2023 on a green note, Marriott Bonvoy continues its long-term association with Shiv Kapur, an Arjuna Award winner and ace golfer. Shiv Kapur, a two-time European Challenge Tour champion […]