Category: Banking and Finance
Sri Lanka’s Domestic Debt Plan a Significant Step for Resolving Bank Uncertainty: Fitch Ratings
The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact of the sovereign’s debt restructuring on the local banking sector, says Fitch Ratings. Full statement The Sri Lankan government’s proposal for treatment of domestic debt marks a significant step towards resolving uncertainties around the impact […]
Banks welcome CBSL Governor’s assurances on anticipated Govt. announcement on DDR or DDO
The Sri Lanka Banks’ Association (SLBA) has welcomed the assurance by the Governor of the Central Bank of Sri Lanka (CBSL) Dr Nandalal Weerasinghe that financial sector stability will be maintained, and the clarifications provided by the Governor on the relevant process in this regard. In a statement, the SLBA noted that the Dr Weerasinghe’s […]
Harsha calls for legislative amendment to protect holders of domestic debt in a possible restructure
Opposition Parties Stand United for Careful Domestic Debt Restructuring In a press conference held at the Leader of the Opposition’s office, MP Harsha de Silva, expressed his thoughts and suggestions regarding the upcoming domestic debt-restructuring plan in Sri Lanka. He divulged that opposition parties, while cautious about the potential consequences, would discuss the need for […]
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 […]