Category: Banking and Finance
DFCC partners with CDB to promote convenient access to inward remittances
DFCC Bank PLC, one of Sri Lanka’s most trusted banks and a leader in inward remittances, has partnered with Citizens Development Business Finance PLC (CDB) one of the top four largest non-banking financial institutions (NBFIs) in Sri Lanka, to promote convenient access to inward remittances. CDB is the 10th financial institution to become a partner […]
ComBank opens Indian Rupee Nostro Account to promote regional trade
The Commercial Bank of Ceylon has announced that it has opened an Indian Rupee denominated Nostro Account at the 116-year-old Indian Bank – Mumbai, to facilitate trade transactions between Sri Lanka and India. The Bank said this decision follows the Central Bank of Sri Lanka (CBSL) classifying the Indian Rupee as a designated foreign currency […]
Tianjin Port Group and Huawei announce deepening cooperation to build digital twin of port
Tianjin Port Group and Huawei announced this week that the two companies will deepen cooperation to build a digital twin of the port, making it more automated and intelligent. Yang Jiemin, Vice President of Tianjin Port Group, explained that this plan consists of three parts: Construction of new automated terminals, upgrading of traditional terminals, and […]
”’; Maintains negative watch
Fitch Ratings has downgraded Co-operative Insurance Company PLC’s (CICPL) National Insurer Financial Strength (IFS) Rating to ‘BBB(lka)’ from ‘A-(lka)’ and maintained the Rating Watch Negative (RWN) following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers […]
‘ ratings; Maintains RWN
Fitch Ratings has downgraded the National long-term ratings of five Sri Lankan finance and leasing companies (FLCs) after the recent sovereign downgrade and recalibration of the agency’s Sri Lankan National Rating scale. The FLCs’ ratings remain on Rating Watch Negative (RWN). The downgrades follow similar action on 10 Sri Lankan banks. (For details, see “Fitch […]
Milinda Moragoda discusses priority areas for cooperation with India’s national security advisor
Sri Lanka’s High Commissioner to India Milinda Moragoda met with the National Security Advisor of India Shri Ajit Kumar Doval, on 16 January and discussed matters pertaining to India-Sri Lanka relations. The discussion focused on mutual strategic interests of the two countries and priority areas for cooperation. The meeting took place as part of the […]
Ombudsmen of Sri Lanka and Türkiye signs bilateral cooperation MoU
On the sidelines of the International Ombudsman Conference 2023, the Office of the Parliamentary Commissioner for Administration (Ombudsman) of Sri Lanka and Ombudsman Institution of Türkiye has entered into Memorandum of Understanding (MoU) recently in Ankara. The Memorandum of Understanding between the Office Ombudsman of Sri Lanka and Ombudsman Institution of Türkiye was signed in the presence […]
Fitch downgrades National Long-Term Ratings of 10 Sri Lankan banks
Fitch Ratings has downgraded the National Long-Term Ratings of 10 Sri Lankan banks following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of Sri Lanka’s Long-Term Local Currency Issuer Default Rating (IDR) […]
Central Bank introduces measures to reduce overdependence on Standing Facilities
The liquidity deficit in the domestic money market, which remained significantly high during the first half of 2022, declined in the latter part of 2022. However, in spite of the improvements in money market liquidity conditions, market interest rates continued to remain high, partly due to subdued activity in the domestic money markets. At the […]
ComBank introduces ‘Visa Direct’ & ‘Mastercard Send’ card-to-card fund transfers – a first in SL
The Commercial Bank of Ceylon has announced the enabling of ‘Visa Direct’ and ‘Mastercard Send’ card-based fund transfer facilities for the first time in Sri Lanka. With this latest digital initiative of Commercial Bank, Visa and Mastercard Debit and Prepaid cardholders can transfer funds to any locally-issued Visa and Mastercard Debit, Credit or Prepaid card […]
David Cameron visits Port City Colombo
Former Prime Minister of the United Kingdom, David Cameron, visited Port City Colombo development project during a private trip to the island. Cameron engaged in a discussion with Reyaz Mihular – Commission Member and Vindhya Weerasekera – Director Legal and Corporate Affairs of the Colombo Port City Economic Commission; Yang Lu – Managing Director of […]
Central Bank directs Kanrich Finance to settle liabilities of depositors
The Monetary Board of the Central Bank of Sri Lanka as a measure to strengthen the Non-Bank Financial Institutions Sector under the ‘Masterplan for Consolidation’ decided to direct Kanrich Finance Limited (KFL) to settle its public liabilities in full within the period from 26.12.2022 to 28.02.2023 in terms of Section 25(1)(m) of the Finance Business […]