Category: Banking and Finance

May 2 (LBO) — A lower than expected valuation of prime commercial property belonging to Sathosa may delay its sale to a state bank, a top official said.The chief government valuer has assessed the 225 perches property at Union Place at a much lower price than originally expected by the trade ministry, an official said. […]

Apr. 26 (Dow Jones)–A suicide attack in the Sri Lankan capital and airstrikes in the east of the country aren’t worrying foreign investors, and the government is on track to attract a record $1 billion worth of foreign direct investments this year, the chairman of the government’s investment arm said Wednesday. “Negotiations on some big […]

Apr. 26 (LBO) – Sri Lanka has started a financial intelligence unit to track foreign exchange dealings in excess of 5,000 dollars, treasury secretary P B Jayasundara said Wednesday. Anti-money laundering activities, comes under the supervision of the country’s finance ministry. – Mel Gunasekera The move is part of the government’s drive to keep track […]

Apr.20 (LBO) – Sri Lanka’s State Banks & Development Minister Wijedasa Rajapakse Thursday resigned his ministry ending a short stint which was surrounded by rumbles of discontent. “I resigned over personal reasons,” Rajapakse told LBO. Rajapakse, who is a President’s Counsel, also resigned as organizer for the Maharagama electorate of the Sri Lanka Freedom Party […]

Apr.18 (LBO) – Sri Lankan banks have asked for extra time to implement a tax on credit card transactions, as the new stamp duty law is riddled with ambiguities. A stamp duty of one percent or Rs10 for every Rs1,000 spent, has kicked in from April 4, throwing banks and credit card users off balance […]

WASHINGTON, Apr. 14 (AFP) – Rising fuel and materials prices and skilled labor shortages are expected to push reconstruction costs for the deadly December 2004 tsunami past 10 billion dollars, a US Congress report said Friday.“Although pledges of 13 billion dollars exceed initial damage estimates of 10 billion dollars, escalating costs may increase the amount […]

Apr.12 (LBO) – Sri Lankan banks have asked the government to consider imposing a lower tax on credit card transactions, as the new stamp duty will discourage people from using the formal banking system, an official said. Starting April 4, the government is charging one percent or Rs10 for every Rs1000 spent on a credit […]

SINGAPORE, Apr.11 (AFP) – India’s sixth largest private bank, UTI Bank Ltd, opened its first international branch in Singapore Tuesday, marking the first step in plans to stamp its footprint in Asia. “This marks the onset of our international operations, as a response to the growing globalisation of the Indian economy,” said UTI Bank chairman […]

Apr.10 (LBO) – The World Bank Monday gave out US$35,000 grant to six projects that will help youth development work in Sri Lanka. -LBO Newsdesk: LBOEmail@ In its second consecutive year, the 2006 Small Grants Programme aims to build capacity and develop management skills among Sri Lankans within the ages of 18-30 years, the bank’s […]

Apr.07 (LBO) – The European Investment Bank Friday extended a 70 million euro special credit line to Sri Lanka, to help rebuild small and med-sized industries affected by the December tsunami. Tailor made for Sri Lanka, the credit line can finance up to 75 percent of the cost of individual projects, with borrowers given five-years […]

Apr.07 (LBO) – Sri Lanka’s main tax authority plans to net in 40,000 new taxpayers in 2006, its newly appointed head said.Sri Lanka has few taxpayers and attempts to widen the base have met with limited success over the last decade. “For a 19.2 million population a 322,000 tax payers that not enough,” says Commissioner […]

Apr.06 (LBO) — Sri Lanka is going ahead with reviving Pramuka Bank and also setting up an institutional framework to recover debts of Pramuka and other state banks, Treasury Secretary P B Jayasundera said. -Jayantha Kovilagodage: jayantha@  Pramuka Bank will be revived as the ‘Sri Lanka Savings Bank’ with the necessary legislation due to go […]