Category: Banking and Finance

Sri Lanka’s central bank unexpectedly raised key short-term interest rates Thursday in a bid to rein in a possible surge in inflation from new government spending next year. Sri Lanka’s central bank unexpectedly raised key short-term interest rates Thursday in a bid to rein in a possible surge in inflation from new government spending next […]

National Development Bank (NDB) on Tuesday said it was seeking Central Bank approval to merge with its housing loan financing unit.National Development Bank (NDB) on Tuesday said it was seeking Central Bank approval to merge with its housing loan financing unit. If approved, the merger will give NDB housing access to cheap financing for its […]

People’s Bank is expecting a Rs.2 billion capital injection in the next couple of weeks after meeting important performance criteria. People’s Bank is expecting a Rs. 2 billion capital injection in the next couple of weeks after meeting important performance criteria. An Asian Development Bank (ADB) team that reviewed the bank’s performance last week said […]

Sri Lanka as of end-September had utilised less than a tenth of the loans and a quarter of the grants offered by foreign donors since last year’s unprecedented tsunami disaster, a top official said Friday.Sri Lanka as of end-September had utilised less than a tenth of the loans and a quarter of the grants offered […]

The World Bank on Thursday approved a US0 million package of assistance to develop Sri Lanka’s roads and education.The World Bank on Thursday approved a US$160 million package of assistance to develop Sri Lanka’s roads and education. Up to US0 million credit from World Bank’s International Development Association (IDA) will finance development of national road […]

Sri Lanka’s Central Bank says it will save over Rs.600 million in minting costs as it gives a face lift to the island’s coin collection. Sri Lanka’s Central Bank says it will save over Rs. 600 million in minting costs as it gives a face lift to the island’s coin collection. Wednesday, Colombo : A […]

Sri Lanka’s Cooperative Leasing took its first tentative steps into the capital markets on Tuesday by pledging its tiny portfolio to raise cash for future funding needs.Sri Lanka’s Cooperative Leasing took its first tentative steps into the capital markets on Tuesday by pledging its tiny portfolio to raise cash for future funding needs. The two-year […]

As banks embrace sophisticated financial products, making their risk profile more complex, those specialising in custodian and asset management, are most vulnerable to future operational risks, a top Central Bank official said Monday.As banks embrace sophisticated financial products, making their risk profile more complex, those specialising in custodian and asset management, are most vulnerable to […]

Sri Lanka’s Central Bank is drawing up laws to keep close tabs on companies engaged in transfer of money into the country, an official said.Sri Lanka’s Central Bank is drawing up laws to keep close tabs on companies engaged in transfer of money into the country, an official said. Just under a million of the […]

Global banking giant HSBC Group opened its US$ 31 million call centre operation in Sri Lanka Tuesday, as local financial markets dived on news that seven soldiers had died following early morning landmine explosion in the North.Global banking giant HSBC Group opened its US$ 31 million call centre operation in Sri Lanka Tuesday, as local […]

Government’s new banking minister wants to restart Pramuka Bank which has a mountain of dud loans as a State owned bank while investing up to Rs.5 billion of tax payer money to the industry.Government’s new banking minister wants to restart Pramuka Bank which has a mountain of dud loans as a State owned bank while […]

Italy today signed off a deal that will write off Sri Lanka’s debt to the EU member state , adding up to Rs. 850 million (Euro 7.13 million). Italy today signed off a deal that will write off Sri Lanka’s debt to the EU member state , adding up to Rs. 850 million (Euro 7.13 […]