Category: Banking and Finance

The government says it will make legal changes to give more teeth to the Auditor General.The government says it will make legal changes to give more teeth to the Auditor General. The government this week, approved a proposal to restructure the Auditor General’s Department, giving it greater administrative and financial independence. A government official on […]

State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. State housing finance giant HDFC Bank’s maiden share issue has been oversubscribed on its opening day, a statement to the Stock Exchange said. Mangers to the issue Merchant Bank of Sri Lanka […]

People’s Bank will receive the first Rs.2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets.People’s Bank will receive the first Rs. 2 billion traunche of the ADB sponsored recapitalization programme later in October, as it fulfills its initial set of targets. A total Rs. […]

Denmark on Tuesday said it would defer some Rs.80 million (approx US$ 800,000) in bilateral loans to Sri Lanka for one year, in a follow up to an agreement with donors in June this year.Denmark on Tuesday said it would defer some Rs. 80 million (approx US$ 800,000) in bilateral loans to Sri Lanka for […]

Lanka’s top bureaucrat has told aid donors to coordinate their lending despite Sri Lanka not having a poverty reduction strategy that allows the state to spend donor money where it wants.Lanka’s top bureaucrat has told aid donors to coordinate their lending despite Sri Lanka not having a poverty reduction strategy that allows the state to […]

Sri Lanka’s Lanka Orix Leasing Co Ltd is looking at regional expansions and a possibility of getting into commercial banking, as it moves into the next phase of its growth cycle.Sri Lanka’s Lanka Orix Leasing Co Ltd is looking at regional expansions and a possibility of getting into commercial banking, as it moves into the […]

South Asian bankers kicked off a meeting in Colombo on Monday to draw up a roadmap to reconstitute an existing development fund to be on the lines of a regional lending body.South Asian bankers kicked off a meeting in Colombo on Monday to draw up a roadmap to reconstitute an existing development fund to be […]

Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices.Sri Lanka needs to operate at its full tax revenue potential to break away from donor clutches and implement its own polices. Treasury Secretary says tax collections at present are nowhere near their potential. […]

A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman.A Saudi Arabian investor has sought permission to raise his stakes in Commercial Bank of Ceylon, as key shareholders try to oust the bank’s present Chairman. Saudi Arabia’s Euro Gulf […]

Ceylinco Insurance has launched investment linked life plans which will gives policyholders the option of directing where his life funds would be invested.Ceylinco Insurance has launched investment linked life plans which will gives policyholders the option of directing where his life funds would be invested. Ceylinco Shilpa is a child education policy and Ceylinco Retirement […]

Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate.Sri Lanka plans to spend more and borrow further next year as expenses for defence and fuel related subsidies escalate. Total state spending will rise 30 percent to Rs.568.3 billion (US$ 5.6 billion) in 2006 from […]

Sri Lankan tax payers are fighting shy of official recognition as good tax payers. Sri Lankan tax payers are fighting shy of official recognition as good tax payers. In May this year the government offered to officially recognise ‘good tax payers’ to coax more taxes out of Sri Lanka’s unusually tax averse population. “We announced […]