Category: Banking and Finance

KILINOCHCHI – Sri Lanka’s Tamil Tigers have no security cameras or guards protecting their bank. Yet they say it is the safest place to deposit cash and gold both in times of war and of peace. KILINOCHCHI – Sri Lanka’s Tamil Tigers have no security cameras or guards protecting their bank. Yet they say it […]

Sri Lanka’s chronic budget deficit, weak structural reforms and political instability, will show up prominently, as the island seeks a sovereign rating from three top international rating agencies later this year, analysts said.Sri Lanka’s chronic budget deficit, weak structural reforms and political instability, will show up prominently, as the island seeks a sovereign rating from […]

United States Trade and Development Agency (USTDA) signs over grants worth US$ 2.5 million for Sri Lanka. United States Trade and Development Agency (USTDA) signs over grants worth US$ 2.5 million for Sri Lanka. On Monday the USTDA signed over grant funding for six development projects in Sri Lanka. Over US$ 2 million is for […]

The Association of Charted Certified Accountants (ACCA) said their national conference will take place later this month.The Association of Charted Certified Accountants (ACCA) said their national conference will take place later this month. ACCA hosted a sustainability awards earlier in the year to reward CSR reporting among top corporate which they say encouraged them to […]

The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman.The Finance Ministry on Thursday appointed former Supreme Court Judge Maxwell Parakrama Paranagama as Sri Lanka’s first tax ombudsman. A Ministry statement said the appointment was in keeping with the 2005 budget proposal to appoint an independent […]

Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital markets for their monetary needs, a Central Bank led consumer finance survey has highlighted.Sri Lankans are increasingly bombarded with a plethora of financial products and services, but locals still shy away from the capital […]

Mercantile Leasing Limited on Friday said its Board had approved a deal to merger with Nations Trust Bank.Mercantile Leasing Limited on Friday said its Board had approved a deal to merger with Nations Trust Bank. News of the merger pushed Mercantile Leasing shares up Rs.2.25 to Rs. 62.25 towards the close of trade. Shares in […]

Commercial Bank picked up its fifth consecutive Bank of the Year award given out by British magazine “The Banker”.Commercial Bank picked up its fifth consecutive Bank of the Year award given out by British magazine “The Banker”. A Commercial Bank statement on Wednesday said the magazine’s annual ratings, published in its September 2005 issue, followed […]

Sri Lanka’s main opposition warns that the current round of pre-election value-added-tax cuts would lead to more inflation in the future. Sri Lanka’s main opposition warns that the current round of pre-election value-added-tax cuts would lead to more inflation in the future. The United National Party charged that the VAT removal of diesel, LP gas […]

The government says its top priority will be to increase infrastructure investment as it stated the budget making process for next year.The government says its top priority will be to increase infrastructure investment as it stated the budget making process for next year. Years of underinvestment by successive governments especially in rural infrastructure have contributed […]

National Savings Bank (NSB) says deposit growth has slowed despite its strong franchise as a credit rating agency warned of higher market risk because the bank has subscribed to more government rupee securities.National Savings Bank (NSB) says deposit growth has slowed despite its strong franchise as a credit rating agency warned of higher market risk […]

The Asian Tsunami tragedy has already attracted around US$ 9 billion in money and other aid to the region but experts say systems and internal controls to manage this outpouring is not up to mark.The Asian Tsunami tragedy has already attracted around US$ 9 billion in money and other aid to the region but experts […]