Category: Banking and Finance

Sri Lanka has received a total of Rs.9.8 bn (Rs. 9812.5 mn) in tsunami aid as at March 10, from governments, non-state agencies and others as private, foreign and local donations, the Central Bank said.Sri Lanka has received a total of Rs. 9.8 bn (Rs. 9812.5 mn) in tsunami aid as at March 10, from […]

Consumer goods retailer Singer (Sri Lanka) Ltd plans to switch some of its expensive short-term debt with a Rs.400 mn four-year debenture issue in April.As at end 2004, Singer’s long-term debt stock stood at Rs. 1.3 bn, but the company is keen to lock in inexpensive funds taking advantage of present low interest rates. Short […]

The Central Bank on Wednesday said it will actively absorb liquidity from the financial markets to curb inflation in the coming months.The Central Bank on Wednesday said it will actively absorb liquidity from the financial markets to curb inflation in the coming months. The bank however left its key short term interest rate unchanged for […]

Sri Lanka’s nine provincial councils will raise business turnover tax from one percent to five percent on “non-essential” commodities from April 1 to bolster their own revenue.Sri Lanka’s nine provincial councils will raise business turnover tax from one percent to five percent on “non-essential” commodities from April 1 to bolster their own revenue. The list […]

The Finance Minister says improving financial reporting standards will reduce the strain on the government budget The Finance Minister says improving financial reporting standards will reduce the strain on the government budget Better financial reporting according to the minister will make it possible for justifying restructuring of institutions making losses like the CEB, which is […]

Tsunami-hit Sri Lanka has accepted a Paris Club offer to freeze its debt payments until the end of 2005, but plans to press lenders to extend the moratorium to the end of 2007, the island’s finance minister said on Friday.Tsunami-hit Sri Lanka has accepted a Paris Club offer to freeze its debt payments until the […]

Tsunami-battered Sri Lanka on Friday jumped at an offer by the world’s richest creditor nations to freeze its debt payments, but hardest-hit Indonesia was skeptical and said it would be of little help.Tsunami-battered Sri Lanka on Friday jumped at an offer by the world’s richest creditor nations to freeze its debt payments, but hardest-hit Indonesia […]

Indonesia and Sri Lanka, devastated by the tsunami disaster in late December, have been given a moratorium until December 31 on repayment of their debt owed to Paris Club members, the Paris Club said Thursday. Indonesia and Sri Lanka, devastated by the tsunami disaster in late December, have been given a moratorium until December 31 […]

The International Finance Corporation, the World Bank Group’s private sector arm signed agreements with John Keells Holdings to speed the delivery of relief supplies to tsunami victims in Sri Lanka, restore education and health facilities, and provide clean water to relief camps.The International Finance Corporation, the World Bank Group’s private sector arm signed agreements with […]

The International Finance Corporation, the World Bank Group’s private sector arm signed agreements with John Keells Holdings to speed the delivery of relief supplies to tsunami victims in Sri Lanka, restore education and health facilities, and provide clean water to relief camps.The International Finance Corporation, the World Bank Group’s private sector arm signed agreements with […]

The International Monetary Fund says Sri Lanka still has to plug a US $ 420 mn gap in external financing to maintain reserves around US $ 2 bn in 2005, while rising oil prices may expand the need further.The International Monetary Fund says Sri Lanka still has to plug a US $ 420 mn gap […]

Commercial Bank of Ceylon is actively exploring ways to reduce its pension liability after a u-turn in tax policy cost the group an additional Rs. 67 mn. Commercial Bank of Ceylon is actively exploring ways to reduce its pension liability after a u-turn in tax policy cost the group an additional Rs. 67 mn. With […]