Category: Banking and Finance

The International Monetary Fund is expected to give its verdict by Thu.on Sri Lanka’s request to delay interest payments, while the island’s Central Bank prepares to rollout the red carpet to welcome the Fund’s First Deputy Managing Director. The International Monetary Fund is expected to give its verdict by Thu. on Sri Lanka’s request to […]

Insurance premiums are expected to go up by mid this year when local insurers factor earthquake and tsunami cover into policies.Insurance premiums are expected to go up by mid this year when local insurers factor earthquake and tsunami cover into policies. “The local industry is still discussing this but premiums will probably go up by […]

Top multilateral donors who are drawing up new financing plans for Sri Lanka’s post-tsunami period are due to stump up over US$ 500 mn in additional loans in the coming weeks, a joint statement said Tue.Top multilateral donors who are drawing up new financing plans for Sri Lanka’s post-tsunami period are due to stump up […]

Nations Trust Bank picked up a Rs.655 mn subordinated loan from a Dutch financial institution to give its fledgling housing loan portfolio a leg up.Nations Trust Bank picked up a Rs. 655 mn subordinated loan from a Dutch financial institution to give its fledgling housing loan portfolio a leg up. The rupee denominated loan (equivalent […]

The Tax Cluster will look at providing tax concessions for tsunami-donations and for reconstruction activity, says the Inland Revenue.The Tax Cluster will look at providing tax concessions for tsunami-donations and for reconstruction activity, says the Inland Revenue. “We have got requests for tax concessions on donations and for imports for reconstruction. We will discuss these […]

Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka Insurance Corp. got its AA- (sri) rating re-affirmed by Fitch Ratings International, with a rating outlook of stable. Sri Lanka’s largest insurance company also offers policies in the Maldives and the coastal belts […]

The coming week will show how much of the Jakarta pledges will materialise into hard cash, says visiting UN Chief Kofi Annan wrapping up a two day old tour of Sri Lanka’s tsunami ravaged southern and eastern coastal belts.The coming week will show how much of the Jakarta pledges will materialise into hard cash, says […]

Insurance industry says impact on profitability will be small despite more than Rs.10 billion in tsunami related claims saying that they are adequately covered by reinsurance.Insurance industry says impact on profitability will be small despite more than Rs. 10 billion in tsunami related claims saying that they are adequately covered by reinsurance. However some in […]

Government creditors in the Paris Club are this week to consider a debt moratorium for Sri Lanka and Indonesia, two of the countries worst affected by last month’s tidal wave, although experts have questioned the usefulness to Jakarta of such a move. Government creditors in the Paris Club are this week to consider a debt […]

Visiting World Bank President James D Wolfensohn down played possibilities of writing off US$ 600 mn worth of interest payments due from Sri Lanka, but said the island nation should focus on getting grant assistance to rebuild the tsunami hit areas.“We are considering debt relief, about US$ 600 mn is due from Sri Lanka this […]

Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs.10 bn tidal wave claims. Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part […]

Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs.10 bn tidal wave claims. Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part […]