Category: Banking and Finance

Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. The […]

Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out expatriates willing to help out in rebuilding the tsunami stricken Southern and Eastern coastal belts. Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out […]

Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together with a quick donors meeting to assess the damage caused by killer waves last Sunday. Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together […]

The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster hit areas.The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster […]

Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs.5 bn so far. Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs. 5 bn so far. While the economic losses are expected to be enormous, the insurance losses arising from […]

The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the industry waiting for clarifications from international re-insurers before settling claims.The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the […]

Sri Lanka’s interbank markets are quoting clean money at 9 and repo at 8.125 after market opened for trading.Sri Lanka’s interbank markets are quoting clean money at 9 and repo at 8.125 after market opened for trading. The foreign exchange markets yet to become active but officials say the Central Bank is ready to provide […]

Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection.Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection. “We will strengthen the revenue collection bodies starting with the Inland Revenue and subsequently Customs and […]

Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning.Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning. The shares were issued at Rs 27, giving massive capital gains to subscribers of the LIOC IPO. Meanwhile, […]

For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. The market moved up by Rs 24.5 bn, or 6.5 percent, […]

Sampath Bank is infusing over Rs.75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases.Sampath Bank is infusing over Rs. 75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases. The yet-to-be-named company will start operations early next year, with Sampath […]

Moving in with the paperless world, Sri Lanka will introduce a computer images based cheque clearances system to speed up transactions, by August 2005. “We are hoping to get the image based clearance system fully operational by August 2005,” said Justin Wickramasinghe, CEO of Sri Lanka’s cheque clearing house LankaClear (Pvt) Ltd, on Tuesday. The […]