Category: Banking and Finance

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 […]

Sri Lankan authorities are tightening scrutiny on export inflows as the country battles an exchange crisis brought about by falling capital flows and rising imports.Sri Lankan authorities are tightening scrutiny on export inflows as the country battles an exchange crisis brought about by falling capital flows and rising imports. The Department of Exchange Control, an […]

The Treasury is planning to issue a fresh US$ 100 mn of commercial bonds next year while giving up on cheaper program loans from lenders.The Treasury is planning to issue a fresh US$ 100 mn of commercial bonds next year while giving up on cheaper program loans from lenders. The government has already issued US$ […]

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 […]

Tax changes proposed in Budget-2005 will go before Parliament early next year, says the Treasury.Tax changes proposed in Budget-2005 will go before Parliament early next year, says the Treasury. “We will get the changes to the indirect taxes approved by January 31, 2005 and income tax changes by March 31, 2005,” said Treasury secretary, P […]

The Asian Development Bank stepped in on Monday to bail out debt riddled Peoples’ Bank, with a Rs.4.5 bn loan package. The Asian Development Bank stepped in on Monday to bail out debt riddled Peoples’ Bank, with a Rs. 4.5 bn loan package. “We will get Rs 2.0 bn in the last quarter of 2005, […]

HNB Assurance is on the look out for a foreign partner to spruce up its general insurance business.HNB Assurance is on the look out for a foreign partner to spruce up its general insurance business. “The challenge now is to find a partner to support us in general insurance,” said Manjula de Silva, CEO, HNB […]

World Bank says the erosion of fiscal gains made in the last two years will slow growth to below 5 percent and reduce donor funding for the budget.World Bank says the erosion of fiscal gains made in the last two years will slow growth to below 5 percent and reduce donor funding for the budget. […]

The head of the local investment promotion agency says open global markets are forcing government to give tax incentives to attract investments. The head of the local investment promotion agency says open global markets are forcing government to give tax incentives to attract investments. BOI Chairman Saliya Wickramasuriya says however that these incentives have to […]

Some 531 errant companies have not sent their financial statements for scrutiny says Sri Lanka’s accounting and auditing watchdog. Some 531 errant companies have not sent their financial statements for scrutiny says Sri Lanka’s accounting and auditing watchdog. Sri Lanka Accounting & Auditing Standards Monitoring Board (SLAASMB) in statement Friday said a recent investigative study […]

Hatton National Bank, Sri Lanka’s largest privately held bank, said it was appointing R Theagarajah, as its new Chief Executive Officer from Jan. 1, 2005. Theagarajah, a Senior Deputy General Manager, has also been appointed to the bank’s main board with immediate effect. The bank has also appointed Ratna Sivaratnam – formerly Chairman of Aitken […]

After an exhaustive clean up of its balance sheet, the Merchant Bank of Sri Lanka (MBSL), plans to get an investment grade rating and tap the market for cheaper sources of funds to keep its leasing portfolio ticking.After an exhaustive clean up of its balance sheet, the Merchant Bank of Sri Lanka (MBSL), plans to […]