Category: Banking and Finance

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 […]

The Inland Revenue says the amnesty applications deadline can be extended after December 31 if the private sector is interested.The Inland Revenue says the amnesty applications deadline can be extended after December 31 if the private sector is interested. “There is no hard and fast rule that we have to close applications by December 31.But […]

People are not eating much bread anymore, as early Central Bank findings show locals spending instead on better food, phones, education, and more fun.People are not eating much bread anymore, as early Central Bank findings show locals spending instead on better food, phones, education, and more fun. The Central Bank just wrapped up its Consumer […]

The Finance Ministry is speeding ahead with plans to set up an SME Bank early next year, with the paper work now before the Company’s Registrar.The Finance Ministry is speeding ahead with plans to set up an SME Bank early next year, with the paper work now before the Company’s Registrar. Mooted by the government […]

The International Finance Corp.(IFC) is spearheading a US$ 10 mn technical assistant project to uplift Sri Lanka’s small and medium sector.The International Finance Corp. (IFC) is spearheading a US$ 10 mn technical assistant project to uplift Sri Lanka’s small and medium sector. The Washington based IFC has chipped in US$ 2 mn to start off […]

People’s Bank and National Savings Bank (NSB) reported higher earnings for the first nine months despite the government slapping special levies on both institutions.People’s Bank and National Savings Bank (NSB) reported higher earnings for the first nine months despite the government slapping special levies on both institutions. NSB had forked out a billion rupees while […]

Sri Lanka Insurance Corporation (SLIC) unveils an insurance plan for children between one month and 15 years.SLIC launched its new the new insurance plan for children, Mini Muthu on Thursday. The Mini Muthu plan of assurance is a life cover for both parents with a guaranteed fund for the child at maturity. Parents can choose […]

Sri Lanka signed up for Rs. 26.1 bn worth of concessional aid from Japan to promote economic stabilization and development, the Finance Ministry said Wednesday.Sri Lanka signed up for Rs. 26.1 bn worth of concessional aid from Japan to promote economic stabilization and development, the Finance Ministry said Wednesday. The loans will carry a concessional […]

Government promises to give positive interest rates to savers but the budget revealed a plan to short-change state pension funds.Government promises to give positive interest rates to savers but the budget revealed a plan to short-change state pension funds. The Finance Minister said in the budget the government plans to convert rupee loans to low […]

Government is planning to raise a record Rs. 26 billion through privatization and asset sales next according to the Finance Ministry. Government is planning to raise a record Rs. 26 billion through privatization and asset sales next according to the Finance Ministry. If achieved, the amount will be a record for privatization and asset sales. […]