Category: Banking and Finance
NCPI based inflation increased to 5.1-pct in March 2021
Headline inflation as measured by the year-onyear (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100)1 increased to 5.1 percent in March 2021 from 4.2 percent in February 2021. This was due to the statistical effect of the low base prevailed in March 2020. Meanwhile, Food inflation (Y-o-Y) increased to 8.8 percent in March […]
ADB projects Sri Lanka’s economic growth to rise to 4.1-pct in 2021
The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad. ADB projects Sri Lanka’s economic growth to rise to 4.1% in 2021 and moderate to 3.6% in […]
Prime Lands Residencies announces virtual investor forum for upcoming IPO
Prime Lands Residencies, the condominium property arm of Prime Group, announces the first ever Virtual Investor Forum for its upcoming Initial Public Offering (IPO). Extending its invitation to investors and market participants, the Prime Lands Residences Virtual Investor Forum will be held via Zoom on the 28 th of April 2021, 4.00pm onwards. The Initial […]
World Bank reassures support for Sri Lanka to build back better from COVID-19
The World Bank’s Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos, concluded a successful visit to Sri Lanka Sunday where he reiterated the Bank’s commitment to support the islands efforts towards recovery and to build back better from the COVID-19 shock. Based in Kathmandu, Nepal, this latest mission followed the Country Director’s introductory […]
SL signs agreement to implement Sri Lanka transit card
Revolutionizing the transport sector, the Ministry of Transport and the Central Bank played lead roles to get the key stakeholders to sign a four-party agreement to introduce Sri Lanka Transit Card (SLTC) recently. The SLTC initiative, which had been in the drawing board for many years will finally come to light in line with manifesto […]
ICRA Lanka: Low-interest rates, Who are the winners and losers?
Key Takeaways § Price increase in treasuries have helped primary dealers and banks to realize substantial capital gains as much as 40-to-60 percent from March 2020 price levels. § Equities attracted a large number of local investors, as historically low interest rates on fixed income assets prompted them to seek alternative investments. Investors saw their portfolio valuations […]
ComBank becomes Sri Lanka’s first carbon-neutral bank
The Commercial Bank of Ceylon has become the first Sri Lankan bank to achieve carbon neutrality for the entirety of its operations, encompassing all 268 branches and its head office – a monumental milestone in the Bank’s commitment to the environment. Becoming a net-zero carbon company was one of Commercial Bank’s Green Goals, to be […]
Sarvodaya Development Finance embraces digitalization with Finetech Consultancy
During the recent global pandemic and ensuing lockdown periods businesses realized the importance of digitalization and embracing digital platforms to better serve their customers. As the world moves into the post-pandemic “new normal”, consumers themselves are looking for smarter, more efficient and convenient ways to go about their lives. Understanding this new paradigm shift is […]
SL and World Bank sign USD70Mn loan to redevelop major transit terminal in Kandy
The Government of Sri Lanka and the World Bank signed a loan agreement in the amount of 69.33 million dollars for the Kandy Multimodal Transport Terminal Development Project, which will develop the Good Shed terminal in Kandy. Located at the city center and providing access to the railway station, the modernized terminal will integrate rail, bus, three-wheeler, […]
Standard Chartered Sri Lanka gets AAA(lka) Fitch Rating with Stable Outlook
Standard Chartered Sri Lanka’s National Long-Term Rating has once again been affirmed at ‘AAA(lka)’ by Fitch Ratings Lanka with a Stable Outlook. According to a statement by Fitch Ratings, the Bank’s support-driven credit profile is among the strongest in the country’s rated entities, and as a result, the rating is at the highest end of […]
HSBC launches Sri Lanka’s first recycled plastic payment cards to support net zero ambitions
HSBC today announced the rollout of sustainable payment cards made from 85% recycled plastic in Sri Lanka. The new cards, with a vertical design, will be initially issued to HSBC’s Premier customers in April and subsequently to all other credit/debit card customers, later this year. The rollout is part of a new programme launched by […]
ComBank’s ATM network sets new records for cash dispensed in festive season
The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs 8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year. […]