Category: Banking and Finance
Sri Lanka rupee strengthened against the US dollar
The Sri Lanka rupee further strengthened against the US dollar yesterday, on positive outlook for inflows. The selling rate was quoted at 191.97 rupees for a US dollar, as against 201.28 rupees on Friday and a peak of 204.62 rupees last week. The indicative dollar spot exchange rate was 194.44 rupees yesterday as against 199.93 rupees […]
Greater flexibility to Licensed Finance Companies to raise funds from foreign sources
The Monetary Board of the Central Bank has issued new directions on foreign currency borrowings by Licensed Finance Companies (LFCs) with a view to provide flexibility for LFCs to obtain low-cost funding from foreign sources to support their business expansions. The objectives of these directions are to stabilise any financial volatilities created by the foreign […]
Central Bank suspends business of Swarnamahal Financial Services
The Monetary Board of the Central Bank has decided to suspend the business of Swarnamahal Financial Services PLC (SFSP) with effect from today. Having considered the continuously deteriorating financial condition and non-availability of a viable revival plan, the Monetary Board decided to suspend the business of SFSP and its parent Company ETI Finance Limited with […]
WB says as SL should focus on competitiveness and debt sustainability to ensure resilient rebound
Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, says the latest World Bank Sri Lanka Development Update: Economic and Poverty Impact of COVID-19 released today. The Sri Lanka Development Update (SLDU) notes that the country, hit with an unprecedented economic […]
CBSL starts increased compensation payment to depositors of failed finance companies
The Central Bank (CBSL) has commenced payment of the increased compensation amount of Rs 500,000/- under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS), to the depositors / relevant legal beneficiaries of Central Investments and Finance Limited (CIFL), The Standard Credit Finance Limited (TSCFL), TKS Finance Limited (TKSFL), The Finance Company PLC (TFC), […]
SANASA Development Bank to raise capital via a Secondary Public Offering
SANASA Development Bank has resolved to raise capital through the issuance of new Ordinary Voting Shares to the public via a Secondary Public Offering (SPO), the bank said in a stock exchange filing. The SPO under consideration constitutes of an invitation to the public, by way of a Prospectus, to subscribe up to Sixty Eight […]
Statement by Pyramid Wilmar (Pvt) Ltd on imported coconut oil with high levels of Aflatoxin
The Management of Pyramid Wilmar (Private) Limited (“Pyramid Wilmar”) wishes to make the following statement in response to recent media and social reports on imported coconut oil with high levels of Aflatoxin: Pyramid Wilmar is an organization that engages in ethical business, following good governance and best practices which form the core of its existence […]
‘s Basel III Sub Debt final rating of A(lka)
Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures a National Long-Term Rating of ‘A(lka)’. The final rating is the same as the expected rating assigned on 8 February 2021, and follows the receipt of documents conforming to information already received. The proposed debentures will mature in seven years […]
Sampath Bank powers real-time online payments to Inland Revenue Department with LankaPay
Sampath Bank joined hands with LankaClear to become one of the first banks in the country to facilitate real-time online payments to the Inland Revenue Department (IRD). Sampath Bank customers will now be able to make payments to the Inland Revenue Department, 24 x 7 x 365, directly from their savings or current accounts using […]
CCC-Private sector propose alternative to problem of managing flexible packaging waste
The Ceylon Chamber of Commerce (CCC) and industry stakeholders propose an Extended Producer Responsibility (EPR) initiative as a more cohesive alternative to addressing the environmental issues created by flexible packaging in Sri Lanka. The Chamber and the private sector believe that adopting an EPR approach to the issue, instead of banning flexible packaging altogether, would […]
Increasing production and income only answer to cost of living problem: President
“The only answer to the problem of cost of living is to increase production and income received by the people. Price of imported goods is determined by the world market forces. Their prices could only be regulated by reducing taxes. 17 crops that could be grown locally were identified and they have been barred from […]
Better childcare opens job opportunities for Sri Lankan women
By Sangeeta Dey , Senior Education Specialist, World Bank & Shobhana Sosale , Senior Education Specialist , World Bank Despite robust growth and reduced poverty, female labor force participation in Sri Lanka remains at a low 36 percent compared to 75 percent for men —and below international standards. This number stands in stark contrast with Sri Lanka’s human capital […]