Category: Banking and Finance
CBSL instructs banks to defer payment of cash dividends until financial statements are finalized
The Monetary Board of the Central Bank having considered the possible adverse impact on liquidity and other key performance indicators of licensed commercial banks and licensed specialised banks have issued directions on restrictions on discretionary payments of licensed banks. Accordingly, these directions shall be applicable to every licensed bank incorporated or established in Sri Lanka […]
Prime Finance raises Rs. 527mn via rights issue to meet core capital requirements
Prime Finance PLC, a member of the Prime Group, announced that it raised capital of Rs. 526.68 million following the successful conclusion of its fully subscribed Rights Issue in December 2020. Prime Finance PLC is a Licensed Finance Company by the Monetary Board of Central Bank of Sri Lanka (CBSL) which provides personal and business […]
‘s Bank
People’s Bank wishes to place on record the following with regard to certain opinions expressed or reported recently on media; People’s Bank, as a state owned entity and a bank that possesses the largest customer base and branch network in Sri Lanka, enjoys an unparalleled position of stability and security. As a result of the […]
‘ ratings on national rating scale revision
Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Fitch typically does not assign Outlooks or apply […]
Softlogic Finance issues clarification regarding punitive action by CBSL
The Central Bank of Sri Lanka recently issued a statement on penalties imposed against several financial institutions, including Softlogic Finance PLC for non-compliance with regulatory requirements during the second half of 2020. Softlogic Finance wishes to clarify that the fine imposed by the Financial Intelligence Unit (FIU) of the Central Bank was due to a […]
CBSL permits Swarnamahal Financial Services to resume business for a limited purpose
Jan 12, 2021 (LBO) – The Central Bank has made an order permitting Swarnamahal Financial Services PLC to resume business notionally for a limited purpose and limited time subject to several strict conditions, in the public interest and in the interests of the depositors of the Company. The business will be resumed for a limited […]
Central Bank to initiate legal process to wind up ETI Finance
Jan 12, 2021 (LBO) – The Monetary Board of the Central Bank has decided to cause Director, Supervision of Non-Bank Financial Institutions to make an application to a competent court for the winding up of ETI Finance (ETIF) in terms of Section 31(5)(b) of the FBA. The decision has been taken after considering the non-availability […]
IFC’s $25Mn investment in NTB to help businesses continue operations amid COVID-19
In an effort to provide improved access to critical working capital for Sri Lankan businesses impacted by the COVID-19 pandemic and to help preserve jobs, IFC, a member of the World Bank Group, is providing a $25 million loan to Nations Trust Bank (NTB). The financing package, which will be used by NTB to help […]
FIU imposes penalties to finance companies for violation of customer due diligence rules
Jan 11, 2021 (LBO) – Financial Intelligence Unit (FIU) as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism in the country, has imposed penalties amounting to Rs. 2.3 million in total for the period from 01.06.2020 to 31.12.2020 to enforce compliance on financial institutions. The Monetary Board of the Central Bank has […]
SL fiscal deficit to reach 11.3-pct of GDP in 2021: All clear for stronger growth in 2021
Asia Securities, a stockbroking firm says that all signs point to a strong GDP growth trajectory in 2021. The latest Economic Outlook report titled Balancing the Priorities – The New Normal forecasts a GDP growth of 5.4% for 2021, driven by improved investor sentiment and consumer demand, an accommodative monetary policy environment, and a pickup […]
Asia Securities forecasts strong growth trajectory for equities in 2021
Following a year of volatility, leading stockbroking firm Asia Securities (Pvt) Ltd, notes that the road ahead for Sri Lanka’s capital markets is optimistic, with the ASPI expected to reach 7,400-7,600 in 2021. The Sri Lankan stock market marked a V-shaped recovery in 2020, seeing one of its strongest rallies to recover all losses suffered […]
Central Bank expects payment receipt facility for SL from payment providers like PayPal
Jan 04, 2021 (LBO) – Sri Lanka’s Central Bank has already commenced discussions with international payment service providers, such as PayPal, to enable payment receipt facilities for Sri Lankan residents, Governor W D Lakshman said. Introducing the monetary and financial sector policies for 2021, Governor said that he expects positive outcomes in this regard in […]