Category: Banking and Finance
Sri Lanka delisted by European Commission from list of high risk 3rd countries
May 12, 2020 (LBO) – The European Commission has de-listed Sri Lanka from its list of High Risk Third Countries with Anti- Money Laundering and Countering the Financing of Terrorism Strategic Deficiencies published on May 07, 2020. Since the listing by the FATF, the Financial Intelligence Unit (FIU) together with other stakeholders had taken a […]
RIU hosts webinar on current real estate market
May 11, 2020 (LBO) – Research Intelligence Unit (RIU) webinar discusses current real estate market, building resilience and exploring new opportunities.
‘s Banking and Financial sector: Advocata
May 11, 2020 (LBO) – The Advocata Institute hosted an online discussion on Zoom with Yvette Fernando (Assistant Governor, Central Bank of Sri Lanka), Manil Jayesinghe (President, Institute of Chartered Accountants of Sri Lanka), Roshan Abeygoonewardena (Chairman, Finance Houses Association of Sri Lanka), Jonathan Alles (CEO, Hatton National Bank); moderated by Murtaza Jafferjee (Chair, Advocata […]
Central Bank urges financial institutions to reduce lending rates without delay
May 06, 2020 (LBO) – Sri Lanka’s Central Bank urges financial institutions to reduce lending rates without further delay. Failing which, the Central Bank said they will be compelled to take appropriate regulatory action to bring down market lending rates. “The Monetary Board noted, with disappointment, that market lending rates have not declined in line […]
Central Bank of Sri Lanka further reduces policy rates to support economic activity
May 06, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka, at a special meeting held on 06 May 2020, reviewed the current monetary policy stance and decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points […]
‘ ratings: Fitch
May 06, 2020 (LBO) – Fitch Ratings has downgraded in May 2020 three Sri Lankan banks’ issuer default ratings after it downgraded Sri Lanka’s sovereign rating to ‘B-‘ with a negative outlook and revised down its assessment of the banks’ operating environment, both of which reflect the escalating impact of the coronavirus pandemic on the […]
Coping with COVID-19: Economics of social media based business in Sri Lanka during crises
Kithmina Hewage and Harini Weerasekera As of January 2018, there were six million active social media users in Sri Lanka, accounting for 30% of the population. The prominence of social media as a platform for information exchange – both globally and in Sri Lanka – is well documented. The current COVID-19 pandemic is probably the […]
Seylan Bank and staff lend helping hand to fight COVID-19
May 04, 2020 (LBO) – Sri Lanka’s Seylan Bank PLC staff apart from delivering essential services, contributed a days salary and the bank contributed an equal amount to fight COVID-19 in the country, the bank said. Part of this fund was directed to donate 8000 face shields to Sri Lanka Police officers in Western Province and […]
Central Bank extends deadline for submitting requests for debt moratoriums
May 01, 2020 (LBO) – Sri Lanka’s Central Bank has extended the deadline (30.04.2020) for submitting requests for debt moratoriums and 4 percent per annum refinancing facility for two months working capital, until 15 May 2020. The decision has been taken after considering the difficulties faced by some customers of financial institutions affected by the […]
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Apr 30, 2020 (LBO) – Fitch Ratings has downgraded the rating on SriLankan Airlines Limited’s (SLA) USD175 million government-guaranteed 7% unsecured bonds due 25 June 2024 to ‘B-‘, from ‘B’. KEY RATING DRIVERS The rating action follows the downgrade of Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings to ‘B-‘, from ‘B’, with […]
Mangala asks President to re- summon Parliament to approve public expenditure
Apr 29, 2020 (LBO) – Former Finance Minister Mangala Samaraweera in a letter to President Gotabaya Rajapaksa has urged him to exercise his powers as the Head of State at this critical time and to summon the Parliament as soon as possible with the support of all parties represented in Parliament. He said that this […]
Opinion: Building wealth amid COVID-19
By Blue Ocean Group of Companies Time in the Market Is Better Than Timing the Market The COVID-19 pandemic has swept across the world, not merely spreading disease but diffusing tough luck for the global economy, global health, our communities, our economies and our investments in a forceful defensive stance. Hastily the real estate and […]