Category: Banking and Finance
‘s Central Bank reduces bank rate
Apr 16, 2020 (LBO) – The Monetary Board of the Central Bank at its meeting held yesterday, having observed the cumulative reduction of the key policy interest rates of SDFR and SLFR by 200 basis points each since 31 May 2019, has decided to allow the bank rate to automatically adjust in line with the […]
ADB triples COVID-19 response package to USD20Bn
Apr 14, 2020 (LBO) – The Asia Development Bank (ADB) has tripled the size of its response to the novel coronavirus disease (COVID-19) pandemic to US20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance. The package expands ADB’s $6.5 billion initial response announced on 18 March, adding $13.5 […]
South Asia must ramp up COVID-19 action to protect people, revive economies
Apr 14, 2020 (LBO) – Amid the mounting human toll and global economic fallout triggered by the COVID-19 pandemic, South Asian governments must ramp up action to curb the health emergency, protect their people, especially the poorest and most vulnerable, and set the stage now for fast economic recovery, says the World Bank in its […]
‘ risks to persist despite regulatory measures: Fitch Ratings
Apr 08, 2020 (LBO) – Fitch Ratings believes that the extraordinary regulatory measures announced by the central bank – focusing on the relaxation of capital expectations and classification of loans for banks – should relieve immediate pressure on the banks’ financial profiles, but will not prevent medium-term deterioration. Statement from Fitch Ratings Fitch recently revised […]
‘s growth prospects, Projected to fall to 2.2-pct in 2020: ADB
Apr 03, 2020 (LBO) – The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2020, forecasts significant headwinds for Sri Lanka’s economy as it fights the spread of COVID-19, which comes less than 12 months after the terror attacks in April 2019. Sri Lanka’s economic growth is projected to fall to […]
Coronavirus intensifies pressure on Sri Lanka Finance Companies: Fitch Ratings
Apr 03, 2020 (LBO) – The coronavirus outbreak and the resultant prolonged business disruptions will put additional pressure on Sri Lankan finance and leasing companies’ (FLCs) earnings and asset quality, says Fitch Ratings. The ultimate economic and financial market implications of the outbreak are unclear, while Fitch considers the risks to NBFIs’ credit profiles to […]
ComBank deploys mobile units in curfew areas
Apr 01, 2020 (LBO) – The Commercial Bank of Ceylon of Ceylon has announced it is deploying its ‘Bank-on-Wheels’ Mobile ATM units in areas where curfews are in force, to provide urgently needed access to cash to members of the public. The Bank said a schedule containing details of the locations and times that these […]
Central Bank facilitates finance & leasing companies to support businesses
Mar 31, 2020 (LBO) – The Monetary Board of the Central Bank of Sri Lanka has decided to introduce a number of measures to provide flexibility to Licensed Finance Companies (LFCs) and Specialised Leasing Companies (SLCs) facilitating them to support businesses and individuals affected by the outbreak of COVID-19. In line with this initiative, the […]
More concessions to public in the face of COVID – 19 outbreak: President
Mar 31, 2020 (LBO) – A host of more financial and material benefits have been granted to low income and vulnerable families and individuals in the face of COVID – 19 outbreak. President Gotabaya Rajapaksa has instructed the Presidential Task Force established to administer essential services in the wake of spread of combat COVID – […]
CBSL implements extraordinary measures to facilitate banks to support businesses
Mar 30, 2020 (LBO) – The Monetary Board of Sri Lanka’s Central Bank has decided to introduce several extraordinary regulatory measures to provide flexibility to Licensed Commercial Banks and Licensed Specialised Banks to provide some relief to businesses and individuals affected by the COVID-19 crisis. In deciding these measures, the Monetary Board has taken note […]
Central Bank, commercial banks, insurance services declared as essential services
Mar 26, 2020 (LBO) – President Gotabaya Rajapaksa has included the Central Bank of Sri Lanka, commercial banks, insurance services, and the Treasury in the category of essential services. Health and security services, Police, distribution of goods, customs, electricity, water, and fuel supply are the other services declared as essential. Accordingly, the Secretary to the […]
‘s banking sector outlook to negative on Coronavirus
Mar 26, 2020 (LBO) – Fitch Ratings has revised Sri Lanka’s banking sector outlook for 2020 to negative as the coronavirus pandemic poses increased risks to the anticipated expansion in the economy and credit demand, which will adversely affect the performance of the banks. Full statement Fitch Revises Sri Lanka’s Banking Sector Outlook to Negative […]