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Mar. 16 (LBO) – Deutsche Bank AG’s Colombo branch plans to scale up its presence here by luring big corporates and multinationals to use their state of the art cash management and electronic banking system. “We have no plans to do retail banking in Sri Lanka. But we want to grow our business by focusing […]
Brush Up
Mar16 (LBO) – Sri Lanka’s Central Bank has finalised several amendments to the Banking Act that will strengthen its ability to implement regulatory directions, officials said. The Central Bank had run even run into obstacles in getting banks to comply with the recent directive to increase core capital of specialised banks to Rs1.5billion. Ceylinco Development […]
Normal or peculiar standard time?
Mar. 16 (LBO) — The President has announced that Sri Lanka’s clocks are to follow Indian Standard Time (IST) with effect from April 13th, 2006. This means that Sri Lanka will henceforth be at Coordinated Universal Time +5:30 or UTC+5:30, instead of UTC+6 as we are now. UTC is the officially accepted term for what […]
Sri Lankan public servants disrupt work, demanding higher pay
Mar. 16 (LBO) – Hundreds of Sri Lankan public servants marched into the city of Colombo Thursday demanding higher wages as part of a one-day nationwide strike, which disrupted work in rail, postal and health services, union officials said. -Mel Gunasekera: mel@ The Public Sector Salary Review Trade Unions Committee, an umbrella of 200 unions […]
Government abandons plan to sell Union Place land through open auction
Mar. 16 (LBO) — The trade ministry had abandoned an earlier plan to sell a prime commercial property in Colombo belonging to a state trading agency by open auction, and instead decided to transfer the land to a government bank, an official said.Trade Ministry Secretary R M K Ratnayake says the Union Place land belonging […]
Sri Lanka’s Central Bank stays pat on interest rates
Mar. 15 (LBO) – Sri Lanka’s Central Bank Wednesday left its policy rates at current levels for the third straight months, as it expects the 25-basis point hike last December to put the brakes on money supply growth.In a statement, the bank said it left its overnight repurchase rate at 8.75 percent and the reverse […]
It’s Jinxed
Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]
Sri Lanka’s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
‘s Central Bank stays pat on interest rates
Mar. 15 (LBO) – Sri Lanka’s Central Bank Wednesday left its policy rates at current levels for the third straight months, as it expects the 25-basis point hike last December to put the brakes on money supply growth.In a statement, the bank said it left its overnight repurchase rate at 8.75 percent and the reverse […]
’s Jinxed
Mar. 15 (LBO) – Sri Lanka’s parliament is due to take up the Companies Act within the next two months, after a delay of nearly 13 years. The draft bill, first prepared by a New Zealand consultant in 1994, will replace the present Companies Act of 1982, said Chanaka de Silva, Senior Partner of Nithya […]
Done Deal
Mar 15 (LBO) – The Treasury inked a deal with China National Machinery and Equipment Corporation on Wednesday, to build a US$ 455 million power plant in Norachcholai. Two decades overdue, the 300 megawatt plant as well as supporting infrastructure will be entirely funded by the Chinese government, Ranjith Fonseka, General Manager for the sole […]
‘s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]