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Sri Lanka to introduce new scoring system to CRIB from January
Nov 29, 2019 (LBO) – Sri Lanka’s Central Bank said a new scoring system will be introduced to the Credit Information Bureau (CRIB) from January next year. “There are lots of concerns about CRIB reporting.So, we decided to give a new face to the CRIB report by introducing a scoring system,” Deputy Governor H. A. […]
Fiscal stimulus should be structured not to overheat economy: CB Governor
Nov 29, 2019 (LBO) – The government is to make a policy statement as to how the recently introduced fiscal stimulus would be accommodated within a stable framework, Central Bank Governor Indrajit Coomaraswamy said. “The government will be making a statement as to how this would be accommodated within a stable framework,” Governor Coomaraswamy told […]
SL Govt re-affirms commitment Vienna Con on diplomatic relations following Swiss Embassy incident
Nov 29, 2019 (LBO) – The Government of Sri Lanka has taken serious note of the alleged criminal incident concerning a locally recruited staff member of the Embassy of Switzerland in Colombo, recently a statement said. On being informed of the alleged incident yesterday, the Police has taken immediate action to commence an investigation into […]
President appoints six-member committee to aid appointments at state institutions
Nov 29, 2019 (LBO) – The Presidential Secretariat appointed a six-member committee comprised of professionals under the directions of President Gotabaya Rajapaksa to submit recommendations on appointment of competent personnel to the Boards of Public Enterprises, Statutory Bodies and State-owned Commercial Businesses. The high-level committee headed by Sumith Abeysinghe, former Secretary to the Cabinet and […]
Recent tax cuts support short term but greater fiscal clarity needed for medium term: CBSL
Nov 29, 2019 (LBO) – Sri Lanka’s Central Bank observes that the recent tax revisions would support lower inflation and higher economic growth in the short term, but was of the view that greater clarity with regard to the medium-term fiscal path of the government is required to assess the impact on the economy over […]
‘s Central Bank to remain unchanged
Nov 29, 2019 (LBO) – The Monetary Board of the Central Bank of Sri Lanka has decided to maintain its accommodative monetary policy stance. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) will remain at their current levels of 7.00 percent and 8.00 percent, respectively. The Board said it […]
CSE comes alive with Rs2.8bn turnover but foreigners keep selling
November 28, 2019 (LBO) – The Colombo Stock Exchange (CSE) finished a busy day today with trading activity that has been rarely seen in recent years. The stock market registered trading turnover of Rs2.8bn (US$15mn) with the indices finishing up roughly 1.5% on the day. There was broad based trading activity across many stocks. The […]
‘s sub-debt issue to BBB+(EXP)
Nov 28, 2019 (LBO) – Fitch Ratings has revised the expected National Long-Term Rating on HNB Finance Limited’s (HFL, A(lka)/Stable) proposed Sri Lanka rupee-denominated subordinated unsecured debentures to ‘BBB+(EXP)(lka)’ from ‘A-(EXP)(lka)’ following the publication of Exposure Draft: Non-Bank Financial Institutions Rating Criteria and Exposure Draft: Bank Rating Criteria on 15 November 2019, under which the […]
Colombo stocks surge on Rajapaksa tax cut bonanza
November 28, 2019 (LBO) – The stock market in Sri Lanka started the day in rally mode with most of the major indices up approximately 1.5%. The sharp rise comes on the back of large tax cuts enacted by new Finance Minister Mahinda Rajapaksa in order to stimulate a sputtering economy. The tax cuts equate […]
Sri Lanka announces tax reliefs; cuts VAT to 8-pct, removes PAYE, WHT & Capital Gains Tax
Nov 27, 2019 (LBO) – Sri Lanka’s new Cabinet of Ministers has given its approval to reduce Value Added Tax (VAT) and various other taxes, Co-Cabinet Spokesperson Minister Bandula Gunawardana said. “Required amendments and gazette notifications are currently being prepared,” Gunawardana told reporters. “This will be a stimulus to all areas of the economy and […]
Reports about any potential investment in TFC not true: Central Bank
Nov 27, 2019 (LBO) – Sri Lanka’s Central Bank on Wednesday clarified that the information published in newspapers regarding any potential investment in the troubled The Finance Company (TFC) is not correct. “Even though these news articles mentioned that TFC informed the CSE that it has been approached by three interested parties to consider investing […]
Speaker to recognise Ranil Wickremesinghe as Leader of the Opposition
November 27, 2019 (LBO) – The Speaker of Sri Lanka’s Parliament Karu Jayasuriya will recognise the Leader of the UNFGG, Ranil Wickremesinghe as the Leader of the Opposition. The Speaker tweeted that the recognition of Wickremesinghe was “done upholding established Parliamentary traditions that should not be violated.” The Speaker is one of Sri Lanka’s most […]