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Central Bank of Sri Lanka maintains policy interest rates at current levels
Oct 02, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 01 October 2018, has decided to maintain policy interest rates at their current levels. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank will remain at 7.25 […]
‘s visit to Oslo
Oct 02, 2018 (LBO) – The Sri Lanka Association for Software and Services Companies (SLASSCOM) will host multiple events in Norway and Sweden with the participation of the Prime Minister Ranil Wickremasinghe, who is visiting Oslo during 3rd to 5th October. The PM will be accompanied by the Minister of Fisheries and Aquatic Resources Development […]
ADB & HNB ink USD20Mn agreement to strengthen microfinance institutions
Oct 01, 2018 (LBO) – Hatton National Bank announced the signing of a new partnership agreement with the Asian Development Bank in order to expand lending and provide guarantees of up to 20 million dollars to support the development of Sri Lanka’s burgeoning microfinance sector. Currently, many microfinance institutions struggle to access funds for growth […]
Opinion: Sri Lankan rupee under pressure – How not to crack
By Economic Intelligence Unit of the Ceylon Chamber of Commerce The Sri Lankan currency (LKR) has weakened against the US dollar in 2018 (9.4% as at 26 September 2018) with close to 4% of the depreciation being recorded in the last two weeks.Currencies like the Indian rupee, Indonesian rupiah and Philippines peso have also seen steep […]
Dr. Radhika Coomaraswamy appointed to the board of John Keells Holdings (JKH)
October 1, 2018 (LBO) – Former Under Secretary General of the United Nations Dr.Radhika Coomaraswamy has been appointed as an Independent Non-Executive Director of Sri Lanka’s largest conglomerate John Keells Holdings (JKH). Global Diplomat Dr. Coomaraswamy served as UN Under Secretary General and Special Representative of the Secretary General on Children and Armed Conflict from […]
Fitch affirms ratings on 9 Sri Lankan banks; outlooks stable
Oct 01, 2018 (LBO) – Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of nine Sri Lanka-based banks and has assigned a stable outlook for these banks. The rating action follows Fitch’s periodic review of the large bank peer group. – National Savings Bank (NSB) at ‘B+’; Outlook Stable – Bank of Ceylon (BOC) […]
Elon Musk settles SEC charges; requires him to step down as Tesla Chairman
Sept 30, 2018 (LBO) – The United States Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla, has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also today charged Tesla with failing to have required disclosure controls and procedures […]
Sri Lanka restricts vehicle imports for MPs, Ministries, state sector employees & others
Sept 29, 2018 (LBO) – Sri Lanka’s government in order to ease the pressure on the Sri Lankan rupee has decided to take the following measures temporarily effective from midnight today (29). – Issuing of Vehicle permits to Members of Parliament will be suspended for a period of one year. – Importation of vehicles for […]
Harsha defensive after social media backlash on request for austerity
September 29, 2018 (LBO) – State Minister of Economic Affairs Dr. Harsha De Silva has been embroiled in a firestorm of backlash over comments suggesting that Sri Lankans restrict foreign travel and vehicle purchases in order to curb the drawdown of foreign exchange. In a situation where the general perception is of incompetence with regard […]
Current policy stance desired, less probability for a rate hike: First Capital Research
Sept 29, 2018 (LBO) – First Capital Research believes that a policy rate change is not required at this moment considering the prevailing economic conditions of the country. First Capital Research also believes that the vulnerable external environment and lower GDP growth level provide less scope for the monetary board to increase rates.“The possibility of […]
Facebook resets log in tokens of 90 million users after attackers exploited system
Sept 29, 2018 (LBO) – Facebook has discovered a vulnerability that affected almost 50 million accounts after an external actor exploited their systems.Facebook said it’s clear that attackers exploited a vulnerability in Facebook’s code that impacted “View As” a feature that lets people see what their own profile looks like to someone else. “This allowed […]
Opinion: Central Bank intervention likely to exacerbate foreign selling of Sri Lanka bonds
September 29, 2018 (LBO) – The main subject of discussion on the Colombo cocktail circuit has been the Sri Lanka Rupee (LKR) and its significant recent weakness against the U.S. dollar (USD). The LKR seems to have halted its slide, hovering just under Rs170 to the dollar. This recent price stability in the LKR is […]