Sri Lanka’s Central Bank Governor urged top banking and non-banking sector officials to “put their thinking caps on” in order to ensure that financial sector consolidation can be a seamless transition into something new, exciting and sustainable.
Consolidation of the banking and non-banking sectors is not an ad-hoc arrangement but is part of an overall strategy and is being done at the most suitable time for the country, Sri Lanka’s Central Bank Governor, Ajith Nivard Cabraal said.
The Monetary Board of Central Bank yesterday decided to keep the policy rates unchanged with government and state-corporations borrowing less, which in return has created a favourable environment for private credit to pick up, the Central Bank said.
A sharp decline in Sri Lanka’s coconut oil production in 2013 has resulted in significantly more palm oil imports, which is a close substitute for coconut oil, the 2013 Central Bank annual report showed.
Sri Lanka has been rated among the top 10 broadband countries in terms of growth in 2013 by Broadband Forum, a leading non-profit telecom industry consortium dedicated to developing broadband network specifications.
Sri Lanka’s vehicle registrations in March rose 16 percent to 26,921 units over February, though the increase was mainly due to the less number of days and more holidays in February, according to a monthly analysis of vehicle registrations by research and stock brokerage firm, JB Securities Limited.
Sri Lanka is on course to achieve macro-economic targets in the near-medium term, and focus must now shift towards longer-term targets up-to and beyond 2030, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.
Sri Lanka’s tourist arrivals rose 17.5 percent Year- on-Year (YoY) to 133,048 in March 2014, with Russia, China, Saudi Arabia and the UAE leading the list, data released by the country’s tourism authority showed. Arrivals in the first three months of the year were up 24.8 percent YoY to 421,501.
The Central Bank yesterday informed the public of maximum interest rates that could be offered for deposits by finance companies, with effect from April 1, 2014.
Sri Lanka’s annual inflation increased to 4.2 percent in March, unchanged from the previous month, the data released by the Census and Statistics Department showed.
Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), yesterday endorsed the ongoing financial sector consolidation advocated by the Central Bank of Sri Lanka.
The Sri Lankan gross domestic product (GDP) grew at 7.3 percent in 2013 against a previous 6.3 percent in 2012, the data released by the Census and Statistics Departmentshowed.
Job retrenchment and streamlining of cost structures are likely to be an inevitable by-product of consolidation in the banking and finance sector, according to Association of Professional Bankers of Sri Lanka President and Sampath Bank Managing Director, Aravinda Perera.
Sri Lanka’s tourist arrivals rose 24.5 percent Yearon-Year (YoY) to 141,878 in February 2014, with India, Russia and China leading the list, data released by the country’s tourism authority showed.
Mega vessel, Zhen Hua 11 recently shipped a large consignment of gantry cranes and container trailers for the newly built Colombo International Container Terminal (CICT).
The Cabinet of Ministers of Sri Lanka once again appears to have approved investment concessions for three super luxury integrated resort projects, the recent gazette notification published showed.
The export earnings rose 13.2 percent year-on-year (YoY) to US $ 986.1 million while the import expenditure expanded 2.1 percent YoY to US $ 1.56 billion in December2013.
Sri Lanka received 146,575 tourists during the month of January (2014), up 32.6 percent from the corresponding month of the previous year, data released by the country’s tourism authority revealed.
Sri Lanka’s rubber prices have seen a considerable decline since the beginning of the new year, an analysis of the Colombo rubber auction prices by Mirror Business showed.
Bloomberg’s regular economic forecast on Sri Lanka showed a sense of relative optimism for 2014 on many indicators, though they remained below the Central Bank’s overly ambitious estimates for the ensuing years.
The average city hotel occupancy rate during the year 2013 stood at 65 percent, down from 70 percent in 2012, despite an increase in tourist arrivals, Colombo City Hotels Association Chairman M. Shanthikumar said.
Page 2 of 29