Sri Lanka awaits recovery plan amidst currency crisis

Sri Lanka’s economy is reeling under a foreign currency crisis during pandemic economic turbulence. An old addiction to imports has finally caught up to drain foreign exchange reserves, already straining under large debt repayments in the absence of US$ 5 billion in tourism and sovereign bond inflows.

SLTDA kicks off World Tourism Day celebrations in Haputale

Sri Lanka Tourism Development Authority (SLTDA) today kicked off World Tourism Day 2021 celebrations by putting the picturesque city Haputale under focus.

Granada Suppliers divests the Grocery SBU to SAKZ Groceries

Granada Suppliers (Pvt) Ltd, the owning company of the popular online grocery, Groceries by Granada, (GBG) has recently divested the Grocery Unit to S.A.K.Z. Groceries (Pvt) Ltd

CB asks banks not to facilitate forex deals outside official banking channels

In a letter addressed to commercial bank chiefs, the Central Bank last week requested banks to refrain from facilitating foreign exchange requirements of importers outside the official banking channels to maintain the US dollar/rupee exchange rate between Rs.200-Rs.203.

Central Bank to directly fund oil imports for next 3 months

The Central Bank (CB) plans to directly finance the country’s petroleum import bill for the next three months with its reserves, amid concerns of fuel shortages that may occur due to scarcity of dollars in the country.

Cargills Bank cuts losses further in June quarter

Cargills Bank Limited continued to cut its losses as the bank maintained its growth in new loans during the period ended in June 2021 (2Q21) defying the virus related economic malaise.

Palm oil industry hopeful of ban removal in light of forex saving

The Palm Oil Industry Association of Sri Lanka (POIASL) is hoping that the authorities would revisit the current ban on oil palm cultivation keeping in mind the benefits it will have on the country’s foreign exchange situation.

Pandemic related economic restrictions sparked wave of resignations, retirements: CB survey

Restrictions imposed on economic activities, primarily the once which require close proximity to people in the services industry, have sparked a wave of voluntary resignations and retirements as prolonged closures of the businesses cut into employee salaries and incomes while making some redundant, according to a Central Bank survey.

Promoters to infuse fresh equity into Prime Finance to stay above minimum capital

CSE approves Rs.1bn debt issue of LOLC’s NBFI sector holding company

The Colombo Stock Exchange (CSE) has given its approval in principle for a proposed Rs.1 billion debenture listing by the fully owned subsidiary of LOLC Group,

Foreign funding continues to flow in for Sri Lankan banks despite sovereign pressure: Fitch

Although the weaker sovereign credit profile has presented challenges in securing foreign liquidity for Sri Lankan banks, foreign banks and funding lines have broadly defied the sovereign risks to provide them the liquidity support, an assessment by Fitch Ratings showed.

:Different raises US$ 25mn, aims to scale-up operations including Sri Lanka

Australian property management company, :Different, with offices in Colombo, Sydney and Melbourne has recently raised US$ 25 million in a Series B round to expand its presence nationally, build its diverse team of property managers, and scale-up its breakthrough technology platform including its engineering center here in Sri Lanka, with a view to reimagine the home ownership experience.

CMA Sri Lanka National Management Accounting Conference begins today

The Institute of Certified Management Accountants of Sri Lanka holds its 18th annual event the CMA National Management Accounting Conference 2021 on the theme ‘Reviving Sri Lanka Economy – COVID 19 and Beyond’ on September 27th , 28th and 29th comprising the inaugural session on the 27th and four technical sessions on 28th and 29thvia Online Zoom Platform.

CB Governor meets B’desh High Commissioner

The Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal met with Bangladesh High Commissioner to Sri Lanka,

Dialog Axiata pays tribute to healthcare staff supporting pandemic relief efforts

Dialog Axiata PLC launched ‘Suwa Diri’, a free communications facility for the healthcare sector, paying tribute to all healthcare staff supporting the national efforts in curbing the pandemic and working tirelessly on the front-line to care for all those affected by COVID-19, while putting their own lives at risk.

SLASSCOM becomes change maker in producing top talent for IT/BPM industry

With the objective of defining and developing a framework for professional skills which will fulfil the current soft skills gap in the IT/BPM industry and support its stakeholders to have a more comprehensively competent workforce,

Softlogic Invest records 37% equity fund returns since inception

Softlogic Invest, one of the newest entrants into the unit trust industry, sealed the completion of its first financial year with the launch of the company’s inaugural annual report, documenting the year ending in March 2021.

LCB Finance gears for Rs.500mn IPO

LCB Finance is gearing to going public to raise up to Rs.500 million, offering a 15.82 percent stake or 125 million shares, at Rs.4 each.

HDFC Bank holds 36th AGM

HDFC Bank hosted its 36th Annual General Meeting (AGM) on September 17, 2021, at the bank’s head office on a virtual platform, in adherence to the government regulations and healthcare best practices to support prevent spread of COVID-19.

SampathCards offers Call and Convert 0% interest extended settlement plans

SampathCards continues to extend greater assistance to cardholders at a time when people in Sri Lanka and around the world are faced with unparalleled financial challenges brought about by the global pandemic. Providing the much-needed support to cardholders, SampathCards seeks to assist them meet essential expenses such as healthcare, education, etc. that cannot be deferred.

Seylan Bank-STAREMIT facilitate convenient remittances for Lankans in South Korea

Seylan Bank, the Bank with a Heart, announced its partnership with South Korea’s STAREMIT, enabling a convenient real-time money transfer option for Sri Lankans in South Korea.

HSBC Sri Lanka recognised as Best Consumer Digital Bank by Global Finance

HSBC has been recognised as the Best Consumer Digital Bank in Sri Lanka for 2021 by Global Finance at the World’s Best Consumer Digital Banks Awards in Asia-Pacific.

DFCC Bank increases advances of ‘Ranwarama’ pawning facility

DFCC Bank has increased the advances of its ‘DFCC Ranwarama’ pawning facility as a solution for families to meet their urgent cash requirements as many families are experiencing financial difficulties due to the COVID-19 outbreak that has had a significant impact on the Sri Lankan economy.

hSenid Mobile introduces Bank with ComBank on Viber

hSenid Mobile has expanded its footprint in helping revolutionise the banking sector in Sri Lanka by introducing ‘Bank with ComBank on Viber’.

SriLankan Airlines commences trial of IATA Travel Pass on selected sectors

SriLankan Airlines is among the airlines leading the way in the South Asian region by trialling the International Air Transport Association (IATA) Travel Pass, commencing October 1, 2021, with selected sectors.

World Tourism Day – Tourism for inclusive growth

The World Tourism Day is celebrated internationally on September 27, 2021. Sri Lanka, formerly Ceylon, was under the British rule from 1815 to 1948. Sri Lanka is a mesmerising island nation, surrounded by the Indian Ocean.

People were seen purchasing books at book stores in Colombo yesterday

People were seen purchasing books at book stores in Colombo yesterday

Inflation could breach CB’s upper limit, warns ICRA Lanka

The current trajectory of the consumer inflation is likely to go past the medium-term inflation target of the Central Bank, forcing it to lean towards its hawkish stance, which it set off in August to stem any more likely pressures on prices, according to ICRA Lanka Limited.

Asanga Seneviratne elected to CSE board

The Colombo Stock Exchange (CSE) announces the appointment of Asanga C. Seneviratne as a Director of the CSE board, with effect from September 23, 2021.

Mattala airport offers special concessions to lure in international airlines

In a bid to generate traffic at Mahinda Rajapaksa International Airport (MRIA), Mattala, the Tourism Ministry announced that a special concessionary package would be offered for international airlines registering to operate scheduled flights.