Prime lending rate touches fresh low

The prime lending rate touched a fresh low last week after the Monetary Board said it would maintain the current accommodative monetary policy, reaffirming markets that low interest rates are required to further support the current revival seen in the economy.

No talks on IMF programme though various other discussions ongoing: CB

While Sri Lanka frequently engages with the International Monetary Fund (IMF) for technical assistance, and the two parties are also planning for the upcoming Article IV consultations towards the end of this year, the Central Bank reiterated that no discussions are held to the effect of a programme in the style of Balance of Payment support.

Record penalty for Ma’s Alibaba marks tumultuous stretch for its founder

Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan (US$ 2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire.

Only 10-20% of loans coming out of moratoria deemed problematic

While a large segment of the borrowers who were under the extended moratoria have seen their cash flows being restored to a larger extent, banks sense another 10 to 20 percent of customers might still find it challenging to restart repaying their loans, according to a top Central Bank official.

CB extends further relief to finance companies on liquid assets

Central Bank has extended the relief measures afforded to licensed finance companies on mandatory liquidity standards by a further 3 months through June 30, 2021 to ride the pandemic-induced business challenges, after the earlier extension lapsed on March 31, 2021.

World Bank expects SL’s economic growth to recover to 3.4% this year

Despite the heavy toll of the COVID-19 pandemic on Sri Lanka’s economy and the lives of its people, the economy will recover in 2021, though challenges remain, said the latest World Bank Sri Lanka Development Update: Economic and Poverty Impact of COVID-19 released last Friday.

Central Bank further tweaks export proceed conversion rule

In a fresh gazette last Friday (9th), the Central Bank (CB) relaxed the earlier rule of requiring exporters to convert 25 percent of repatriated proceeds down to 10 percent, while also doubling the period given to exporters and banks to meet the directive.

Aitken Spence invests in another renewable energy project in hydropower

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC, for Rs. 900 million.

CICRA Solutions Colombo Tea e-Auction platform marks first year with Rs.175bn sales

Completing Rs.175 billion worth tea sold during 50 weekly sales, CICRA Solutions (Pvt.) Ltd’s award-winning Colombo Tea e-Auction platform is celebrating its first year of operations.

US $ 300mn boost for COVID vaccine roll out in Asia-Pacific’s developing economies

HSBC and the Asian Development Bank (ADB) this week announced a US $ 300 million financing programme to help the region’s supply chains scale-up to deliver life-saving vaccines at both volume and pace.

Hospitality veteran Mangala Wijesekera appointed as SriLankan Catering CEO

SriLankan Catering yesterday announced the appointment of Mangala Wijesekera as Chief Executive Officer of SriLankan Catering, a subsidiary of SriLankan Airlines.

Electricity consumers will be paid interest on security deposit: PUCSL

The Public Utilities Commission of Sri Lanka (PUCSL) has announced that interest will be paid to electricity consumers on their deposits made when applying for connections.

CB issues fresh warning against usage of virtual currencies

The Central Bank of Sri Lanka (CBSL) yesterday issued a fresh warning to those interested in investing in virtual currencies (VCs), stressing that currently there are no regulatory safeguards relating to the usage, investment or dealing in VCs in Sri Lanka.

Tourism industry stakeholders slam SLTDA over new Act

The key stakeholders of the local tourism industry yesterday slammed the Sri Lanka Tourism Development Authority (SLTDA) for pushing the drafting of a new Tourism Act, without consulting the private sector.

Rupee dips further against dollar

The Sri Lanka rupee dipped further to a new low today against the US dollar with the selling rate plunging to Rs.203.59 per dollar.

SriLankan Catering gets new CEO

CB issues fresh warning against usage of virtual currencies

The Central Bank of Sri Lanka (CBSL) today issued a fresh warning to those interested in investing in virtual currencies (VCs) stressing that currently there are no regulatory safeguards relating to the usage, investment or dealing in VCs in Sri Lanka.

Privatisation of public data: Sri Lanka Customs as a case in point

Data collected and held by government agencies is a valuable ‘public asset’. Properly utilised, such data can help the private and public sector better contribute to Sri Lanka’s economic growth.

Foreign reserves dwindle to US$ 4.1bn in March

The Central Bank together with the government is pursuing several avenues to prop up its foreign reserve buffers, which had by end-March depleted to US$ 4.1 billion, which is sufficient to cover only three months of imports.

Central Bank keeps policy interest rates unchanged

The Monetary Board of the Central Bank yesterday left policy interest rates unchanged at current levels as the economy appears have responded positively to earlier measures taken to provide extraordinary support to individuals and businesses beset by the pandemic.

Lower interest rates add flywheel to Unit Trust industry as AUM gains

While all-time low interest rates appear to be galvanising the economic revival after the virus hit, they are also powering another crucial segment in the economy, i.e. the mutual fund industry, as the sector has been adding assets at a faster pace over the recent months amid depositors and corporates parking their excess cash at a relatively higher return than what is now offered by banks.

Tour operators call for PCR tests to be charged in LKR for tourists

Local tour operators represented by the Sri Lanka Association of Inbound Tour Operators (SLAITO) yesterday expressed their displeasure over tourists being pushed to pay US$ 40 for a PCR test, and urged steps should be taken to charge for the tests in Lankan Rupees (LKR) instead.

IMF slashes SL’s 2021 economic growth forecast to 4%

The International Monetary Fund (IMF) in its latest World Economic Outlook report has slashed Sri Lanka’s economic growth rate forecast for this year to 4 percent from 5.3 percent it forecasted in October, 2020.

Colombo Port City Economic Commission Bill presented to Parliament

The Colombo Port City Economic Commission Bill, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), and under which a high-powered Commission will be appointed to administer it, was presented to Parliament yesterday.

CallisonRTKL appointed to re-calibrate CIFC’s original conceptual design

The United States-based global architecture, planning and design firm, CallisonRTKL has been appointed to re-calibrate the original conceptual design of US$1 billion Colombo International Finance Centre (CIFC) mixed-use development project at Colombo Port City.

CB begins increased compensation payment to depositors of failed finance firms

The Central Bank yesterday said it has commenced the payment of increased compensation amount of Rs. 500,000 under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS),

Real wages continue to lag inflation; informal private sector wages add gains

Real wage growth or the wages accounted for inflation in the country has remained in the negative for private sector employees for over one and half years before the informal private sector wages turned positive in January this year. But the formal private sector wages are still wobbling at negative levels, although with signs of recovery.

Inside of BIA goes live on Google Indoor Maps

Google Indoor Maps was launched at Colombo’s Bandaranaike International Airport (BIA) today, becoming the first indoor facility to enable this feature in Sri Lanka.

Colombo Port City Economic Commission Bill presented to P’ment

The Colombo Port City Economic Commission Bill, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), and under which a five-member Commission with sweeping powers will be appointed to administer it, was presented to Parliament a while ago.

Electricity consumers will be paid interest on security deposit: PUCSL

Public Utilities Commission of Sri Lanka (PUCSL) has announced that interest will be paid to electricity consumers on their deposits made when applying for connections.