Economic
Lanka IOC PLC, the country’s top listed energy company has jumped its brand position among Sri Lanka’s top 100 brands published by the LMD Brands Annual, a most renowned brand publication of the country compiled by Brand Finance (UK).
Money, Capital Market and State Enterprise Reforms State Minister Ajith Nivard Cabraal on Friday defended the $ 250 million currency swap with Bangladesh, implying it wasn’t a disgrace for Sri Lanka to enter into such an arrangement.
Uber has announced 50,000 free rides to the Sri Lanka Red Cross Society for transporting frontline healthcare workers, elderly and citizens from vulnerable communities to vaccination hubs for supporting the government’s drive to inoculate the nation.
Market turnover achieves record turnover of Rs. 414.5 b in 5 months, surpassing 2020 full year figure of Rs. 396 b
The tourism industry has welcomed the Government’s recent decision to allow registered hotels to accept foreign currency from resident Sri Lankans as payment for services.
The Securities and Exchange Commission of Sri Lanka (SEC) has given an extra calendar month for listed companies to release their annual reports and interim results respectively for the financial year ended on 31 December 2020 and 31 March 2021.
The Board of Investment, the Ceylon Chamber of Commerce and the Colombo Stock Exchange are all set to unveil the first-ever virtual platform in Sri Lanka to attract foreign investments and Asia’s first and largest Virtual Investor Forum from 7 to 9 June.
Reuters: Shares closed higher on Friday after a two-day market holiday, as the financial and industrial sectors gained.
Litro Gas Lanka Ltd. yesterday announced plans to venture into the manufacture of oxygen given the rising need for it as the COVID-19 pandemic spreads.
The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year (YOY) basis was 4.5% in May as against 3.9% in April. A year ago, it was 4%.
Claims hasty process adopted failed to uphold right to information of the people
Parliamentarians were not given adequate time to review revised version of the Bill
Opines establishment and inadequate oversight of offshore banks and companies could lead to Port City attracting money laundering and illicit financial flows
Warns lack of public access to beneficial ownership information could lead to Port City becoming a secret jurisdiction that provides a safe haven for proceeds of crime
Alleges SL faces risk of being downgraded by FATF due to Port City
Brought back the rule of mandatory conversion of 10% of workers remittances to rupees by banks on a weekly basis. The fresh directive to banks was issued last week (28 May).
Reverts to 25% conversion of export proceeds within 30 days of receipt but less with a floor of 10% for export sectors which incur high percentage of imported inputs
The Central Bank has once again tweaked the rules on repatriation of export proceeds with new directives issued via an Extraordinary Gazette effective last Friday (28 May).
Central Bank of Sri Lanka (CBSL) is yet to formally announce the finalisation of the $ 200 million currency swap with Bangladesh, despite the latter having confirmed same.
The Colombo stock market began the month of June on a positive note, continuing the momentum enjoyed last month.
Tea production in the first four months of this year has risen to a five-year high of 104 million kg, according to Asia Siyaka Commodities.
Relaxation for one year aimed at stimulating capital formation within real economy and supplement foreign currency needs of the country
Previously set limit in Nov. 2018 was so that banks could borrow 1-year short-term with maximum of 1.5-2.5% of total assets depending on individual credit rating
Existing total foreign currency borrowing limit up to 10% remains unchanged but new move gives greater flexibility to banks
Amidst restrictions since last year several banks secured foreign borrowing and funding lines in addition to equity
Analysts say reliance on listed debenture issue may wane following new relaxation on foreign borrowing
In 2020 despite challenging business environment off-balance sheet exposures of banks grew 16% (Rs. 675.2 b) as against a 5% negative growth in 2019
Central Bank has decided to revoke the limits set for short-term foreign currency borrowings for one year.
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