Economic

The Court of Appeal yesterday directed the Acting Inspector General of Police (IGP) to implement the law against any persons transporting sand without the required licenses issued under the Mines and Minerals Act and related regulations.

Three new members Sanjeeva Jayawardena PC, Dr (Mrs) Ranee Jayamaha and Samantha Kumarasinghe have assumed duties as serving members of the Monetary Board of the Central Bank of Sri Lanka (CBSL), pursuant to being appointed to the Board by the President, under section 8(2)(c) of the Monetary Law Act with the approval of the Constitutional Council.

Workers’ remittances declined by 23.2% in May, year-on-year, to $ 432 million, the Central Bank said yesterday.

The Colombo stock market remained on the up in tandem with improved investor sentiments though foreigners continued to be net sellers.

The Finance Ministry yesterday said it has released the relevant funds to purchase the Yala Season harvest with the price per kilogram set at Rs.50.

Crucial working capital at concessionary rate of interest for COVID-hit enterprises and individuals has gathered pace with over Rs. 60 billion approved and half of it disbursed to thousands of customers of banks.

The World Bank’s recent action of downgrading the status of Sri Lanka to lower-middle income group from upper-middle income grade was mainly based on the country’s per capita income and such classifications doesn’t indicate the actual situation of countries, Central Bank (CB) Governor Prof. W.D. Lakshman has emphasised.

People’s Bank once again made its mark by securing its place amongst the ‘Top 1000 Banks in the World’ – a ranking carried by the prestigious Banker Magazine United Kingdom, a publication by the Financial Times. More importantly, the bank was ranked amongst the ‘Top 200’ in terms of Return on Capital – a rare feat.

Tourism and Aviation Minister Prasanna Ranatunga yesterday said the reopening of the Bandaranaike International Airport (BIA) will be pushed back further from previously planned mid-August.

With a view to preserve the foreign currency reserve position of the country and considering the possible negative impact to the Sri Lankan economy due to the outbreak of Covid-19 pandemic, the Central Bank

Central Bank Governor Prof. W.D. Lakshman met acting Indian High Commissioner Vinod K. Jacob yesterday to discuss the progress of the proposed special SWAP facility of $ 1.1 billion between the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka.

The country’s number one banking brand Bank of Ceylon has been yet again reaffirmed its place among the Top 1000 Banks in the World with the country rank as number one denoted by The Banker UK Magazine.

Non-Bank Financial Institutions (NBFIs) yesterday appealed to the Government to include them in the Rs. 150 billion Saubagya COVID-19 renaissance facility implemented by the Central Bank, noting that the sector could reach out to smaller companies in need of support.

Since their introduction in April the accounts have attracted $ 87 m
New regulations increase amount of forex that can be retained from $ 10,000 to $ 15,000
SDAs can now be used to collateral for loans

As gold prices increased last week, the gold reserves of the Central Bank of Sri Lanka (CBSL) have dropped by almost $ 600 million this year.

For the first time in Sri Lanka’s history, a national budget is not being presented in a financial year. The Government is presenting its third vote on account (VOA) for the fourth quarter of the 2020 year managing the country without a national budget passed in Parliament, official sources said.

Monetary Board decision made after companies failed to find investors
Companies not in a position to repay depositors by themselves
CB says 75% of ETI depositors can be paid in full from Insurance Fund
89% of Swarnamahal Financial Services depositors to be covered as well
Others will get Rs. 600,000 minimum payments with rest to be settled later

The Commercial High Court Judge Sampath Wijeratne yesterday 2020 dissolved the Enjoin Order and refused the application for interim Injunction by N & A Engineering Services Ltd. seeking to prevent the three Defendant partners of Spencer Towers from encasing the advance guarantee issued in favour of Spencer Tower by N & A Engineering Services.