Economic

The Central Bank yesterday clarified banks receiving foreign funds for Special Deposit Accounts have to follow anti-money laundering and anti-terrorism regulations and would be maintained in line with existing laws and regulations.

The largest private sector bank, Commercial Bank is going for a $ 50 million (over Rs. 9 billion) private placement with the World Bank’s IFC to boost capital in support of business expansion.

State-owned industry giant Bank of Ceylon (BOC) is bolstering foreign funding as part of diversifying its sources of finances to spearhead critical post-COVID revival of enterprises and entrepreneurs in the country.

බැංකු හෝ වෙනත් මුල්‍ය ආයතනවල තැන්පතු සම්බන්ධයෙන් පූර්ණ වගකීමක් ශී‍්‍ර ලංකා මහ බැංකුවට නොමැති බව එහි සහකාර අධිපති ජනක කරුණාරත්න පවසනවා.

The Colombo stock market remained negative yesterday but finished the month of June positive with the active S&P SL 20 Index up 12.5% and the benchmark All Share Price Index (ASPI) higher by 6.2% as per NDB Securities. It also said turnover was healthy averaging Rs. 1.38 billion daily during June.

The Monetary Board of the Central Bank, at its meeting on Friday decided to implement a Credit Guarantee and Interest Subsidy Scheme to accelerate lending by banks to businesses adversely affected by the COVID-19 pandemic.

Zero tourists for three consecutive months, owing to the COVID-19 shutdown, has forced first half cumulative tourist arrival numbers to reflect a drastic 50% plunge to 507,311. Sri Lanka Tourism Development Authority (SLTDA) data depicted the dismal “0” for tourist arrivals in the months of April, May and June.

Sri Lanka Insurance, at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note, recording phenomenal growth with exceptional service innovations.

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dumith Fernando as the Chairman of the Board of Directors of the CSE with effect from 1 July.

The 59th anniversary of People’s Bank was celebrated on 1 July, and to mark this occasion a special ceremony was organised at Marandagahamula Branch where 59 ‘Aswenna’ as well as 59 ‘Saubagya’ COVID-19 loans were granted to customers of the branch.

Over 50 tenants at Crescat Boulevard are up in arms over the early closure of the popular mall in Colombo-3 for purported renovation though new contracts were signed previously for operation till June next year.

A shipment of ethanol ordered for the production of alcohol was held by Customs on suspicion that it was ordered after the Government imposed a ban on the import of ethanol in January, but was cleared late on Friday evening following inspection.

The Colombo stock market began the month of July with bearish sentiment though turnover was above Rs. 1 billion mark whilst foreigner selling continued.

A nine-day consecutive winning streak ended yesterday at the Colombo stock market as it closed negative though turnover remained over Rs. 1 billion amidst continued foreign selling.

Secretary to the Treasury S R Attygalle has strongly denied the allegations made by Deputy Governor of the Central Bank Nandalal Weerasinghe claiming that it was his fault that immediate aid provided to local businesses affected by COVID-19 pandemic was delayed.

The Export Development Board (EDB) has stepped up its support for organic exports, initiating a funding scheme for growers and processors.

The Colombo Commercial High Court on Friday (26) refused to grant an interim injunction against Harrisons Colombo Limited & International Cosmetics (Private) Limited with respect to a case filed over the packaging/labeling and get-ups of ” Ape The’ “.