Economic

State-owned industry leader Bank of Ceylon is stepping up support to the private sector especially the small and medium enterprises (SMEs) to spur revival of businesses impacted by the COVID-19 pandemic, thereby ensuring the country’s economy returns to normalcy at its earliest with the active support of the financial giant.

It is reported that members of political families (Politically Exposed Person) and high ranking officials of the government are subject to a number of restrictions on opening bank accounts.

Tea exporters yesterday welcomed the Government decision to suspend tea marketing and promotion levy for six months.

Secretary to the President Dr. P.B. Jayasundera has summoned the banking sector for another meeting this morning.

Despite being hit by import restrictions on maize, Sri Lanka’s poultry producers are planning to capture markets vacated by COVID-19-hit foreign companies to export to the Middle East and elsewhere spurred by Government promises to assist in finding new markets.

In line with the Government’s rapid development plans for SME, agriculture and society, the Bank of Ceylon yesterday said it would extend its facilities to a number of selected sectors as well as slash interest rates.

People’s Bank said yesterday it has introduced multiple loan schemes to boost the Government’s development program.

The Hayleys Group said yesterday its geographical and sectoral diversity enabled it to deliver earnings growth in an extremely challenging year, with profit-after-tax increasing by 5% y-o-y and profit attributable to equity holders growing by 40% in 2019/20.

Central Bank Governor Prof. W.D. Lakshman has made a request for a report on the irregularities and illegal activities of the finance and finance leasing business.

Sri Lanka Gross domestic product (GDP) growth is expected to contract to around 1.0–1.5 percent in 2020

Shares closed higher for a fourth straight session on Friday, driven by gains in tobacco and beverage stocks as well as telecom and turnover crossing Rs. 1 billion.

Sri Lanka has cut the statutory reserve ratio (SRR) reducing the share of deposits that banks have keep in the central bank to 2.0 percent from 4.0 percent, releasing 115 billion rupees into the credit system.

The present administration now mainly focuses on enhancing renewable electricity generation mix having considered not only the financial benefits but also the possible economic and environmental impacts emerged in the medium term.

වෙළඳපොලේ රත්තරං මිල ඉදිරියේදී තවදුරටත් ඉහළ යනු ඇති බව ජාතික මැණික් හා ස්වර්ණාභරණ අධිකාරිය පවසයි.

In the wake of President Gotabaya Rajapaksa’s outburst against monetary authority officials failure to introduce any tool to resurrect he Covid affected economy, the Central Bank now Implements New Credit Schemes to Support the Revival of the Economy of Sri Lanka

Import restrictions and high import levies will lead to a rise in a number of essential items including sugar, The Sunday Morning learnt.

The Ceylon Petroleum Corporation (CPC) is to develop 25 oil tanks in Trincomalee with an estimated investment of $ 20-30 million, a top official told the Daily FT.

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held yesterday, decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) by 200 basis points to 2%, with effect from the reserve maintenance period that commenced yesterday.