Economic

කොරෝනා වසංගතය හේතුවෙන් ආර්ථිකයේ සිදුවන පසුබෑම ජයගැනීම සඳහා හිටපු මහ බැංකු අධිපති අජිත් නිවාඩ් කබ්රාල් මහතා විසින් යෝජනා කර තිබෙන EPF අරමුදල් ශේෂයෙන් 20% ක් සාමාජිකයන් වෙත සෘජුවම නිදහස් කිරීම සම්බන්ධයෙන් විවිධ පාර්ශවයන්ගෙන් මේ වන විට විරෝධය එල්ල වෙමින් තිබේ.

Most of the over 100,000 apparel sector workers now in their homes in villages following the closure of the garment factories in Free Trade Zones are suffering in their abodes as they are yet receive their wages

The Hotels Association (THASL) yesterday listed 10 recommendations for the consideration of the Government if it were to ensure survival and success of the crucial tourism industry. The recommendations were further to the several measures the Government had already extended for the tourism industry, which have been commended by THASL. The tourism industry, by far the highest net foreign exchange earner and whose success hinges on the livelihood of two million people, is reeling from the novel coronavirus pandemic a blow hot on the heels of the Easter Sunday tragedy of April 2019.

ඊයේ (05) දිනයේදී බණ්ඩාරවෙල තොග පොලට සහ කැප්පෙටිපොල විශේෂ ආර්ථික මධ්‍යස්ථානයට රැගෙන ආ එළවලු අස්වනු විකුණාගත නොහැකිව ගොවීන් දැඩි දුෂ්කරතාවකට මුහුණ පා සිටින ආකාරය දැක ගැනීමට ලැබිණි.

In a significant move, Hutch announced yesterday it had started offering its subscribers ‘100% Anytime Data’ packages without any night-time quotas.

The Securities and Exchange Commission (SEC) has announced relief to all investors in the Colombo stock market, which has been affected by the novel coronavirus (COVID-19) pandemic.

Industrial Export, Investment Promotion, Tourism and Aviation Minister Prasanna Ranatunga said yesterday the government has decided to extend the Rs.5, 000 allowance granted to Samurdhi beneficiaries to those engaged in the Tourism sector affected by the battle to contain the COVID-19 pandemic in the country.

Ex-Estate sale of 720,000 kilos up for bidding from 11 a.m. onwards
Over 300 buyers registered on electronic platform along with 8 brokers
High and Medium Growns sale to follow

Opportunity follows CB extending Rs. 50 b re-financing facility
At end 2019, total capital adequacy ratio of banking sector was 16.5%, well above regulatory minimums of 13.5-14% and 12.5% applicable to D-SIBs and non-SIBs respectively
At present, capital buffers in excess of CCB in banking sector is Rs. 200 b whilst CCBs amount to Rs. 170 b; buffers can be drawn, leveraged up to 8-10 times during times of stress
Banking sector LCR end 2019 was 212.8% where regulatory minimum is 100%
End Feb. total banking sector loans, advances were Rs. 8 trillion; total NPL was Rs. 435 b; first 2 months of 2020, new NPLs were Rs. 50 b
The Central Bank has said commercial and specialised banks can collectively leverage up to Rs. 400 billion to extend support to COVID-19 impacted businesses, individuals, and the self-employed.

Considering the unprecedented disruption to the global economy and trade due to the COVID-19 pandemic, the Export Development Board has revised its 2020 exports forecast by a hefty 42% to $10.75 billion.

Central Bank continues its stance of slashing policy interest rates amidst Corona virus crisis this month to support the ailing economy without giving much reasons

Private sector experts are suggesting that the best help for businesses and individuals who have been economically hit by the multiple weeks’ partial shutdown owing to the COVID-19 pandemic is complete waiver of a month’s interest on their borrowing.

Cash strapped Sri Lankan Airlines has decided to slash the salaries of its staff for a period of three months.

Central Bank, Treasury make joint appeal for foreign currency deposits from Sri Lankans living abroad and here, as well as charity organisations, well wishers
Assure all forex remittances will be exempted from exchange control regulations and taxes, and protected under banking secrecy provisions
3-month offer aimed at boosting reserves and economy to face COVID-19 challenge, ensure healthcare and social security to people of Sri Lanka
Analysts say success of new initiative depends on assurance of no legal or Inland Revenue action later on
Under pressure from dwindling reserves, debt repayment and COVID-19 impact on the country, the Government yesterday sent an open invitation to all Sri Lankans abroad, as well as locals having foreign currency holdings, to deposit same with guarantee of secrecy and convertibility.

Informs passengers it is constantly reviewing market conditions
Stands ready to recommence flights at short notice
Willing to operate special flights to repatriate Sri Lankans if required

The Commercial Bank of Ceylon of Ceylon continues its ‘Bank-on-Wheels’ Mobile ATM units in areas where curfews are in force, to provide urgently needed access to cash to members of the public.

The much-anticipated, historic first-ever tea auction via an electronic platform will not be held today.

Reduces liquid asset requirements to ease stresses that may be caused by loan defaults, large cash withdrawals
One year extension to meet core capital requirements
Defer minimum capital adequacy requirements to July 2021 and July 2022
Deadlines on submission of statutory returns relaxed
Companies advised to diligently monitor risk profiles and resources, CB pledges to do same