Economic

The National Sales Average (NSA) of Tea for March and exports in February saw mixed sentiments, according to broker Forbes and Walker.

The Monetary Board of the Central Bank, at its meeting held on 15 April 2020, having observed the cumulative reduction of the key policy interest rates of the Central Bank, namely the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR), by 200 basis points each since 31 May 2019,
It has decided to allow the Bank Rate to automatically adjust in line with the SLFR, with a margin of +300 basis points.

In the wake of Covid-19 crisis Sri Lanka’s apparel industry is now on the verge of collapsing as it will face an immediate contraction of 1.5 billion US dollars in exports during the 3-month period ending in June when compared to the last fiscal year.

Says shared vision with private and public sector coordination will accelerate recovery
Lists out critical aspects, including livelihoods, working with multilateral organisations and stimulus funding
Targets U-shaped economic recovery where SL returns to growth in 6-8 months
Calls for Govt. to commit 2.5-3% of GDP to recovery over 1 year

Sri Lanka real estate and apartment developers who were already facing difficulties had got into further trouble after Covid -19 outbreaks, industry sources said.

The government has increased the Special Commodity Levy on palm oil by Rs 100 with effect from April 10.

Manning market in Colombo is to remain closed for another one week.

Google is offering financial support to local newsrooms hit by the economic fallout of the COVID-19 pandemic, as part of its Google News Initiative.

As the country’s public movement is restricted by the COVID-19 outbreak, making virtual connectivity to rise, Sri Lanka Telecom (SLT) has been faced with an unprecedented challenge of providing faultless fixed telephone and Internet services to the public

Reduction from 15% to 10%
Says Bank Rate will be allowed to automatically adjust in line with lending rates within 300 bps margin
Latest effort to counter COVID-19 and keep economy ticking

Kapruka chairman Dulith Herath apologised for overpricing some items sold at his online store.

Huawei, the leading global ICT solution provider, has pledged to donate a range of digital solutions to the Defence Ministry to fight against the COVID-19 pandemic.

The Board of Investment said yesterday that approved companies can gradually recommence operations whilst strictly adhering to Ministry of Health guidelines.

Simplifies waivers and refunds policy with one unified approach worldwide
Eases concerns about pre-booked summer travel by extending waiver policy to tickets issued before 31 May 2020, for travel before 31 August 2020
Offers three options: Keep your ticket for 760 days; exchange ticket for travel vouchers valid for up to 2 years; full refunds on unused vouchers or ticket

A new bank account termed Special Deposit Account (SDA) has now been introduced for Sri Lankans living in and outside the country to remit their foreign currency earnings, savings and investments to any bank of their choice in Sri Lanka, the President’s media announced yesterday.

SANASA General Insurance Company Ltd, together with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, recently launched iFarm, a simple and secure online insurance platform to support the local farming community.

In January this year, the LOLC Group announced of their agreement to sell it’s 70% stake held in Cambodia’s largest Microfinance Company, PRASAC, to the world’s sixth largest Commercial Bank and Korea’s biggest Commercial Bank, Kookmin for US$ 603Mn, a Rs. 120Bn in local currency terms. Sealing the deal, LOLC confirms that both parties had received the necessary approvals from their respective regulators in both countries, the National Bank of Cambodia (NBC) and The Financial Services Commission (FSC) of Korea to conclude the transaction and the first tranche of US$ 422 Mn was received by LOLC International Pvt Ltd recently. The balance of US$ 181 Mn will be due in 2022 and the post transaction value of PRASAC is valued at US$ 862Mn.

The Government of Sri Lanka in consultation with the Monetary Board of the Central Bank of Sri Lanka (CBSL) has introduced a Special Deposit Account (SDA) with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country.