Category: Economy and Markets
CAL Launches IPO Portal to Empower Investors
Capital Alliance (CAL) is empowering private investors with the chance to capitalize on investment opportunities by subscribing to Initial Public Offerings (IPOs) managed by CAL directly through its newly-launched IPO Portal. CAL’s reputation as Sri Lanka’s leading investment bank has been based on its pursuit of excellence in execution, research and product innovation, and developing […]
First Capital Treasuries PLC announces upcoming Initial Public Offering
First Capital Treasuries PLC, Sri Lanka’s leading non-bank primary dealer recently announced the firm’s intention to enter an Initial Public Offering (IPO). The IPO is scheduled for November 2021 subject to regulatory approval. The First Capital Treasuries’ IPO aims to offer 7,695,000 ordinary voting shares to the public. The IPO price per share of Rs. […]
Fitch Ratings: Is Sri Lanka Headed for Default?
Sri Lanka’s external liquidity position remains stressed, with USD26 billion in sovereign foreign-currency obligations coming due between now and 2026, against foreign-exchange reserves of only USD3.5 billion as of end-August (up from USD2.8 billion in July reflecting the receipt of USD780 million from the IMF Special Drawing Rights (SDR) allocation). “Sri Lanka’s public and external […]
Monetary Policy Consultative Committee reconstituted
The Monetary Policy Consultative Committee (MPCC) of the Central Bank has been reconstituted with effect from 5 October 2021. The reconstituted MPCC comprises 12 eminent personalities from the private sector and academia and is chaired by Sunil Lankathilake, Former Deputy Governor of the Central Bank of Sri Lanka and a Member of the Securities and […]
TISL wants FIU of CBSL to investigate into potential money laundering cases in Pandora Papers
Transparency International Sri Lanka (TISL) once again draws the attention of the general public to the serious concerns that were brought to light by the Pandora Papers and revealed to the public earlier this month. The Pandora Papers exposé provides clear evidence of how the offshore industry promotes corruption and demonstrates the importance of ensuring […]
Export Advisory Committees appointed covering 24 sectors for 5 years
Export Advisory Committees have been appointed by the trade minister covering 24 sectors for a period of 5 years (from 2021 to 2026). In terms of Section 10 of the Sri Lanka Export Development Board (EDB) Act No 40 of 1979, the minister in charge of the EDB, on the advice of the Board, is […]
Experts discuss framing a green development pathway for Sri Lanka
Experts from the government, private sector, UN agencies, think tanks, and other development partners, came together at this week’s kickstarter sessions of the Colombo Development Dialogues on Green Development, held on 12 and 14 October 2021. With over 450 participants joining in virtually, they sought to come to a common understanding of a localised, Sri […]
State Minister Balasuriya and BOI woo French investment to Sri Lanka
State Minister of Regional Cooperation Tharaka Balasuriya, along with the Chairman of the Board of Investment Sanjay Mohottala, carried out a series of business meeting in France last week on the sidelines of the IFTM TopRESA Travel mart that took place in Paris. This included a series of high level meetings with a number of […]
USAID’s Private Sector Development project signs MOU with HNB to expand financing to MSMEs
The U.S. Agency for International Development’s (USAID) Private Sector Development project signed a Memorandum of Understanding (MOU) with Hatton National Bank PLC (HNB) to expand financing to micro, small, and medium enterprises (MSMEs) in Sri Lanka. “Partnerships like this can dramatically enhance economic and social impact more than any of us could achieve on our […]
CBSL maintains policy rates; near term supply side developments do not warrant policy tightening
The Monetary Board has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 5.00 percent and 6.00 percent, respectively. The Board said it arrived at this decision after considering the macroeconomic conditions and expected developments on the domestic and […]
Central Bank may consider maintaining policy stance: First Capital Research
First Capital Research believes that the Central Bank may consider maintaining the same policy stance in this policy review but given the considerable improvement in high-frequency indicators to prevent an overheating of the economy, there is a considerably high probability that CBSL may hike its policy rates. “We believe that there is a significant probability […]
‘s reserves down to USD 2.6bn in September; YTD rupee depreciation 8.2-pct
Sri Lanka’s official reserves were 2.6 billion US dollars (USD 2,581.3mn) by the end of September, down from 3.5 billion US dollars in August, the latest Central Bank data showed. By the end of September, the foreign currency reserves were 2,006.4 million dollars while the reserve position in the IMF was 67.4 million dollars. Special […]