Category: Economy and Markets
No new restrictions for making payments in foreign exchange on credit or debit cards: Central Bank
The public is informed that the Central Bank has not introduced any new restrictions on the use of EFTCs, i.e., credit cards, debit cards and other stored value cards, and holders of such cards are permitted to use them to make payments to persons resident outside Sri Lanka in respect of current transactions of personal […]
Companies mobilize over Rs 75Bn in first 7 months of 2021 via capital market: CSE
The Colombo Stock Exchange (CSE) has showcased a strong growth trajectory in Capital Raising by Sri Lankan corporates of all scales during the first 7 months of 2021. To date, the CSE has facilitated 12 new listings, including 07 debt IPOs with a value of LKR 47.29 Bn, 04 equity IPOs with a value of […]
CBSL tightens monetary policy to curb inflationary pressures; rectify external sector imbalances
Sri Lanka’s Central Bank has tightened its monetary policy stance to address the imbalances in the external sector and to preempt the buildup of excessive inflationary pressures over the medium term. Accordingly, the Monetary Board of the Central Bank has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate […]
IFC & Hemas Pioneer New Digital Health Program to Boost Access to Affordable Health-Care Services
Sri Lanka will become the first country to benefit from an IFC global initiative designed to boost access to affordable and quality health-care through digital technology across the region—amid increased demand for services in the wake of COVID-19. IFC’s new upstream initiative, the Global Digital Health Platform (DigiHealth), will begin in Sri Lanka with the […]
Licensed Banks have not been asked to “Devalue” Sri Lanka Rupee: Central Bank
The Central Bank said it has observed messages being circulated claiming that licensed banks have been officially asked to devalue the Sri Lanka rupee with immediate effect. “The general public is hereby informed that there is no basis whatsoever for such claims, and the CBSL has not made any change to its stance or the […]
China Development Bank agrees to provide RMB 2Bn term facility to Sri Lanka
China Development Bank and Sri Lankan Government have entered into an agreement of RMB 2 Billion (approx LKR 61.5 Billion) Term Facility today, the Chinese Embassy in Sri Lanka said. The facility is to be used to support Sri Lanka’s COVID-19 response, economic revival, financial stability, and livelihood betterment.
ICRA reaffirms issuer rating of Union Bank at [SL] BBB with stable outlook
Rating action ICRA Lanka Limited has reaffirmed the Issuer Rating of Union Bank of Colombo PLC (“UBC”/ “the Bank”) at [SL]BBB (pronounced as S L Triple B) with Stable outlook. Rationale The rating reaffirmation takes into account the strategic and financial support received from Texas Pacific Group (TPG) through its affiliate, Cultural Financial Holdings Ltd […]
First Capital posts PAT of LKR 136mn for first quarter of 2021/22
First Capital Holdings PLC (the Group), a member of the Janashakthi Group recorded a Profit after Tax of LKR 136Mn for the first quarter of 2021 (1st Quarter of 2021/22) compared to LKR 1.46Bn in the corresponding period of the previous year. The results are attributed to lower contribution of trading income of the Group’s […]
Only 10-pct probability for a rate hike at upcoming policy review: First Capital Research
First Capital Research believes that there is a significant probability (90%) to hold policy rates due to the considerable improvement in high-frequency indicators with the fiscal and monetary measures implemented so far. However, there is a 10% probability for a 25bps rate hike to balance external pressure. “As per our view, CBSL either can choose […]
VIDEO INTERVIEW: Decision Makers in Sri Lanka – Dr. Kishu Gomes
“It does not make any economic sense for the country to send out 200 housemaids to bring back the value taken away by one single CEO and that is exactly what is happening in the country.” Dr. Kishu Gomes, Group Managing Director/CEO – Dreamron Group of Companies This video interview series will feature leaders who […]
Sampath Bank records PAT of Rs.7Bn for first half of 2021
Financial results of Sampath Bank for the 1st Half of 2021 Sampath Bank posted a profit after tax (PAT) of Rs 7 Bn for the first half of 2021, against Rs 3.9 Bn for the same period in 2020. This significant increase of 78.1% in profit after tax was the result of a 16.7% increase […]
Hemas Group reports operating profit of 1.1Bn delivers strong Q1 performance
Hemas Holdings PLC (HHL) delivered yet another strong quarter amidst challenging operating environment conditions with key businesses gaining momentum in all areas. The Group’s continued focus on growing the Consumer and Healthcare businesses along with operational excellence, contributed to the resilient performance. However, the resurgence of COVID-19 positive cases, and inter provincial and localised limitations […]