Category: Economy and Markets
Central Bank refrains from commenting on contents of forensic audit reports
Jan 30, 2020 (LBO) – Sri Lanka’s Central Bank on Thursday refrained from commenting on the contents of the forensic audit reports as these reports may be subjected to judicial proceedings in the future. Responding to queries by journalists at the monetary policy press briefing, the Deputy Governor of Central Bank Dr. Nandalal Weerasinghe said […]
Central Bank expects economic growth to exceed 4-pct this year
Jan 30, 2020 (LBO) – Sri Lanka’s economic growth will exceed 4 percent in 2020 as there has been a notable improvement in business confidence caused by political stability and targeted measures taken by authorities to boost demand, the Central Bank Governor said. “Revival in economic activity & confidence, fiscal measures, and credit relief package, […]
Current trends may lead to undesirable turnaround in market lending rates
Jan 30, 2020 (LBO) – Market lending rates have adjusted downwards, in response to monetary and regulatory measures taken by the Central Bank, but the pace of reduction has decelerated. The Central Bank said the reduction in lending rates thus far, except for the Average Weighted Prime Lending Rate (AWPR), has been less than envisaged. […]
‘s private sector credit growth picks up in December
Jan 30, 2020 (LBO) – Growth of credit extended to the private sector has picked up in December 2019, on a year-on-year basis, following a continued slowdown since December 2018. Driven by domestic credit expansion, broad money growth (year-on-year) also picked up in December 2019, the Central Bank data showed. However, the absolute expansion in […]
Central Bank of Sri Lanka reduces its policy interest rates by 50 basis points
Jan 30, 2020 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 6.50 percent and 7.50 percent, respectively. Statutory Reserve Ratio (SRR), however, will remain unchanged at 5.00 percent. The board said they arrived […]
Colombo Chamber submits proposal to effectively implement SME moratorium
Jan 29, 2020 (LBO) – Colombo Chamber of Commerce has decided to submit several proposals for the effective implementation of the moratorium for SMEs and achieve its desired objectives. Full statement PROPOSALS OF COLOMBO CHAMBER OF COMMERCE ON BEHALF OF SMEs OF SRI LANKA FOR THE EFFECTIVE IMPLEMENTATION OF CIRCULAR NO.01 OF 2020 DATED 13 […]
Maldivian hotels resume operations, Avg room rates above expectations: JKH
Jan 29, 2020 (LBO) – Sri Lanka’s diversified John Keells Holdings says that all four of their Maldivian hotels are now in operation with the completion of the partial refurbishment of Dhonveli and the reconstruction of Hakuraa Huraa in December 2019. Following the refurbishment of Ellaidhoo Maldives and the water suites at Dhonveli Maldives last […]
John Keells Holdings Dec quarter net profit down by 50-pct
Jan 29, 2020 (LBO) – Profit attributable to equity holders of Sri Lanka’s diversified John Keells Holdings in the third quarter at 2.40 billion rupees is a decrease of 50 percent over the previous year, interim accounts showed. First nine months’ performance at 5.68 billion rupees is a decrease of 53 percent over the previous […]
Sri Lanka SME credit support scheme has limited effect on banks: Fitch Ratings
Jan 29, 2020 (LBO) – A scheme for Sri Lankan banks to provide special credit support to SMEs this year should not have a material effect on banks’ credit profiles, Fitch Ratings says. “We believe that the scheme will prolong the resolution of non-performing loans only until end-2020, and delay capital repayments this year, but […]
SL presents USD16Bn opportunity for pvt sector to invest in sustainable development: SC Bank
Jan 29, 2020 (LBO) – Opportunity2030: The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total. The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and […]
Ravi Wijeratne slips away from taking over MTD Walkers
Jan 28, 2020 (LBO) – Sri Lankan businessman, Ravindranath Srilal Wijeratne, alias Ravi Wijeratne has slipped away from taking over MTD Walkers. According to MTD Walkers, the agreed transaction will not be pursued, as there has been no positive development on the transaction. As the completion date stipulated in the Share Sale and Purchase Agreement […]
Former COPE Chief wants President to implement law on forensic audit report
Jan 28, 2020 (LBO) – Former Chairman of the COPE Committee, JVP Parliamentarian Sunil Handunnetti has written to the President requesting that the law be implemented based on the forensic audit report of the Central Bank bond issue. Translated version of the letter: The President, Democratic Socialist Republic of Sri Lanka, Colombo 01. Your Excellency, […]