Category: Economy and Markets
Sri Lankan rupee depreciates 9.7-pct YTD; CB says observed stabilizing exchange rate
Oct 02, 2018 (LBO) – Recent measures are expected to ease the excessive demand for foreign currency and therefore the pressure in the domestic foreign exchange market as already observed in the stabilizing exchange rate, the Central Bank said releasing its monetary policy review. In line with several other peer countries such as India, Philippines, […]
Central Bank of Sri Lanka maintains policy interest rates at current levels
Oct 02, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 01 October 2018, has decided to maintain policy interest rates at their current levels. Accordingly, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank will remain at 7.25 […]
‘s visit to Oslo
Oct 02, 2018 (LBO) – The Sri Lanka Association for Software and Services Companies (SLASSCOM) will host multiple events in Norway and Sweden with the participation of the Prime Minister Ranil Wickremasinghe, who is visiting Oslo during 3rd to 5th October. The PM will be accompanied by the Minister of Fisheries and Aquatic Resources Development […]
ADB & HNB ink USD20Mn agreement to strengthen microfinance institutions
Oct 01, 2018 (LBO) – Hatton National Bank announced the signing of a new partnership agreement with the Asian Development Bank in order to expand lending and provide guarantees of up to 20 million dollars to support the development of Sri Lanka’s burgeoning microfinance sector. Currently, many microfinance institutions struggle to access funds for growth […]
Dr. Radhika Coomaraswamy appointed to the board of John Keells Holdings (JKH)
October 1, 2018 (LBO) – Former Under Secretary General of the United Nations Dr.Radhika Coomaraswamy has been appointed as an Independent Non-Executive Director of Sri Lanka’s largest conglomerate John Keells Holdings (JKH). Global Diplomat Dr. Coomaraswamy served as UN Under Secretary General and Special Representative of the Secretary General on Children and Armed Conflict from […]
Fitch affirms ratings on 9 Sri Lankan banks; outlooks stable
Oct 01, 2018 (LBO) – Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of nine Sri Lanka-based banks and has assigned a stable outlook for these banks. The rating action follows Fitch’s periodic review of the large bank peer group. – National Savings Bank (NSB) at ‘B+’; Outlook Stable – Bank of Ceylon (BOC) […]
Sri Lanka restricts vehicle imports for MPs, Ministries, state sector employees & others
Sept 29, 2018 (LBO) – Sri Lanka’s government in order to ease the pressure on the Sri Lankan rupee has decided to take the following measures temporarily effective from midnight today (29). – Issuing of Vehicle permits to Members of Parliament will be suspended for a period of one year. – Importation of vehicles for […]
Current policy stance desired, less probability for a rate hike: First Capital Research
Sept 29, 2018 (LBO) – First Capital Research believes that a policy rate change is not required at this moment considering the prevailing economic conditions of the country. First Capital Research also believes that the vulnerable external environment and lower GDP growth level provide less scope for the monetary board to increase rates.“The possibility of […]
Opinion: Central Bank intervention likely to exacerbate foreign selling of Sri Lanka bonds
September 29, 2018 (LBO) – The main subject of discussion on the Colombo cocktail circuit has been the Sri Lanka Rupee (LKR) and its significant recent weakness against the U.S. dollar (USD). The LKR seems to have halted its slide, hovering just under Rs170 to the dollar. This recent price stability in the LKR is […]
MTD Walkers (KAPI) restructures debentures due September 30th, changes auditors
September 28, 2018 (LBO) – In Colombo Stock Exchange (CSE) filings filings released today, listed construction company MTD Walkers (KAPI), announced a restructuring of maturing debentures, change of auditor, and 2 directors deciding not to stand for re-election. Prominent directors Niranjan Deva Aditya and Albert Rasiah have decided not to stand for re-election at the […]
IMF staff mission concludes visit to Sri Lanka; stresses on reforms
Sept 28, 2018 (LBO) – Authorities should accelerate reforms to strengthen the Sri Lankan economy’s resilience to domestic and external shocks, given still significant vulnerabilities, concluding a recent visit, an IMF staff mission said. The IMF staff mission led by Manuela Goretti said the authorities should sustain reform efforts to support trade, investment, and inclusive […]
ADB provides USD300Mn for elevated highway
Sept 28, 2018 (LBO) – The Asian Development Bank’s (ADB) has approved a US 300 million dollar loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected […]