Committee makes proposals to address irregularities in finance and leasing businesses

In view of the recent developments in the finance leasing business, Central Bank Governor Prof. W.D. Lakshman appointed a three-member committee to examine and report on the irregularities and illegal activities of the finance and finance leasing businesses and to make recommendations to curtail such activities.

CB begins process to develop PoC of blockchain-based shared KYC facility

The Central Bank of Sri Lanka (CBSL) yesterday entered into agreements to begin the process of developing blockchain technology-based shared know-your-customer (KYC) proofs of concept (PoCs).

Dart Global to set up US $ 3mn logistics fulfilment centre in Muthurajawela

Dart Global Logistics (DGL) has signed an agreement with the Board of Investment (BOI) to set up a US $ 3 million state-of-the-art logistics fulfilment centre, at the Muthurajawela Industrial Zone, located in Kerawalapitiya, Wattala.

Loans under CB liquidity support scheme gather steam

Loans under the Central Bank liquidity support scheme to assist pandemic-affected businesses gathered steam as of late as the banking sector regulator granted approval for 6,314 new applications for Rs.25.3 billion worth loans at 4 percent during the eight days from June 25 to July 2.

President tells bankers to go grassroots

In order to develop villages, the banking service in the country should understand the rural economy and the needs of the people, President Gotabaya Rajapaksa emphasized.

January-April vehicle registrations plunge

Vehicle registrations fell by nearly 40 percent during January through April as import controls went into effect from mid-March and the lockdowns prevented new registrations during April, according to Department of Motor Traffic data.

WB announces new Country Manger for Sri Lanka

The World Bank has announced Chiyo Kanda as the new Country Manager for Sri Lanka.

World Bank announces new Country Director for Sri Lanka

The World Bank yesterday announced the appointment of Faris Hadad-Zervos as the World Bank’s new Country Director for Sri Lanka, the Maldives and Nepal, effective from July 1, 2020.

BOC eyes fresh US$ 300 mn facility to strengthen balance sheet

State-owned banking giant Bank of Ceylon (BOC) is set to receive a fresh injection of US$ 300 million from multilateral lenders within the year, an influx that would assist in further strengthening the bank’s balance sheet.

Biz community confused over govt.’s trade policies

The businesses operating in the country are observed to be largely confused as to how they should chart their way forward in the post-lockdown scenario, as the relevant government authorities have failed to be clear in their directives and communication with the business community, with regards to international trade.

Post-COVID recovery depends on effective execution of public-private vision: CCC

As Sri Lanka looks for avenues to move towards a positive growth trajectory, the Ceylon Chamber of Commerce (CCC) stressed that an accelerated post COVID-19 recovery will be predicated on the effective execution of a public-private shared vision for economic revival and social sustenance.

SriLankan converts wide-body passenger aircraft into dedicated cargo carrier

In its quest to continuously support Sri Lanka’s export industries and to keep the country connected with the global economy during the pandemic, the national carrier SriLankan Airlines has converted a wide-body passenger aircraft into a dedicated cargo aircraft.

JKH secures US$ 175mn IFC funding for supermarkets, hotels

Premier blue chip John Keells Holdings PLC (JKH) has secured a US$ 175 million long-term finding line from IFC, a member of the World Bank to mainly fund the expansion of its supermarket chain and to refurbish/expand its hotel properties in Sri Lanka and Maldives.

SriLankan eyes recovery with leaner operation

National carrier SriLankan Airlines expects to go forward as a leaner operation in the post-COVID-19 environment while trimming its debt exposure running into a billion dollars, according to its Chairman Ashok Pathirage.

Merchandise exports bounce back in May

Merchandise exports for the month of May 2020 has bounced back to US$ 602 million, compared to the previous month of April, which was only US$ 277 million, according to Customs provisional statistics.

President seeks new investments from EU to revive post-COVID economy

President Gotabaya Rajapaksa this week met EU ambassadors at the Presidential Secretariat for discussions centered on rebuilding the Sri Lankan economy after passing the COVID-19 crisis.

The Finance depositors stage protest

The depositors of The Finance Company PLC (TFC) staged a protest outside the Presidential Secretariat yesterday urging authorities to settle their payments immediately. The Central Bank on May 22 cancelled TFC’s licence to operate as a finance company owing to serious erosion of liquidity.

Etihad Airways to resume regular services from Sri Lanka to key cities from June 20

Effective June 20, Etihad Airways will operate twice-weekly scheduled services for outbound passengers from Colombo, to key destinations on its global network via Abu Dhabi.

Cinnamon Hotels offer 1000 complimentary holiday packages for health workers

As a way of saying ‘Thank You’ to Sri Lanka’s courageous healthcare workers, Cinnamon Hotels & Resorts is offering 1,000 complimentary full board holiday packages, for two nights at nine of its properties in Sri Lanka.

Central Bank cuts Statutory Reserve Ratio to 2%

In another drastic move, the Monetary Board of the Central Bank yesterday slashed the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks by 200 basis points to 2 percent.

Tourism sector reopening day to be formally announced tomorrow

The government plans to formally announce the reopening day of the country’s coronavirus-battered tourism sector for foreign tourists, following a key stakeholder meeting tomorrow, which is likely to be August 1 or an even earlier date.

Sampath Bank secures US$ 45mn from banks in Middle East, South Asia

Sampath Bank PLC, one of Sri Lanka’s leading commercial banks, has successfully raised US$ 45 million via a medium-term syndicated facility.

SL among top ten travel destinations GCC keen to promote: Survey

Sri Lanka is among top ten destinations that the outbound tour operators of Gulf Cooperation Council (GCC) countries are planning to actively promote from July when air travel returns with the relaxation of COVID-19 related restrictions, a survey conducted by Germany based Aviareps showed.

Monetary Board approves new law to regulate moneylenders

In what could be termed as a long overdue regulatory reform to the country’s financial system, the authorities are now working to enact new laws to regulate the informal money lending business to protect people who often fall victim to those individuals and firms referred to as loan sharks.

Port City to resume construction in full swing from mid-July

The construction activities of the multibillion dollar Colombo Port City (CPC) is expected to resume work in full swing from mid-July onwards, as more workers return to work with the gradual easing of COVID-19-related restrictions in Sri Lanka.

Central Bank defends money printing

The Central Bank flat out rejected the notion propagated by certain parties with ideological bias that attempt to always showcase money printing as bad and said those were the ones who were ignorant of the role of the Central Bank.

Project company to pump in additional US $ 1bn to Port City

The Colombo Port City will witness the injection of an additional investment with its project developing company, China Harbour Engineering Company (CHEC), coming forward to pump in a further US $ 1 billion.

CB assures resilience of financial system

Central Bank Governor Prof. W.D. Lakshman issuing a special statement yesterday assured the resilience of Sri Lanka’s financial system and all possible measures taken by the Central Bank to ensure the safety of the deposits of the general public.

MAS becomes first in SA to complete drawdown under StanChart’s US$ 1bn COVID-19 financing commitment

Standard Chartered announced this week that MAS Intimates (Pvt) Ltd., a division of MAS Holdings, became the first company in South Asia to complete a drawdown under the bank’s US$ 1 billion COVID-19 financing commitment.

CB should take responsibility for collapse of financial institutions under its supervision: PM

The Central Bank of Sri Lanka (CBSL) should take the responsibility when financial institutions approved by it and under its supervision go into bankruptcy, Prime Minister Mahinda Rajapaksa said.