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.

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 communicat

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

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

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

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 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 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 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 comp

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.

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.

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.

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

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 con

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 indivi

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.

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.

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.

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.

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.

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.

Sri Lanka’s 52 key state-owned enterprises (SOEs) have reduced their combined losses substantially to Rs.2.4 billion in 2019, from Rs.28 billion recorded in 2018, due to the enhanced performance of Ceylon Petroleum Corporation (CPC), amid lower oil

Sri Lanka’s cumulative apparel exports in the first four months stagnated to US $ 1.25 billion, recording a 28.2 year-on-year (YoY) decline, after the historical contraction in April apparel export earnings as the COVID-19 pandemic paralysed the re

Sri Lanka’s trade deficit narrowed by US $ 43 million in March, driven by a sharp decline in imports amid the COVID-19 impact, decline in oil prices, import restrictions and low demand for export inputs, although export earnings recorded a sharper

The Central Bank has slashed its expectations for private sector credit for 2020 amid expected reduction in spending and investment activities by individuals and corporates alike due to coronavirus-induced economic and financial difficulties.

The outlook for finance companies is expected to be more challenging compared to banks in the post-confinement period as asset quality, liquidity and higher capital standards could weigh on the sector’s recovery, but the regulatory response aimed a

A potential bankruptcy filing by the US-based premium lingerie brand Victoria’s Secret (VS), which accounts for around 20 percent of Sri Lanka’s apparel exports, is threatening the country’s overall apparel export performance and the bottom lin

As Sri Lanka looks to steer though the pandemic with lowest impact possible, the Export Development Board (EDB) called on the government to create a more enabling policy environment and place exports as a national priority.