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CB has necessary instruments to mop up excess liquidity if need arises – Dr. Nandlal Weerasinghe

The Central Bank of Sri Lanka yesterday (09) defended its money printing and stated that the bank has the necessary instruments to mop up excess liquidity if the need arises. “Excess liquidity is a result of the Central Bank pumping money into the system. I think it is the prime responsibility of any central bank,…

(0) Comments | July 10, 2020 11:12 am

Featured

Hatch announces partnership with HubSpot

Hatch continually strives to give startups and SME’s expertise, support, and mentorship through their entrepreneurial journey. Its commitment to bringing about lasting change has driven it to build strong partnerships with companies who share the same values. In this light, Hatch has announced its partnership with HubSpot, confident that the HubSpot product suite will play…

(0) Comments | July 9, 2020 10:46 pm

SLT introduces Kubernetes Container Services (AKS) and Event Hub services on to their Akaza intelligent cloud, Azure stack hub

Sri Lanka telecom has announced their latest addition, intelligent cloud to the SLT Akaza cloud family with the introduction of Microsoft Azure stack hub recently. Now SLT has added many server less cloud modules such as Azure Kubernetes Services (AKS) and Event Hubs to help enterprise and government organizations to run modern application much more…

(0) Comments | July 9, 2020 10:35 pm

Sampath Bank and UCSC to develop Blockchain Based Shared KYC Platform

~ Pathbreaking CBSL project set to transform country’s financial services landscape and promote financial inclusion Sampath Bank PLC joined hands with the Central Bank of Sri Lanka (CBSL) on a national initiative that seeks to develop a Blockchain technology based shared Know-Your-Customer (KYC) platform together with the University of Colombo School of Computing (UCSC). The…

(0) Comments | July 9, 2020 1:03 pm

HNB announces exclusive partnership with myfees.lk

Sri Lanka’s leading private sector bank HNB PLC announced the beginning of an exclusive partnership with the first and only local education payment platform, myfees.lk. Powered by HNB, the payment platform offers parents and educational institutes alike a seamless collection and reconciliation process for payments at the click of a button. Specifically targeting the education…

(0) Comments | July 9, 2020 12:56 pm

Oracle Autonomous Database now available in customer Datacenters

~ Addresses data sovereignty, security, and performance concerns that prevent some enterprise workloads from moving to the public cloud ~ Samsung SDS and NTT DoCoMo, welcome Autonomous Database on Exadata Cloud@Customer REDWOOD SHORES, Calif. — Building on the success of Oracle’s Exadata Cloud@Customer service over the last three years, Oracle announced the availability of Oracle…

(0) Comments | July 9, 2020 12:52 pm

Crocodile at One Galle Face Mall partners with Round Table Sri Lanka

Crocodile is excited to announce its latest strategic partnership with Round Table Sri Lanka. The partnership, which was announced at the AGM of Round Table Sri Lanka at The Blue, Hilton will enable Round Table current members and alumni to avail themselves of exclusive offers at Crocodile’s Premiere Outlet at One Galle Face Mall. ‘As…

(0) Comments | July 8, 2020 3:23 pm

Huawei Y6p launched with a 4GB RAM + 64GB ROM large storage

Setting a new benchmark for entry-level smartphones, Huawei, the innovative smartphone manufacturer, recently launched Huawei Y6p featuring 4GB RAM + 64GB ROM. Huawei Y6p is considered as the benchmark of smartphone in its price range to offer a standard 4GB RAM + 64GB ROM in the current smartphone market. It’s 64GB ROM offers ample storage…

(0) Comments | July 8, 2020 3:19 pm

SLT continues as ICT Partner of Sri Dalada Maligawa

SLT has strengthened its partnership as the official ICT Service Provider of the Sri Dalada Maligawa, Kandy for the 8th consecutive year. An agreement was signed recently to provide multitude of ICT solutions including Broad band services, PEO TV and voice communication via high speed SLT Fibre technology to the Maligawa . These services will…

(0) Comments | July 8, 2020 3:12 pm

HSBC launches extended relief programme for most vulnerable communities

The real challenge of COVID-19 goes far beyond the parameters of healthcare. It’s changed the way we interact socially, and challenged the most fundamental of human needs such as access to food, employment and education; challenging the very fundamentals of our society and leaving many in an extremely vulnerable position. HSBC, together with Asia-Pacific Alliance…

(0) Comments | July 8, 2020 2:51 pm

Weight matters: CEAT gloves-up for heavyweight division with ‘LYFMAX’

Launches premium 115-lb, 10.00 20 size, bias-ply contender for truck and prime mover operators looking for heavy load-carrying tyres CEAT Kelani Holdings has achieved another production milestone with the launch of a new locally-manufactured heavy-duty tyre for trucks, engineered and built specifically for users who consider heavy load-carrying capability with higher mileage a priority. Weighing…

(0) Comments | July 8, 2020 2:39 pm

Top News

Customs to destroy all confiscated illegally imported Beedi leaves

Stocks of illegally imported tobacco leaves which are confiscated will no longer be auctioned but destroyed under strict supervision, according to a cabinet decision taken on Wednesday (09). The decision was taken by the Cabinet after considering the adverse impact on the health of those who consume Beedi leaves. Previously, the stocks of Beedi leaves that…

(0) Comments | July 10, 2020 9:00 am

People’s Bank collaborates with IDB to support 5,000 MSMEs

People’s Bank has tied up with the Industrial Development Board (IDB) to initiate a programme to develop Micro, Small and Medium Enterprises (MSMEs) in the country. A special event to announce the partnership was organised at the People’s Bank Staff Training College recently. The event was graced by the presence of Hon. Wimal Weerawansa –…

(0) Comments | July 9, 2020 10:41 pm

We are pressurizing banks to cut rates – CBSL chief

The Central Bank of Sri Lanka today (09) stated that they are pressurizing banks to pass on the rate cuts to borrowers without any further delay. The CBSL’s monetary board at its meeting held on 08 July 2020, decided to further reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of…

(0) Comments | July 9, 2020 4:17 pm

Sri Lanka’s GDP to contract in 2Q 2020 and rebound in second half: CB

Sri Lanka is expecting a contraction of gross domestic product (GDP) in the second quarter of 2020 and a sharp rebound in the second half of the year, Chandranath Amarasekara, Director of Economic Research at the Central Bank said. “We expect the economy to contract in the second quarter of the year and a sharp…

(0) Comments | July 9, 2020 2:58 pm

COVID-19 pandemic plunges working world into crisis: ILO

Geneva (Reuters): Global leaders called for a comprehensive approach to counter the impact of the coronavirus pandemic, which International Labour Organization chief Guy Ryder said on Wednesday had plunged the world of work into “unprecedented crisis”. “Let’s be clear: it’s not a choice between health or jobs and the economy. They are interlinked: we will…

(0) Comments | July 9, 2020 12:13 pm

Sri Lanka Tourism lobbies for inclusion in travel corridors

Sri Lanka Tourism is working closely with the Foreign Affairs Ministry to include Sri Lanka in developing travel corridors for travel with no quarantine overseas, for returning tourists or visiting Sri Lankans. “We are working closely with our Ambassador in the UK and other Ambassadors who are talking to the relevant governments, we are also…

(0) Comments | July 9, 2020 9:37 am

CB announces 100 bps rate cut

The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 July 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points each, to 4.50 per cent and 5.50 per cent, respectively. The Board arrived…

(0) Comments | July 9, 2020 7:42 am

V- shaped recovery for Lankan exports as June export earnings reach $ 950 mn – EDB

Sri Lanka’s export earnings have increased to US $ 950 million in June 2020 from US $ 602 million in May, customs provisional statistics outlined, which is a positive signal that Sri Lanka is in the path of recovery faster than anticipated. Hence, noting that the June exports have surpassed the US $ 602 million…

(0) Comments | July 8, 2020 11:59 pm
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Analysis

Emerging signs of a revival – Biz confidence picks up with corporates planning to get back to doing business

Hot on the heels of a scathing review of the country’s monetary policy by President Gotabaya Rajapaksa on 16 June, in response to the COVID-19 crisis, the Central Bank of Sri Lanka announced a further reduction of the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs). This lowering…

(0) Comments | June 30, 2020 3:43 pm

Reducing Health Costs and Increasing Government Revenue beyond COVID-19: A Case for Raising Cigarette Taxes in Sri Lanka

By Harini Weerasekera and Chamini Thilanka The susceptibility of smokers to contract COVID-19 has been recognised by the World Health Organisation (WHO) and other medical authorities. In Sri Lanka, concerned parties have called for a temporary ban of cigarette sales as a measure to contain the spread of the virus – a commendable move. However, beyond the pandemic, it…

(0) Comments | June 1, 2020 2:31 pm

Business Confidence stabilises – Sentiment steadies as businesses look to reopen following an easing of lockdown

Sri Lanka’s corporates would have breathed a collective sigh of relief in May as the Colombo Stock Exchange (CSE) opened for trading following an extended shutdown in the face of the COVID-19 outbreak and imposition of curfew. The move came at a time when businesses were looking to get back on track given the hit…

(0) Comments | June 1, 2020 12:00 pm
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