It has been revealed that several candidates at the just concluded Western and Southern Provincial Council elections had spent over Rs. 50 million for their election campaigns. While this was disclosed during analytical discussions AdaderanaBiz had with several prominent candidates who had contested and won the election, they also stated that there could be situations…
As reported by AdaderanaBiz yesterday, members of the Sri Lanka Motor Vehicle Importers’ Association met Finance Ministry officials for discussions last evening in a bid to popularize fully electrically operated vehicles in Sri Lanka. During these discussions, the vehicle importers had requested government assistance to encourage prospective buyers to go in for these vehicles. Towards…
The Monetary Board of the Sri Lanka Central Bank has decided to keep interest rates unchanged in March this year. The prevailing percentages are 6.50 and 8.00. This move will in turn keep the interest rates of commercial banks steady without any increase in the near future. According to the Central Bank, in January 2014…
The Finance Ministry is preparing to push several government institutions like the Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), the National Water Supply and Drainage Board (NWS&DB) obtain credit ratings from international credit rating organizations. As the first move towards this, the Finance Ministry is to convert the massive government loans owed by these…
Sri Lanka’s Gross Domestic Product (GDP) increased by 7.3 percent compared to 2012 and during the last 4th quarter the island’s GDP had increased by 8.2, says the Department of Census and Statistics while releasing its latest data. Accordingly, during the last 4th quarter the agricultural sector has increased by 10.4 percent, the industrial sector…
Several banks are reportedly preparing to join the Common ATM Switch by Sri Lanka’s national payment infrastructure provider LankaClear, which caused a revolution in the country’s banks and financial institutions’ domestic payment and recovery processes. While expressing his views on this, LankaClear Chief Executive Officer Sunimal Weerasuriya told AdaderanaBiz that by now the Bank of…
There are signs of Sri Lanka’s lubricants market becoming a slippery battlefield after April this year. While further widening the lubricant oil market in Sri Lanka, the Petroleum Industries Ministry is preparing to provide lubricant marketing opportunities to 15 or 20 more new companies from April this year. Currently there are 13 companies marketing lubricants…
Bank interest rates are a crucial factor in a country’s economic performance. The reason is due to the private sector obtaining more loans from the banks when interest rates are low and engaging in more economic activities and slowing down their economic activities whenever bank interest rates rise. Though at first glance obtaining loans would…
It is a normal human tendency to shout about the losses incurred but keep quite whenever profits are gained. The story that most relate in this country is how they continue to live amidst great hardships while managing their daily expenses. However, while publishing its latest data, the Sri Lanka Central Bank has stated Sri…
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