EPF’s profits in the five years 2009 to 2013 exceed Rs. 558 billion, says Central Bank

The Employees Provident Fund (EPF) regrets the attempts of certain persons to mislead the general public and its members by erroneous and sometimes mischievous media reports to gain political or other mileage, says the Central Bank of Sri Lanka in a media statement. It states: The Employees’ Provident Fund (EPF) wishes to state that some…

(0)Comments | April 23, 2014 4:34 am

How does government face decrease in revenue?

When taken as a percentage of the Gross Domestic Product (GDP) the government’s revenue last year has shown a decrease compared to 2012. While the government revenue has been 13.9 percent of the GDP in 2012, it has decreased to 13.1 percent last year. This has been due to the decrease in revenue of government…

(0)Comments | April 17, 2014 9:20 am

Gold loan crisis hits personal loans too

Banks in Sri Lanka reduced their loans provided with gold as security since they faced a huge crisis due to the continued decrease in gold prices in the world market. The main reason for the country’s banking system reducing its loans to the private sector last year is the decrease in providing gold loans, says…

(0)Comments | April 17, 2014 5:36 am

Monorail timely necessity even if initial cost high – Central Bank

It was reported earlier that the government’s attention has been drawn towards establishing a Monorail service or a train plying on a single rail as a solution to eliminating the traffic congestion in the city of Colombo. Now, the Central Bank of Sri Lanka (CBSL) too has revealed the necessity of such a rail service….

(0)Comments | April 12, 2014 8:19 am

Lower fares derail CGR

The operational loss incurred by the Sri Lanka Railways Department or CGR last year has hugely increased when compared to 2012. While the CGR had incurred an operational loss of Rs. 5.2 billion in 2013, in 2012 it had recorded a loss of Rs. 3.8 billion only. Though there had been an increase in passengers…

(0)Comments | April 11, 2014 5:24 am

Increase of Sri Lanka’s per capita income faster than expected: Treasury Secretary

Sri Lanka will able to achieve its target of a per capita income of USD 4,000 by 2016 faster than planned and that the planned target could be increased to USD 5,000, says the Finance Ministry secretary. Finance Ministry Secretary Dr. P.B. Jayasundera revealed this while addressing a ceremony to release the Central Bank’s 2013…

(0)Comments | April 8, 2014 10:48 am

Highest demand for Sri Lanka’s international bond from the US

There has been an eight fold demand for the five year international bonds sold by Sri Lanka to collect USD 500 million while its yield has been fixed at 5.125 percent. The bonds sold by Sri Lanka to collect USD 01 million had a yield of 6.0 percent. Among those who have purchased the international…

(0)Comments | April 8, 2014 5:28 am

Central Bank Governor on interest rates reduction

There is no necessity for further reductions in interest rates for some time in the future and the Central Bank had already carried out the necessary reductions in Sri Lanka’s interest rates, said the Governor of the Central Bank of Sri Lanka. Central Bank Governor Ajith Nivard Cabraal told AdaderanaBiz that instead of reducing interest…

(0)Comments | April 3, 2014 4:40 am

Some PC candidates spent nearly Rs. One hundred million each

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…

(0)Comments | March 31, 2014 12:06 pm

Finance Ministry not favouring electric vehicles?

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…

(0)Comments | March 25, 2014 11:48 am