Banks queue up to enter common ATM system

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…

(0)Comments | March 16, 2014 4:59 am

Lubricants market heading for slippery battle

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…

(0)Comments | March 12, 2014 3:31 am

Whither bank interest rates?

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…

(0)Comments | February 25, 2014 6:16 am

Has Sri Lanka’s prosperity really increased?

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…

(0)Comments | February 24, 2014 7:29 pm